Australia’s most prestigious Thoroughbred horse race, the Melbourne Cup takes place today.

The winner of the first race back in 1861, received a Gold watch but the stakes have grown much bigger with today’s winner walking away with a cash prize of more than $5m.

The hype will hit the roofs locally as well with punters running to betting shops to place their money on their favourite horses.

Close to 110,000 people are expected at Flemington to witness this year’s race.

The race begins at 5pm and you can watch it live on FBC TV.