In Australia, the Melbourne Cup is the “Race That Stops a Nation.” All eyes today are on Flemington Racecourse for the 2-mile ultimate test of the stayer, which has been contested since 1861. And for the first time in 165 editions, an American-trained horse, Bill Mott’s Parchment Party, will be among the entrants.

1/ST BET and Xpressbet offers full-card wagering with first post set for 6:45 pm ET. Melbourne Cup post time is 11:00 pm ET as Race 7. The 24-runner Melbourne Cup offers win, place, show, exacta, trifecta and superfecta wagering as well as the start to a late pick 4.

Parchment Party won dirt marathons at Saratoga this season in the Belmont Gold Cup (pictured) and Birdstone Stakes, but will be a devout longshot in the Melbourne Cup on the world stage. He’s 99-1 odds on the morning line under Hall of Fame jockey John Velazquez. His presence is historic enough; a victory would send shockwaves in the betting markets.

Melbourne Cup favoritism falls to 7-year-old Buckaroo at 7-2, beaten favorite in this race a year ago (ninth), but a sizzling 2025 Cox Plate runner-up for Chris Waller. Valiant King is second choice at 5-1 after closing fastest in the Caulfield Cup. He’ll look to improve on last year’s 13th-place finish in the Melbourne Cup. Caulfield Cup winner Half Yours (8-1) looks to become the 13th horse to pull that historic double in Australian racing. Caulfield Cup runner-up River of Stars is ahead of Half Yours in the morning line at 6-1. Al Riffa invades from the UK for 2-time Melbourne Cup winner Joseph O’Brien, and is 7-1 off his victory in the Irish St. Leger, but will carry a significant weight impost.

Favorites have won the Melbourne Cup 32 times and not since Fiorente in 2013. The average winning price in Australia has been 20-1 since 2000, including Knight’s Choice at 91-1 last year.