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The wait is over. The Melbourne Cup 2026 field is locked in, the barrier draw has been completed, and punters are piling into one of the most fascinating editions the iconic two-mile classic in recent history. But where are the big money Melbourne Cup bets landing? The Races.com.au team take a look at the latest betting movers and shakers, find our outright Melbourne Cup favourite and see where the value could lie ahead of Tuesday’s $10.2 million showdown.
With a full field of 24 set to line up, the Melbourne Cup 2026 betting markets at Ladbrokes are being dominated by two powerhouse stables. Irish master Joseph O’Brien has launched a five-pronged international assault headlined by one of the best fancied runners in Trustyourinstinct, while Australia’s leading trainer Ciaron Maher counters with a remarkable seven runners including market leader Point Of Law.
As race day approaches, several horses have attracted strong support in the latest Melbourne Cup odds 2026, while others have drifted noticeably, creating plenty of intrigue for punters looking to find the winner of the 166th running of Australia’s greatest race.
Point Of Law Remains the Melbourne Cup 2026 Favourite
The horse all others must beat according to punters remains Point Of Law.
The lightly raced son of Frankel surged to the top of Melbourne Cup 2026 betting following his brilliant Geelong Cup victory and remains the market elect from his favourable barrier nine draw.
Trained by Ciaron Maher and carrying just 53kg, Point Of Law boasts arguably the perfect modern Melbourne Cup profile. He is progressive, lightly raced, brilliantly bred and arrives off one of the strongest lead-up performances of the spring.
A win would see him become one of the least experienced Melbourne Cup winners in modern history with just six career starts.
He’s firmed in from $7 to $6.50 through Ladbrokes at time of publish after the barrier draw, making now the time to jump on the top elect as he looks to be the first Melbourne Cup favourite to win since Fiorente ($7 in 2013).
| 20. Point Of Law (9) 53kg141×1 | |||
| Second-up. First-up after three months won by 0.5 len in the G3 Geelong Cup on October 21 over 2400m defeating Small Fry carrying 55kg at $6. Previously second-up won by 1.3 len in a 3yo Mdn Sw at Newbury on May 15 over 2011m defeating Hatteen with 60.5kg at $1.60. Impossible to knock and looks the one again. Huge win at local debut in fast time, lightly raced and if he brings that form he’ll go close again. | |||
So You Are the Big Early Firmer
If there is one horse punters have latched onto in the final stages of betting, it is So You Are.
The Bjorn Baker-trained stayer has enjoyed a remarkable plunge from as much as $23 into $12, making him one of the biggest market movers in this year’s Cup.
His support is easy to understand.
The son of So You Think comes into the race chasing a fifth straight win after victories in the ATC St Leger, Tattersall’s Cup, Colin Stephen Quality and Bendigo Cup. He has forced his way into the field via successive weight penalties and arrives arguably as the form horse of the race.
From barrier seven with Rachel King aboard, plenty of punters believe he can run out the two miles and continue his fairytale rise.
Winning form is good form and this guy has it.
| 16. So You Are (7) 54kg21111 | |||
| On a four run winning streak. At the latest run favourite; won by 0.8 len in the G3 Bendigo Cup on October 28 over 2400m defeating Berkeley Square carrying 58.5kg at $3.60. Before that favourite; tracked the speed and boxed on steadily; won by 0.9 len in the G3 Atc St Leger Stakes at Randwick on October 17 over 2600m in soft going defeating Tempesti with 57.5kg at $3.30. Other form potentially stronger but he’s flying, not the worst. | |||
Trustyourinstinct Heads the International Challenge
The market’s clear favourite among the internationals is Trustyourinstinct.
Joseph O’Brien’s Curragh Cup winner has been one of the best-backed European runners throughout Cup week and remains comfortably on the second line of betting but has eased slightly from $6.50 out to $8 now through Ladbrokes.
The booking of superstar jockey James McDonald, fresh off another Derby Day demolition job, has only enhanced confidence with the punters down under.
Trustyourinstinct has already won over 2800m, possesses a devastating finishing sprint, and follows a similar path used by O’Brien’s previous Melbourne Cup champions Rekindling and Twilight Payment.
Despite drawing barrier 18, many judges believe he is the biggest danger to Point Of Law.
