Mick Guerin: racing commentator unpacks the contenders in the 2024 Melbourne Cup - Heather du Plessis-Allan Drive

The 2024 Melbourne Cup is upon us- and it's a big day for gambling fans.

The TAB says this is one of the biggest days for the platform, with Kiwis projected to spend up to $30 million on betting.

Racing commentator Mick Guerin says there's three Kiwi-trained horses in the mix - but they're long-shots to win.

"We lose a lot of our best talent, much like we do with rugby players going to France or England. We lose people because of the market share and the economics of it, so we don't always have our best horses racing in the Melbourne Cup."

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