Saturday’s Caulfield Cup winner Descarado has received a 1.5 kilo penalty for the 2010 Melbourne Cup, due to run at Flemington on Tuesday November 2.

In an historic form turnaround, High Chaparral four-year-old Descarado came from a last-start 14^th in the Turnbull Stakes to become the 2010 Caulfield Cup winner beating home Harris Tweed and Monaco Consul in Saturday’s $2.5 million showdown.

The impressive victory gave trainer Gai Waterhouse her maiden Caulfield Cup win and saw Racing Victoria’s chief handicapper Greg Carpenter hand down a 1.5 kilogram penalty to Descarado for the 150^th Emirates Melbourne Cup.

The penalty reflected the merit of Descarado’s win but also took into account the heavy track conditions at Caulfield on Saturday, which proved too testing for many other runners in the field.

“While historically the penalties for a Caulfield Cup winner are usually between 2kg and 3kg, the 1.5kg for Descarado reflects the heavy track last Saturday and the new challenge the horse has going towards the Melbourne Cup,” Carpenter said.

Kiwi-bred Descarado is now due to carry 54kg in the $6 million Melbourne Cup and is also the only entry still in contention to receive a Melbourne Cup ballot exemption following the earlier withdrawal of Irish St Leger winner Sans Frontieres.

After the 2010 Caulfield Cup result, leading online bookmaker [sportsbet] slashed their price on Descarado in the Melbourne Cup odds now paying $15.

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It is a tough challenge ahead for Descarado, attempting to become just the 12^th horse in history to complete the Caulfield Cup – Melbourne Cup double.

Reigning Melbourne Cup champion Shocking has also shortened in the betting markets after running an eye-catching fourth in the Caulfield Cup.

The Mark Kavanagh-trained Shocking was caught up early in the Caulfield Cup, but in a gritty run the four-year-old moved up through the middle of the field to finish a gallant fourth just two and a half lengths from the winner.

With a bit more ground Shocking would likely have run to victory and with the step-up in distance the Melbourne Cup offers, it was the ideal Melbourne Cup trial leading Shocking to firm from $9 into $6 to make it back-to-back wins in the world’s richest handicap.

Caulfield Cup fifth placegetter Manighar has also leaped into Melbourne Cup contention coming within a half-length of Shocking on Saturday.

The Luca Cumani-trained five-year-old gelding was having their first Australian start and their powerful finish has seen Sportsbet shorten Manighar into a $13 Melbourne Cup chance, now the shortest-priced international raider.

The biggest mover in the Melbourne Cup ballot order following Saturday’s race results was Caulfield Cup eighth placegetter Metal Bender.

Chris Waller’s one-time Caulfield Cup favourite Metal Bender is now assured of a spot in the 24-horse Melbourne Cup field shooting him up from 55^th on the order of entry to sixth, but is still a long-shot to win paying $61.

The third declarations for the 2010 Melbourne Cup will be taken next Monday before the final field of acceptors is released on Victoria Derby Day, October 30.

To get in on the Melbourne Cup betting action before the odds on your favourites shorten even further, sign up with [sportsbet] today!