The value is there post-barrier draw so, if you like him to overcome the alley the way Verry Elleegant did back in 2011 also with J-Mac aboard, now’s the time to back the raider.
| 2. Trustyourinstinct (18) 57kg21214 | |||
| Form hard to fault. Comes off a 51 day let-up. Last start 4th of 7 in the G1 Irish St Leger Stakes at Curragh on September 13 over 2816m, 4.5 len behind Scandinavia carrying 61.5kg at $7.50. Before that won by 0.8 len in the G2 Curragh Cup on July 19 over 2816m defeating Happy Pharoah carrying 62kg at $7.50. Brings a lovely profile and strong international form, and the man in the saddle goes okay too. | |||
Shockletz Emerging as the Punters’ Lightweight Hope
One of the more fascinating betting stories in the Melbourne Cup 2026 odds market has been the popularity of Shockletz.
The daughter of 2009 Melbourne Cup winner Shocking has firmed into around the $10-$11 range and continues to attract support as the best-weighted horse in the race.
Carrying only 51kg, the Lexus Archer Stakes winner brings excellent Flemington form into Tuesday’s staying test and impressed with a fast-finishing second in the Tesio Stakes at her latest start.
The main query remains the 3200m, but many punters believe she has “beaten the handicapper” and profiles similarly to several recent lightweight Cup placegetters.
There’s also the injury cloud and availability of Harry Coffey in question after his Derby Day fall. Should he be cleared fit to ride she’ll stay firm in the markets, but a late jockey change will surely force a drift. Stay tuned.
| 24. Shockletz (17) 51kg64162 | |||
| At the latest run 2nd of 15 in the G3 Tesio Stakes at this track on October 24 over 2040m, 0.5 len behind Soverato with 58kg at $7.50. Before that 6th of 13 in the G2 Herbert Power Stakes at Caulfield on October 10 over 2400m, 2.75 len behind Pinhole with 55.5kg at $6. Past two have been excellent Cup trials and now up in trip with no weight, look out. | |||
Juja Kibo Firming into Genuine Contention
Another Maher runner attracting support is Juja Kibo.
The former Irish galloper has tightened from $13 into $11 after successive wins in The Metropolitan and Moonee Valley Gold Cup, the latter of which was huge and saw him beat plenty of the same rivals he’ll face on Tuesday.
His lead-up form is among the strongest in the race and bookmakers report consistent each-way support throughout Cup week.
Should the race be run at a strong tempo, Juja Kibo’s powerful finishing burst makes him one of the more dangerous runners in the field.
| 11. Juja Kibo (14) 55kgx3211 | |||
| Chasing a hat-trick. At the latest run won by 0.5 len in the G2 Moonee Valley Cup at this track on October 24 over 2500m defeating Kings Valley carrying 58kg at $7.50. Before that ran on from midfield and won by 1.75 len in a G2 The Metropolitan at Randwick on October 3 over 2400m in soft going defeating Aethelwulf with 56.5kg at $5.50. Flying off moderate tempos, if he can convert that to two miles he’ll run well. | |||
Hopewell Rock an Easing Fancy
The market has shied away recently from UK visitor Hopewell Rock who has drifted out from $9.50 to $11, but this galloper still deserves respect and could be the smokey of the 2026 Melbourne Cup.
The George Boughey-trained stayer remains among the leading chances despite the drift and has featured prominently in Ladbrokes’ biggest reported bets.
Hopewell Rock’s Ebor Handicap form and progressive profile continue to appeal to punters searching for value among the international contingent.
With just 54.5kg and talented young rider Zac Lloyd aboard, he remains one of the most popular runners in Melbourne Cup betting.
| 12. Hopewell Rock (15) 54.5kg3612x | |||
| Back from a spell. Finished off last preparation second of 22 at York Ebor Handicap August 22 over 2816m, a head behind Daiquiri Bay with 60.5kg at $7.50. Previously first up; third of 8 at Newmarket (Rowley) May 2 over 2414m, 1.75 len behind Daiquiri Bay carrying 61kg at $5.50. Progressive stayer with the right form lines, looks a strong winning chance. | |||
Zahrann and Soul Of Spain Among the Best Roughie Moves
Two horses attracting support at bigger odds are Zahrann and Soul Of Spain.
