Bart Cummings’ superstar So You Think is set to start as the shortest-priced Melbourne Cup favourite since Veandercross ($3.25) in 1992, but despite this and despite being the same price as Makybe Diva in 2004 when winning her second Melbourne Cup, the punters with online bookmaker Sportsbet have hammered the $3.50 on offer for wonder horse So You Think to create history on Tuesday.

So you think was paying $6 before his barnstorming win in Saturday’s Mackinnon Stakes, while early favourite Shocking’s price has ballooned from $4.40 to $9 after drawing the outside barrier.

“$3.50 for a horse to win the Melbourne Cup in his 12 start seems ridiculously short, but we are talking about a once in a generation champion,” said Sportsbet’s Haydn Lane.

“There still has to be questions asked about whether he’ll get the two miles, but all indications are he’ll answer with a resounding ‘yes’ on Tuesday.”

For punters who get their Each-Way Melbourne Cup bets on before midnight on Monday night, Sportsbet is paying punters the place dividend down to fourth place.

“To finish fourth in a Melbourne Cup is a great effort but is usually bad luck for punters who have backed the horse each way, so this year we’ve decided to pay down to fourth,” said Lane.

In recent years, horses such as Master O’Reilly (twice), Zipping (twice), Leica Falcon, Elvstroem, Pentastic and Vinnie Roe have run gallant fourths in the Cup.

So check out the full Melbourne Cup odds right now at [sportsbet] to take advantage of this great Melbourne Cup betting offer!