Since it first run in 1861, the race has evolved into the richest of its kind in the world, with prize money now topping the $6 million mark.

Off the track, it’s a day of glitz and glamour – whether you’re trackside at Flemington or watching all the action on a big screen and there are a few traditions worth observing:

It’s the one day of the year when it doesn’t matter if you know one end of a horse from the other. Picking a Cup winner is notoriously difficult, so just have some fun. Go the grey horse, the runner with the catchiest name, or try your luck and join a sweep.

Cup day is a wonderful excuse to dress up - after all, our most prestigious horse race is as much about the fashion as it is the field. 

3 of the best places to spend Melbourne Cup day this year are:

For $49 per head you can enjoy a 3 course lunch along with a glass of Tyrells Sparkling upon arrival. There’s a whole host of prizes for best dressed, a mystery box, trifectas and of course best hat or facinator.

Opening from 11.30am bookings are advised, however there will be a small bar menu available for those without a reservation. Call 4930 1201.

Head to the Bradford Hotel and enjoy a two course lunch for $55 per head, along with a live band and wine tasting as well as all the usual Cup day fun and prizes. Opening from midday, with music kicking off at 2.30 it promises to be a lively afternoon. With a glass of bubbles to greet you at the door, what better way to get into the spirit of the big race. Call 4932 1842.

Indulge in a delicious 2 course lunch and a glass of bubbly upon arrival for just $30 per head.

With sweeps, prizes, fashion and games to enjoy along with live music, all that’s left to do is make your reservation and pick out that winning outfit. Call 4933 6369.