Zahrann has shortened from $34 into $26 after getting an ideal draw of 11, while Soul Of Spain has been backed from $46 into $34.
Interestingly, barrier history may have added to that confidence.
Barrier 11 is the most successful gate in Melbourne Cup history and this year belongs to Zahrann, while Soul Of Spain jumps from barrier five, another historically dominant draw that most recently produced Knight’s Choice in 2024.
| 15. Zahrann (11) 54.5kgx4106 | |||
| Last start 6th of 18 in the G1 Caulfield Cup on October 17 over 2400m, 4 len behind Kingswood with 53kg at $7.50. Before that 11th of 13 in the G1 Turnbull Stakes at this track on October 3 over 2000m, on rain affected going; 18 len behind Cosmic Crusader carrying 56.5kg at $12. Worked home quite well last time but the 3200m is an unknown. | |||
| 14. Soul Of Spain (5) 54.5kg68378 | |||
| At the latest run 8th of 18 in the G1 Caulfield Cup on October 17 over 2400m, 4.5 len behind Kingswood carrying 53kg at $61. The start before that 7th of 9 in a G2 The Metropolitan at Randwick on October 3 over 2400m, on a slow track; 6 len behind Juja Kibo with 58.5kg at $7.50. Had some excuses latest but this looks too tough. | |||
Biggest Drifters in Melbourne Cup Betting 2026
While several runners have firmed, a few have been friendless with punters.
Wine Dark Sea
The Harry Charlton-trained import has drifted dramatically from $31 to $51 following his disappointing Caulfield Cup effort despite retaining the services of Damian Lane.
Vauban
Now on his fourth Melbourne Cup campaign, Vauban has eased from $46 to $61. The nine-year-old remains respected as a genuine stayer but age and a horror draw have hurt confidence.
Goodie Two Shoes
Last year’s runner-up has drifted from $19 to $26 despite strong two-mile credentials. The rise in weight and wide draw appear to have dampened enthusiasm.
Royal Supremacy
The Maher-trained galloper remains around the $51 mark after failing to fire in the Caulfield Cup despite entering the race with excellent staying credentials.
James J Braddock
One of the most notable drifters in the final Melbourne Cup 2026 betting market has been Joseph O’Brien’s James J Braddock, whose price has eased considerably after drawing the outside gate.
The lightly raced English Derby placegetter opened at $10 before drifting steadily through $11, $12, $13, $14 and $15, eventually reaching $16 after being allocated barrier 24.
While the four-year-old still has plenty of admirers thanks to his classy European form, featherweight 53.5kg and the booking of Melbourne Cup-winning jockey Craig Williams, punters have clearly cooled on his chances from the widest draw.
History is also against him, with no Melbourne Cup winner jumping from the outside barrier since Brew famously won from gate 22 in 2000.
The son of Zarak remains one of the more intriguing runners in the field and fits the profile of previous Northern Hemisphere-bred youngsters who have performed well at Flemington, but the awkward draw has forced punters to reassess his winning prospects.
Despite the drift, he remains among the better-supported international hopes and could still prove dangerous if Williams can overcome the barrier and find cover early in the two-mile test.
| 18. James J Braddock (24) 53.5kg136×6 | |||
| Second run back. Comes off a 52-day let-up. First-up after three months 6th of 10 in the G3 Kilternan Stakes at Leopardstown on September 12 over 2414m, 4 len behind Arabian Crown carrying 59kg at $13. Previously second-up won by a nose in the G3 Leopardstown Derby Trial on May 10 over 2011m defeating Pierre Bonnard with 59.5kg at $10. Epsom Derby placegetter but form since has been mixed, inclined to risk. | |||
Melbourne Cup 2026 Big Bets
Ladbrokes has already reported some eye-catching investments ahead of the Cup.
Among the biggest wagers recorded are:
- $2,200 on Shockletz to finish Top 10
- $1,376 win bet on Hopewell Rock
- $1,000 win bet on Enfjaar at odds of $26
- $1,000 Top 6 bet on Sons And Lovers
The activity suggests punters are not solely focusing on the favourites, with several confidence plays landing on value runners at double-figure odds.
Who Are Punters Backing Most?
