Its Melbourne Cup day and millions around the world will be glued to the biggest horse race of the year at 5pm today.

Here at home, it will be no different as punters and horse racing enthusiasts will be keeping a close tab.

Local punters will start lining up at various betting outlets to place a wager, hoping to make some money from their desired choices.

24 horses will start from the barriers, with Japanese horse, Admire Rakti starting as the top bet.

Other contenders for top honors include, German horse, Protectionist, Lucia Valentina from New Zealand and Irish participant, Signoff.

The race starts at 5pm and you can watch the Melbourne Cup festival on FBC TV from 1.30pm.