The question everyone around Australia is asking themselves right now is, “Which horse should I back in the Melbourne Cup 2014?” So to help answer that below are our Melbourne Cup best value bets.

Who Shot Thebarman is a great value 2014 Melbourne Cup bet to place this afternoon. Photo: Race Horse Photos Australia.

There are 22 horses ready to face off in Flemington Race 7 at 3:00pm, the two mile handicap that brings the nation to a standstill for just over three minutes on the first Tuesday of November each year.

Currently the $6.2 million Group 1 Emirates Melbourne Cup (3200m) betting picture at Ladbrokes.com.au looks like this:

• Favourite: #1 Admire Rakti ($6)
• Market Mover: #11 Mutual Regard ($8.50)
• Rank Outsider: #17 Mr O’Ceirin ($201)
• Shortest Local: #22 Lucia Valentina ($7)
• Shortest European: #5 Protectionist ($8)

So should punters be backing the favourite to salute again in 2014 after Fiorente won as the top fancy last year?

Or is there value outside of the Japanese-trained Caulfield Cup winner Admire Rakti who will have to set a modern day weight carrying record if he is to win with the 58.5kg top weight today?

Best Value Melbourne Cup Tips

#12 Who Shot Thebarman ($19)

One of three for Sydney’s flying horseman Chris Waller who is after his first ‘Loving Trophy’. Auckland Cup winner in NZ over this distance, back-to-back Flemington wins earlier this prep making him undefeated at the track. Right age as a six-year-old to continue their ace record over the past four years, gun gate 12 draw with triple Melbourne Cup winning jockey Glen Boss aboard. Money is coming too as he’s been backed in from $26 to $19 – two mile experience often the big difference in this grueling staying test.

#4 Red Cadeaux ($21)

No nine-year-old has won the Melbourne Cup but he could run top three for the third time at a nice price. Has run in the past three editions of the race for two second place finishes including last year behind Fiortene. Always runs well down under, distance suits, barrier 14 is wide but plenty of time to overcome. Gerald Mosse has the ride, he won four years ago aboard Americain, and while the lead-up form hasn’t been great really can’t discount his determination in this race.

#21 Araldo ($26)

Wide barrier draw for Michael Moroney’s High Chaparral seven-year-old but that hasn’t necessarily been a disadvantage in this race over the years. Third to fellow MC hope Junoob in the Group 1 The Metropolitan (2400m) two back in Sydney then finished a close fifth under one and a half lengths off today’s favourite Admire Rakti in the Caulfield Cup. Light weight chance again today, was in barrier 15 that day and has winning form up to 2800m so should see out the distance.

Head to Ladbrokes.com.au now to really clean out the bookies with our best value Melbourne Cup 2014 bets and if you think you can predict the first seven over the line today get in on their Megafecta promo for a dollar to win $10 million!