Based on race-day market movements, the strongest-backed runners in the Melbourne Cup 2026 betting update are:
- Point Of Law
- Trustyourinstinct
- So You Are
- Shockletz
- Juja Kibo
- Hopewell Rock
- Middle Earth
- Zahrann
Between them, they account for much of the market support throughout Cup week.
Final Melbourne Cup Odds 2026 Verdict
The market suggests this year’s race shapes as a genuine battle between Joseph O’Brien’s powerful international team and Ciaron Maher’s seven-strong local assault.
Point Of Law remains the horse to beat after his Geelong Cup triumph, Trustyourinstinct heads a formidable European challenge, while So You Are has emerged as the people’s horse after a wave of sustained betting support.
Throw in proven Melbourne Cup winner Knight’s Choice, lightweight hope Shockletz, form stayer Juja Kibo and a host of talented overseas raiders including Hopewell Rock, Sons And Lovers and James J Braddock, and the result is one of the deepest and most competitive Melbourne Cup fields in years.
With millions expected to be wagered before Tuesday’s jump, expect the Melbourne Cup odds 2026 market to continue shifting right up until start time as punters search for the next Melbourne Cup hero at Flemington.
Melbourne Cup 2026 Odds
| 1. Sons And Lovers (3) 57.5kg44512 | |||
| Comes here off a 52-day let-up. Last start 2nd of 10 in the G3 Kilternan Stakes at Leopardstown on September 12 over 2414m, 2.25 len behind Arabian Crown with 63.5kg at $15. The race before that won by a head in the G2 Prix Maurice De Nieuil at Longchamp on July 14 over 2800m defeating Parachutiste carrying 59kg at $2.60. Top weight but brings classy international form and should go very well. | |||
| 2. Trustyourinstinct (18) 57kg21214 | |||
| Form hard to fault. Comes off a 51 day let-up. Last start 4th of 7 in the G1 Irish St Leger Stakes at Curragh on September 13 over 2816m, 4.5 len behind Scandinavia carrying 61.5kg at $7.50. Before that won by 0.8 len in the G2 Curragh Cup on July 19 over 2816m defeating Happy Pharoah carrying 62kg at $7.50. Brings a lovely profile and strong international form, and the man in the saddle goes okay too. | |||
| 3. Knight’s Choice (2) 56.5kgx0930 | |||
| Most recently eased back early on 14th of 18 in the G1 Caulfield Cup on October 17 over 2400m, 10 len behind Kingswood carrying 55kg at $31. Before that ran on from midfield; 3rd of 13 in the G2 Herbert Power Stakes at Caulfield on October 10 over 2400m, head behind Pinhole with 56kg at $7. Shock winner of 2024 Cup with more weight this time, hard to see him repeating the dose. | |||
| 4. Middle Earth (1) 56.5kg87898 | |||
| At the latest run eased back early on 8th of 12 in the G1 Ws Cox Plate at this track on October 24 over 2040m, 7 len behind Cosmic Crusader carrying 59kg at $71. The race before that 9th of 18 in the G1 Caulfield Cup on October 17 over 2400m, 5.5 len behind Kingswood carrying 55kg at $61. Ticking along as well as he was last year and has claims. | |||
| 5. Vauban (22) 56.5kg133×9 | |||
| Second-up. First-up after five months 9th of 13 in the G3 Geelong Cup on October 21 over 2400m, 6 len behind Point Of Law carrying 60.5kg at $19. Previously second-up 3rd of 8 in the G1 He Tancred Stakes at Rosehill on March 28 over 2400m, slow going 5 len behind Aeliana carrying 59kg at $7. Fourth crack at the Cup, only second up here and 3200m remains a worry. | |||
| 6. Enfjaar (8) 56kg381×3 | |||
| Second run back. First-up after three months held ground to the line 3rd of 18 in the G1 Caulfield Cup on October 17 over 2400m, 1.0 len behind Kingswood carrying 54.5kg at $12. Previously second-up 8th of 16 in the LR Wolferton Stakes at Ascot on June 16 over 2011m, 5 len behind Map Of Stars carrying 59.5kg at $13. Very game first up, not sure he wants 3200m though. | |||
