With less than four months to go until the 2012 Melbourne Cup lights up the famous Flemington Racecourse on the first Tuesday of November, the pre-nomination betting markets are starting to heat up at bookies around the country.

Reigning champion Dunaden is an early favourite to go back-to-back in the Melbourne Cup this spring

Futures Melbourne Cup betting is a great way for punters to lock in juicy double-figure prices on their early selections for the $6.2 million handicap, which is the richest held anywhere in the world, and our favourite online bookie bookmaker.com.au have just updated their Melbourne Cup odds.

Earlier trading on the ‘race that stops a nation’ had the past two Melbourne Cup winners installed as co-favourites with the French-trained duo of Americain (2010) and Dunaden (2011) both paying $19 to win multiple editions of the celebrated two mile clash.

Americain, who has returned to the care of Alain de Royer Dupre in France after failing to win any of their three autumn starts for Aussie trainer David Hayes down under, however has since eased out to $21.

The Mikel Delzangles-trained reigning champ Dunaden meanwhile remains at the top of the markets following their last-start second to Sea Moon in the Group 2 Hardwicke Stakes (2414m) at Royal Ascot on June 23.

At an equal Melbourne Cup price to Dunaden is then a new stayer on the block, Japan’s Horse of the Year and 3YO of the Year Orfevre.

Should the Ikee Yasutoshi-trained Stay Gold colt make the 2012 Melbourne Cup field they will be out to become just the second Japanese-trained horse in the race’s rich history to win following Delta Blues (2006).

Orfevre entered the Melbourne Cup picture after they atoned for their 11^th in the Group 1 Tenno Sho (Spring) over the two miles back in April with a first-up win in the Group 1 Takarazuka Kinen (2200m) on June 24.

Other top fancies in the latest 2012 Melbourne Cup betting odds at $21 are then:

• Colour Vision – Saeed Bin Suroor-trained Rainbow Quest stallion is unbeaten this season and was last seen winning the Group 1 Ascot Gold Cup (4023m) at Royal Ascot, ace stayer that thrives over the two miles
• Gatewood – Recent OTI purchase, John Gosden’s Englis stayer is three from three this time in, the Galileo four-year-old having won the Listed Wolferton Handicap (2011m) at Royal Ascot on June 22
• Lucas Cranach – Ace Anthony Freedman-trained import ran an eye-catching third in last year’s Melbourne Cup, autumn campaign stunted at just one run due to injury when the Mamool five-year-old won the Group 2 Peter Young Stakes (1800m) on Blue Diamond Day, fully recovered and gearing up for a big spring

Following closely on $26 are then last year’s runner-up Red Cadeaux and the Lloyd Williams-owned Green Moon, runner-up in last year’s Caulfield Cup that was last seen winning the Group 2 Blamey Stakes (1600m) at Flemington in March.

Melbourne Cup 2012 nominations will be taken on Tuesday September 4, 2012 which is when the odds will really start to firm.

See below for the top 19 horses in the latest Melbourne Cup all-in markets courtesy of bookmaker.com.au.

Now is the time to back your favourites for the iconic showdown and remember if you’re horse isn’t among the official Melbourne Cup nominations then bookmaker.com.au will refund your money!

2012 Melbourne Cup Odds

Flemington Race 7 – 06/11/2012

*Futures betting shows Top 19 only, subject to change – see bookmaker.com.au for updates and to bet now!