The Lexus Melbourne Cup is a cornerstone of Australian sport and culture, often described as “the race that stops a nation.”
Scheduled for Tuesday, 4 November 2025 at Flemington Racecourse in Melbourne, this 3200-metre handicap draws a diverse global field and captivates millions of viewers both in Australia and around the world.
For those who enjoy competitive strategy and collaborative experiences online, there’s plenty of opportunity to follow the action digitally or explore other communities and challenges.
The 2025 edition has attracted 120 entries, including many international challengers, who will target a share of the AU$8.56 million prize fund.
As tradition dictates, the race unfolds just after 3pm AEDT, offering not only a test of staying power and tactical nous, but also drama and sporting theatre that brings workplaces, homes, and public gatherings to a standstill for just over three minutes.
Whittling Down the Field: From 120 Nominations to 24 Runners
With 120 entries for the 2025 Melbourne Cup, the journey from initial nominations to the field of 24 that lines up on race day is both rigorous and fascinating.
Entry begins with nominations in early September, followed by a series of declaration stages: the first, second, and third acceptances through September and October.
Each stage grants connections the choice to keep horses in contention or withdraw, with declarations alongside allocated weights denoting which horses are most likely to make the cut.
A series of ballot-exempt “win and you’re in” lead-up races, such as the Caulfield Cup, Geelong Cup, and Bart Cummings Stakes, guarantees entry for their winners.
The final field is shaped by a combination of performance, handicapping, and preference order, with the lowest-weighted and least-qualified runners likely to be balloted out if the entry exceeds the 24-runner maximum.
The draw for starting stalls takes place soon after the finalisation of the field, with much anticipation about which horse will land the coveted inside gate or risk being cast wide over the two miles.
2025 Melbourne Cup Antepost Favourites
As November approaches, antepost betting markets focus on several leading contenders, each with credentials and storylines to spark interest among punters and fans.
The top five currently leading the ante-post market in the UK are:
Al Riffa
This Irish-bred, Joseph O’Brien-trained stayer heads most early betting charts after capturing the Irish St Leger.
Al Riffa boasts proven stamina at Group 1 level, an ideal profile, and connections with serious history in the race, with O’Brien having trained two previous Melbourne Cup winners.
Scandinavia
A high-quality, lightly raced galloper from Aidan O’Brien’s formidable Ballydoyle stable, Scandinavia was impressive as St Leger favourite and ticks many traditional form and breeding boxes sought by Cup watchers.
Sir Delius
Has shot to the top of the Melbourne Cup markets following a determined win in the Group 1 Underwood Stakes at Caulfield.
The five-year-old Frankel stallion, trained by Gai Waterhouse and Adrian Bott, impressed with his gritty ability to chase down Buckaroo in a tough finish, confirming himself as a genuine staying prospect.
Buckaroo
Remains a consistent presence in Cup betting, having finished runner-up to Sir Delius in the Underwood and demonstrated staying credentials throughout his campaign.
He’s campaigned with intent by Chris Waller, who has previously landed the Cup with Verry Elleegant, and boasts strong Australian exposure, adaptability to local conditions, and a proven ability to hold his own in the lead-up ‘win-and-you’re-in’ races.
Via Sistina
Adds international flavour as a top mare regularly competitive in elite European middle-distance and staying events.
Trained by Chris Waller, Via Sistina’s tenacity and proven class at Group level highlight her appeal among punters, despite lingering questions about the full two-mile test at Flemington.
Each of these horses has built their case through key wins or placings in lead-up events, international staying form, or the proven ability to handle large fields and global travel.
Last Five Melbourne Cup Winners
Recent editions of the Melbourne Cup showcase both standout performances and the increasingly global nature of the race:
2024: Knight’s Choice – A remarkable Queensland-trained winner at 90/1, breaking a long drought for locally prepared horses.
2023: Without A Fight – Showed tactical prowess and stamina for Australian trainers Anthony & Sam Freedman, with Mark Zahra in the saddle.
2022: Gold Trip – Trained by Ciaron Maher & David Eustace; Gold Trip produced a well-timed finish for Group 1 glory.
2021: Verry Elleegant – Chris Waller’s celebrated mare destroyed a strong field to secure her champion status.
2020: Twilight Payment – Irish handler Joseph O’Brien again landed Australia’s biggest prize with a classic front-running ride by Jye McNeil.
This roll call highlights not only the diversity of connections but also the enduring challenge and unpredictability at the heart of the race.
Betting and Trends
Melbourne Cup betting is a national preoccupation, with “sweep” competitions in schools and offices supplementing billions of dollars wagered through on- and off-course bookmakers.
Market trends show the rise of European-trained horses since 2010, a higher strike rate for runners trained by Joseph O’Brien and internationally based stables, and the continued search for horses with winning or strong-placed form at 2400–3000 metres in the months leading up to the Cup.
While outsiders do occasionally salute, Knight’s Choice being a fresh reminder, favourites and single-figure runners do feature prominently in the frame.
Strong late plunges are common, especially in the hour before the race, as parochial and big-punter money comes for the locally fancied and well-drawn runners.
Spirit and Significance of the Melbourne Cup
Winning the Melbourne Cup remains an ambition that transforms careers, elevates racing fortunes, and bestows a deep legacy in Australian and international sporting folklore.
The prestige, financial reward, and national attention it brings resonate not only for the connections of the winner, but in the broader context of the racing calendar, where targeting the Cup requires year-long planning, expert conditioning, and the patience to land in top form at precisely the right time.
This 2025 Lexus Melbourne Cup is set to be another competitive and captivating contest, and as anticipation builds, all eyes will be on Flemington to see which of the 120 hopefuls will join the honour roll of Australia’s greatest two-mile champions.