| 7. Royal Supremacy (21) 56kg1×910 | |||
| Last start 15th of 18 in the G1 Caulfield Cup on October 17 over 2400m, 17 len behind Kingswood with 54.5kg at $13. The run before that won by 0.8 len in the G3 Jra Cup at Caulfield on September 27 over 2000m defeating Future History with 60kg at $4.80. Had some excuses last time but 3200m is a worry. | |||
| 8. Wine Dark Sea (23) 56kg151×0 | |||
| Second run back. First-up after two months raced on the pace before fading 11th of 18 in the G1 Caulfield Cup on October 17 over 2400m, 6 len behind Kingswood with 54.5kg at $8. Previously second-up won by 13 len in a Rating 85 at Carlisle on June 24 over 2212m defeating Golden West carrying 64kg at $1.80. Up in trip should suit but needed to see more last time. | |||
| 9. Asterix (6) 55kgx5300 | |||
| Last start eased back early on 12th of 18 in the G1 Caulfield Cup on October 17 over 2400m, 7 len behind Kingswood with 53.5kg at $61. Before that ran last of 13 in the G1 Turnbull Stakes at this track on October 3 over 2000m, in the wet; 43 len behind Cosmic Crusader carrying 56.5kg at $71. Has a lot to find on past couple. | |||
| 10. Goodie Two Shoes (19) 55kgx8210 | |||
| Returns from a 52-day let-up. Most recently ran last of 10 in the G3 Kilternan Stakes at Leopardstown on September 12 over 2414m, 9 len behind Arabian Crown with 62kg at $34. The run before that ran on strongly from last on the turn and won by a nose in the G2 Lillie Langtry Stakes at Goodwood on August 1 over 2816m defeating Santorini Star carrying 61kg at $9. Ran very well in this last year, more weight now, place probably best again. | |||
| 11. Juja Kibo (14) 55kgx3211 | |||
| Chasing a hat-trick. At the latest run won by 0.5 len in the G2 Moonee Valley Cup at this track on October 24 over 2500m defeating Kings Valley carrying 58kg at $7.50. Before that ran on from midfield and won by 1.75 len in a G2 The Metropolitan at Randwick on October 3 over 2400m in soft going defeating Aethelwulf with 56.5kg at $5.50. Flying off moderate tempos, if he can convert that to two miles he’ll run well. | |||
| 12. Hopewell Rock (15) 54.5kg3612x | |||
| Back from a spell. Finished off last preparation second of 22 at York Ebor Handicap August 22 over 2816m, a head behind Daiquiri Bay with 60.5kg at $7.50. Previously first up; third of 8 at Newmarket (Rowley) May 2 over 2414m, 1.75 len behind Daiquiri Bay carrying 61kg at $5.50. Progressive stayer with the right form lines, looks a strong winning chance. | |||
| 13. Onesmoothoperator (13) 54.5kg9×090 | |||
| At the latest run 11th of 13 in the G3 Geelong Cup on October 21 over 2400m, 9 len behind Point Of Law carrying 57kg at $21. Before that got back early 9th of 13 in the G2 Herbert Power Stakes at Caulfield on October 10 over 2400m, 5.5 len behind Pinhole with 58kg at $26. Not going nearly well enough. | |||
| 14. Soul Of Spain (5) 54.5kg68378 | |||
| At the latest run 8th of 18 in the G1 Caulfield Cup on October 17 over 2400m, 4.5 len behind Kingswood carrying 53kg at $61. The start before that 7th of 9 in a G2 The Metropolitan at Randwick on October 3 over 2400m, on a slow track; 6 len behind Juja Kibo with 58.5kg at $7.50. Had some excuses latest but this looks too tough. | |||
| 15. Zahrann (11) 54.5kgx4106 | |||
| Last start 6th of 18 in the G1 Caulfield Cup on October 17 over 2400m, 4 len behind Kingswood with 53kg at $7.50. Before that 11th of 13 in the G1 Turnbull Stakes at this track on October 3 over 2000m, on rain affected going; 18 len behind Cosmic Crusader carrying 56.5kg at $12. Worked home quite well last time but the 3200m is an unknown. | |||
| 16. So You Are (7) 54kg21111 | |||
