Previous Melbourne Cup champion Efficient and Cox Plate victor Maldivian top this year’s Melbourne Cup weights, having been allotted 58 kg each for the nation’s favourite race.

On Wednesday Racing Victoria’s chief handicapper Greg Carpenter announced the weights for two of the Spring Carnival’s elite races, the Caulfield and Melbourne Cups.

Punters across the nation have been eager for the weight announcement in anticipation of their selections for the $5.5 million dollar Melbourne Cup race on Tuesday November 3, and now that they are in the betting markets are really starting to heat up.

Profound Beauty, trained by Dermot Weld, has risen to the outright favourite in the betting markets after the weight allocations. The six-year-old mare received 53.5kg, 2kg more than what she carried in last year’s race where she placed fifth. Her weight this year is the same Empire Rose carried when she won in 1988, and champion mare Makybe Diva is the only mare to win carrying more (55.5kg in 2004 and 58kg in 2005).

Profound Beauty leads master trainer Weld’s campaign for a third Cup win, after his previous success with Vintage Crop (1993) and Media Puzzle (2002). Weld’s other entries this year are Ghimaar and Directa King who have both been allocated the minimum 50kg.

The heaviest weighted mare in this year’s race is Tuesday Joy with 54.5kg, the same allocation she received last year. Trainer Gai Waterhouse has said mares are now at a weight disadvantage at the Melbourne Cup, ever since Makybe Diva’s victory.

Viewed, last year’s winner has 57kg, 4kg more than the weight she carried to victory last year when she provided Bart Cummings with his 12th Melbourne Cup win. Viewed is aiming to become only the fifth horse in history to win successive Melbourne Cups.

The highest rated international contenders for the Cup with 57kg are Eastern Anthem and Schiaparelli, both from the world racing powerhouse Godolphin. Godolphin’s next weighted entry is Kirlees with 56kg.

Another horse backed well with the bookmakers this year is Rebel Raider, receiving 54.5kg after winning the Victoria and South Australian Derbies. Other leading Australian four-year-olds entered in the race include Caulfield Guineas star Whobegotyou, AJC Derby victor Roman Emperor, and Rosehill Guineas winner Metal Bender, all assigned 54kg.

Weights for this year’s other Melbourne Cup entries at the top of the odds list are:

• Profound Beauty 53.5kg
• Efficient 58kg
• Viewed 57kg
• Changingoftheguard 50.5kg
• Rebel Raider 54.5kg.