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Gai Waterhouse & Adrian Bott‘s class import Sir Delius has shot to the top of futures betting on the 2025 Melbourne Cup this November following his gutsy win in the Group 1 $1 million Underwood Stakes (1800m) at Caulfield on Saturday.

Big race specialist Craig Williams pulled out another impeccably timed ride aboard the well-bred Frankel five-year-old to wear down last year’s champion Buckaroo and salute for the punters with a half-length triumph in this spring’s Underwood Stakes results.
Looking to go back-to-back for Chris Waller, Buckaroo looped the field with 300m to go charging down the outside and looking like securing his second Underwood win.
But inside the final furlong Sir Delius ($2.10F) went to another level, lifting late and showing plenty of fight to surge through the middle and win with Golden Path a brave third in a tight finish.
“Gai and the stable presented me a really nice horse today,” Williams said.
“The exciting part is that he’s got so much upside from today.
“The discussion we had pre-race (was) to let him be a really good horse. He gave me a really good run from an awkward draw. When the chips were down he had to be tough and it’s his first way of going left-handed.
“I did all his replays in France as well, even on really firm ground. All his early form when they purchased him was on French soft or heavy.
“He’s just such a weapon and when Blake came past me (on Buckaroo) I thought ‘oh no’, but I just kept urging him.
“I always said he reminded me of Duanaden; he’s got that great tenacity and great will to win. He laid back his ears and we got the win today.
“It’s really exciting. He goes home and Gai will look after him really well but he’s a really exciting horse going forward.”
Waterhouse & Bott celebrated their third Underwood Stakes success in four years following the back-to-back triumphs of their dual champion Alligator Blood in 2022-23.
Waterhouse was ecstatic having cheered the stable’s exciting Melbourne Cup prospect home, describing his fighting qualities and potential ahead of the majors as “fabulous”.
“I can’t describe how excited I am, I cannot tell you,” she told Racing Victoria.
“It’s the most exciting thing I’ve seen in years. He was not in a good a position throughout the race. He was back, about one or two positions off the fence. He was trying, trying and when he came around the straight, he wasn’t any good thing, but then all of a sudden, he saw the winning post, and he took off.
“He was just fabulous.”
From here Waterhouse said the plan was to plot a path towards the first Tuesday of November in the same fashion as Fiorente who saluted in the 2013 Melbourne Cup.
“It was Adrian’s program, and it was very much around Fiorente which we won the Melbourne Cup with in 2013,” Waterhouse explained.
“We’ll go to the Might And Power and then we’ll go to the Cox Plate and then that elusive race on the first Tuesday in November.”
The Group 1 $1 million Might And Power (2000m) runs at Caulfield on October 11 with the Group 1 $6 million Ladbrokes Cox Plate (2040m) then lightning up The Valley a fortnight later on October 25.
Sir Delius is the $3.50 second favourite in all-in 2025 Might And Power betting behind boom mare Treasurethe Moment, while he is into $5 behind last year’s eight-length hero Via Sistina in futures Cox Plate betting at race sponsor Ladbrokes.com.au.
As for the big one on November 4 at Flemington, all-in Melbourne Cup odds on Sir Delius to salute are in from $11 to $6 seeing him surpass the Irish raider and topweight Al Riffa at the top of betting.
Sir Delius is currently allocated 55.5kg in the Melbourne Cup weights.
Underwood Stakes 2025 Results
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1st
9. Sir Delius (10)
J: Craig Williams 59kg
T: Gai Waterhouse & Adrian Bott |
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2nd
2. Buckaroo (7)
J: Blake Shinn 59kg
T: Chris Waller |
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3rd
8. Golden Path (6)
J: Jordan Childs 59kg
T: Mick Price & Michael Kent Jnr |
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4th
10. Moira (4)
J: Damian Lane 57kg
T: Chris Waller |
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5th
6. Land Legend (11)
J: Michael Dee 59kg
T: Chris Waller |
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7th
11. Zardozi (9)
J: Jamie Melham 57kg
T: Ciaron Maher |
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8th
5. Casino Seventeen (8)
J: Billy Egan 59kg
T: Gavin Bedggood |
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9th
3. Smokin' Romans (2)
J: John Allen 59kg
T: Ciaron Maher |
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10th
7. Middle Earth (1)
J: Mark Zahra 59kg
T: Ciaron Maher |
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11th
12. Anisette (5)
J: Ben Melham 57kg
T: Chris Waller |
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