The lowest payout for a winner in the Melbourne Cup when I checked a few minutes ago was $7 which strikes me as high and I take it that means betters have no more idea about which horse will win than I do.
Using my usual completely untrustworthy method of picking a winner by the jockey’s colours I’m backing:
TIGER MOTH (23) to win
And for a place
SIR DRAGONET (14)