Punters and racing fans are eagerly awaiting the decision of whether the 2010 Caulfield Cup will be cancelled or get the go ahead by racing officials following the heavy rainfall around Victoria over the past 48 hours.

This morning Caulfield Racecourse, home to the $2.5 million Group 1 Caulfield Cup (2400m), was rated a Heavy 8 but this afternoon stewards walked the track and demoted the Caulfield Track to a Heavy 9 as of 2:30pm (AEDST).

The Melbourne Racing Club said it was confident the Caulfield Cup Day meeting would go ahead, however a definite decision won’t be made until dawn tomorrow.

If the track deteriorates into a Heavy 10, which is the worst rating a rain-affected ground can receive, then a serious decision will have to be made on whether the Caulfield Cup will be cancelled.

UPDATE: 2010 Caulfield Cup gets go ahead from Racing Victoria and the Melbourne Racing Club.

If contested, the 2010 Caulfield Cup will be run on the wettest ground conditions seen in nearly two decades, which is drastically affecting the odds and chances of many of the favourites in the 18-horse Caulfield Cup field.

Shocking is still topping the betting markets currently paying $5 through [sportsbet], however there could be great value in proven wet-trackers including Manighar ($11).

Also, being drawn wide could become very favourable after seven earlier races on the Caulfield card make the inside running very choppy meaning one-time favourite Alcopop now paying $8.50 in the far outside barrier may be given a real chance.

Read more about What Horse Can Win the 2010 Caulfield Cup on a Wet Track and then check out all the odds at [sportsbet]!