Melbourne Cup brings out the big bucks
Today's Melbourne Cup day and millions of dollars are expected to be spent of betting.
TAB's chief bookmaker Mark Stafford spoke to Paul Henry ahead of the big race.
More than 325,000 people head to Flemington over four days each year.
First run in 1861, the A$6million Emirates Melbourne Cup is the richest prize in Australian sport, and the world's richest handicap race run over 3200m.
But it's much more than just a horse race, it is a 154-year old social and cultural tradition that brings Aus and NZ to a standstill.
Over its long history Kiwi-bred horses have won 42, of which 16 of were also NZ trained.
This year Kiwi hopes rest on the shoulders of two horses: Who shot the barman and Criterion.
In 2014 the TAB took $1.7m in bets on Cup Day, with $1m on the race itself.
Watch the video for the full segment.