The Japanese contender Admire Rakti heads the betting at about 5-1. After that the leading market contenders are...

7-1 Lucia Valentia, Protectionist, Signoff, Fawkner

9-1 Mutual Regard

16-1 Who Shot Thebarman, Red Cadeaux

20-1 Araldo, Willing Foe

25-1 Bar

Melbourne Cup
Runners and riders

You can check out the runners and riders on the BBC Sport website. I've also been talking to trainer Ed Dunlop, who saddles dual runner-up Red Cadeaux for the fourth time in the race and believes a British winner is only a matter of time.

Cornelius Lysaght
BBC horse racing correspondent

Since Vintage Crop, trained in Ireland by Dermot Weld, secured Europe its first Melbourne Cup in 1992, Weld has taken the prize once more for the Irish, and the French have won it a couple of times, but - famously - the first prize in the Aussies' biggest racing prize has eluded the Pommies.

Trainer Ed Dunlop, who runs the redoubtable Red Cadeaux in the race for the fourth time, has gone agonisingly close with the eight-year-old twice finishing runner-up, notably in 2011 when going down by a nose behind French raider Dunaden. Red Cadeaux has also been eighth.

Dunlop's near-neighbour in Newmarket, Luca Cumani, was only narrowly edged out two years running (2007, 2008) with first Purple Moon and then Bauer, while stable representative Mount Athos was third 12 months ago.

The law of averages dictates that the big door Britain has banging on for years will finally swing open, and with such a fine record already, it would be no surprise if Red Cadeaux made what would be a major sporting breakthrough.

Image source, Getty Images

The big-race field is down to 22, from a maximum of 24, following the late withdrawal of 20-1 chance Cavalryman.

A three-time winner of high-class Group races in 2014, the horse is out with a swollen fetlock.

It means trainer Saeed bin Suroor relies solely on stablemate Willing Foe and that the number of British-trained contenders is down to five as a historic win is sought.

If you're following from Down Under or just under a duvet, we want to hear from you. Let us know your picks. Is Admire Ratki a worthy favourite? Who might be a dark horse? And can history be made with a first British-trained winner? Get involved using #bbcracing, external

Image source, Getty Images

At 15:00 local time, and 04:00 GMT, an estimated global audience of over 500 million people will do just that to follow the biggest event in Australian horse racing.

The Melbourne Cup, first run in 1861, is known as "the race that stops a nation". You can follow all the twists and turns right here, including BBC Radio 5 live commentary on the two-mile showdown.