The national sports betting agency the TAB recorded a record-breaking Melbourne Cup driven by strong interest in the Cup's New Zealand contenders.
The TAB's turnover for the 154th Melbourne Cup race was just over $10 million, surpassing last year's turnover by about $1 million.
TAB executive general manager Glenn Patrick says the German winner Protectionist was New Zealand's third most backed runner with one punter winning $51,000 from a $1,000 bet.
Patrick says the TAB will be paying out over six figures on the third placed New Zealand contender Who Shot Thebarman.
He says in New Zealand there were about 650,000 bets placed on the Melbourne Cup.
Prime Minister John Key placed his bets for the race at a Wellington bar on Tuesday afternoon.
Key hedged his bets by putting $20 to win on race favourite Admire Rakti and $25 each way on Mutual Regard and Who Shot Thebarman.
The field for the race was reduced to 22, with the scratching of Cavalryman just hours before the race due to a swollen foreleg.
Cavalryman's departure follows the withdrawal of rank outsider Sea Moon because of a high temperature.