Once a year, a single race on a Melbourne Tuesday draws the attention of two nations that share little else but a love of horses and a habit of gathering around a screen. Point of Law arrives as the market's favourite, but the old pattern of northern-hemisphere runners and the quiet absence of last year's champion remind us that even a race built on certainty holds its surprises. Beneath the purse and the pageantry lies a longer story of pedigree, lineage and the hope that a New Zealand-bred horse might once again stand in the winner's circle at Flemington.
Melbourne Cup 2026: Point of Law starts favourite as two NZ-bred runners chase the race
No Kiwi-trained runner this year, but two are New Zealand bred
Mark
Point of Law is favourite at $7. Why does that matter?
Mimi
He's won the Geelong Cup dominantly, and he's trained by Ciaron Maher, who has six runners in the field. He leads a market tilted towards British and Irish horses.
Luke
Worth saying that $7 is just what New Zealand bookmakers are paying. It's a price, not a prediction.
Mark
And the northern hemisphere trend?
Mimi
British and Irish-trained horses have won four of the last nine Cups. Joseph O'Brien has five runners, including Trust Your Instinct with James McDonald riding.
Luke
Four of nine is a recent pattern. It doesn't say these particular horses will win.
Mark
What about New Zealand's interest?
Mimi
No Kiwi-trained runner this year, but Asterix and Shockletz are New Zealand bred. Shockletz is by 2009 winner Shocking, at $10.
Luke
Asterix is at $61, so nobody is expecting much there. The pedigree point on Shockletz is a nice story, not evidence of how he'll run.
Mark
And the track?
Mimi
Rain and thunderstorms overnight Monday mean it will likely be soft, though race day itself looks fine.
Luke
'Likely soft' is an expectation. We don't know the official track rating from what's reported here.
Le Pouls
- Point of Law starts favourite at $7, but Trust Your Instinct and Hopewell Rock are close behind and the market is far from settled.
- Overnight thunderstorms threaten a soft track at Flemington, and every hoof will feel the change in footing.
- Half Yours, last year's double winner, is out after a fall at Caulfield, leaving a gap in the field's sense of who to fear.
- Two New Zealand-bred horses, Asterix at $61 and Shockletz at $10, carry Kiwi hopes into a 24-horse field with a winner's share of A$4.5 million on the line.
Once a year, a single race on a Melbourne Tuesday draws the attention of two nations that share little else but a love of horses and a habit of gathering around a screen. Point of Law arrives as the market's favourite, but the old pattern of northern-hemisphere runners and the quiet absence of last year's champion remind us that even a race built on certainty holds its surprises. Beneath the purse and the pageantry lies a longer story of pedigree, lineage and the hope that a New Zealand-bred horse might once again stand in the winner's circle at Flemington.
At 5pm New Zealand time today, the Melbourne Cup lines up 24 horses at Flemington for a 3200m run, with TVNZ 1 and TVNZ+ carrying it live and free from 4.30pm. It is a day that stops a good part of two countries, and the betting has already settled on a favourite.
Point of Law, the English-trained horse, starts at $7 after a dominant win in the Geelong Cup. Trust Your Instinct, ridden by Kiwi jockey James McDonald, follows at $7.50, and Hopewell Rock sits third at $9.50. The northern hemisphere looks strong again, with British and Irish-trained horses winning four of the last nine Cups.
There is one notable absence. Half Yours, last year's double winner, cannot chase back-to-back titles after a fall in last month's Caulfield Cup. No New Zealand-trained horse is in the field, but two New Zealand-bred runners are: Asterix at $61 and Shockletz at $10, the latter carrying the pedigree of Shocking, the 2009 winner.
The prize pool exceeds A$10 million, with A$4.5 million going to the winner. The weather may complicate things, as overnight rain and thunderstorms could leave the track soft, even though race day itself looks fine.
The race that is said to stop two nations is set to start at 5pm New Zealand time today, with TVNZ 1 and TVNZ+ carrying coverage live and free from 4.30pm. It is the first Tuesday of November, and the Melbourne Cup field of 24 is lining up at Flemington in Melbourne's northwest for a 3200m run.
The betting favourite is English horse Point of Law, paying $7 to win with New Zealand bookmakers. He comes in on the back of strong form, including a dominant win in the Geelong Cup. Trained by Ciaron Maher and ridden by Ethan Brown from barrier 9, he carries 53kg. Close behind is the Irish runner Trust Your Instinct, ridden by Kiwi jockey James McDonald, at $7.50. Third in the market is the UK-bred Hopewell Rock at $9.50, trained by George Boughey and ridden by Zac Lloyd.
The market leans towards the northern hemisphere for good reason. British and Irish-trained horses have won four of the last nine Cups, and the odds suggest that trend could continue. Joseph O'Brien alone has five runners, including Trust Your Instinct, Goodie Two Shoes, James J Braddock and Kizlyar. Maher has six.
There is one notable absence. Half Yours, ridden by Jamie Melham, completed a historic Melbourne Cup and Caulfield Cup double last year. He cannot chase back-to-back Cups after suffering a fall in last month's Caulfield Cup.
No New Zealand-trained horse is in this year's field, but two are New Zealand bred. Asterix, trained by expat Kiwi Chris Waller and ridden by Jye McNeill from barrier 6, is a rank outsider at $61. Shockletz, trained by Maher and ridden by Harry Coffey from barrier 17, is at $10. Shockletz has a Cup pedigree: he is by Shocking, the 2009 winner. A New Zealand owned and trained horse has not won the race since Ethereal in 2001, and the last New Zealand-bred winner was Verry Elleegant in 2021.
The prize money is more than A$10 million (NZ$12.75m), making this the world's richest handicap race. The winning connections collect A$4.5 million. Second gets A$1.1 million, third A$560,000, fourth A$360,000 and fifth A$240,000. Sixth to 12th each receive A$160,000, and 13th to 24th A$100,000.
The race was first run in 1861. Victoria takes a public holiday for it, and the Fashion in the Field competition draws almost as much attention as the racing.
The weather is a factor. Race day itself is forecast to be fine and mildly cloudy, with only a slight chance of a light morning shower and a high of 18C. But rain and thunderstorms were expected overnight on Monday, so the track will likely be soft. Watch how the favourites handle the footing when the gates open at 5pm.
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