| On a four run winning streak. At the latest run favourite; won by 0.8 len in the G3 Bendigo Cup on October 28 over 2400m defeating Berkeley Square carrying 58.5kg at $3.60. Before that favourite; tracked the speed and boxed on steadily; won by 0.9 len in the G3 Atc St Leger Stakes at Randwick on October 17 over 2600m in soft going defeating Tempesti with 57.5kg at $3.30. Other form potentially stronger but he’s flying, not the worst. | |||
| 17. Future History (12) 53.5kgx3249 | |||
| At the latest run 9th of 16 in the G2 Moonee Valley Cup at this track on October 24 over 2500m, 3.5 len behind Juja Kibo with 57kg at $26. The start before that 4th of 13 in the G2 Herbert Power Stakes at Caulfield on October 10 over 2400m, 2 len behind Pinhole with 57kg at $7. Going along okay but this is too tough. | |||
| 18. James J Braddock (24) 53.5kg136×6 | |||
| Second run back. Comes off a 52-day let-up. First-up after three months 6th of 10 in the G3 Kilternan Stakes at Leopardstown on September 12 over 2414m, 4 len behind Arabian Crown carrying 59kg at $13. Previously second-up won by a nose in the G3 Leopardstown Derby Trial on May 10 over 2011m defeating Pierre Bonnard with 59.5kg at $10. Epsom Derby placegetter but form since has been mixed, inclined to risk. | |||
| 19. Kizlyar (20) 53.5kg1x2x0 | |||
| Second-up today. Last run raced on the speed throughout before fading 11th of 16 in the G2 Moonee Valley Cup at this track on October 24 over 2500m, 4 len behind Juja Kibo with 56kg at $3.80. At only start last preparation 2nd in a small field in the G3 Irish St Leger Trial Stakes at Curragh on August 22 over 2816m, 4.5 len behind Queenstown with 61kg at $4.30. Went way too slow at Aus debut, could be a knockout hope up in trip. | |||
| 20. Point Of Law (9) 53kg141×1 | |||
| Second-up. First-up after three months won by 0.5 len in the G3 Geelong Cup on October 21 over 2400m defeating Small Fry carrying 55kg at $6. Previously second-up won by 1.3 len in a 3yo Mdn Sw at Newbury on May 15 over 2011m defeating Hatteen with 60.5kg at $1.60. Impossible to knock and looks the one again. Huge win at local debut in fast time, lightly raced and if he brings that form he’ll go close again. | |||
| 21. Strictly Business (4) 53kg2×000 | |||
| Most recently ran last of 16 in the G2 Moonee Valley Cup at this track on October 24 over 2500m, 14 len behind Juja Kibo with 55kg at $81. The race before that ran second last of 13 in the G2 Herbert Power Stakes at Caulfield on October 10 over 2400m, 10 len behind Pinhole with 55.5kg at $71. Not going nearly well enough. | |||
| 22. Mr Monaco (16) 52.5kgx4013 | |||
| Recent form sound. Most recently ran on from midfield; 3rd of 16 in the G2 Moonee Valley Cup at this track on October 24 over 2500m, 0.8 len behind Juja Kibo carrying 57.5kg at $16. The start before that raced right near the speed and boxed on; won by 1.3 len in a G3 The Bart Cummings at this track on October 3 over 2520m in the wet defeating Litzdeel carrying 54kg at $8. Past two have been good, should run well for wider exotics. | |||
| 23. Zakouma (10) 52kgx6650 | |||
| Most recently ran last of 11 in the G2 Crystal Mile at this track on October 24 over 1600m, 8 len behind Surfin’ Bird with 57.5kg at $26. The run before that 5th of 13 in the G2 Herbert Power Stakes at Caulfield on October 10 over 2400m, 2.5 len behind Pinhole carrying 57kg at $7. Ignore last week when sharply back in trip, he was building nicely prior. | |||
| 24. Shockletz (17) 51kg64162 | |||
| At the latest run 2nd of 15 in the G3 Tesio Stakes at this track on October 24 over 2040m, 0.5 len behind Soverato with 58kg at $7.50. Before that 6th of 13 in the G2 Herbert Power Stakes at Caulfield on October 10 over 2400m, 2.75 len behind Pinhole with 55.5kg at $6. Past two have been excellent Cup trials and now up in trip with no weight, look out. | |||
