An ominous sky and damp conditions has not deterred Sydneysiders from skipping work to enjoy the Melbourne Cup.

The betting ring was doing a roaring trade at Randwick on Tuesday morning with punters having their say on the local races as well as the big one in Melbourne.

Bookie Scott Savala was loving the wet weather because it was drawing people indoors.

"I'm going to be very busy today," he said.

While Fame Game remains the favourite, one seasoned punter prided himself on thinking outside the square.

"I like the three at the bottom - The United States, Gust of Wind, Excess Knowledge," said Ben Baxmann.

"Everyone's talking about Fame Game, everyone's talking about Red Cadeaux, Trip to Paris, Preferment.

"I like to steer clear of those ones and get on the ones that people aren't talking about.

"My strategy has never worked. I thought I'd give it a go anyway."

Less serious Sydney punters are taking a liking to horses for other reasons.

Bryony Wood put her money on Godolphin runner Sky Hunter because she likes the name.

"That's not a very good reason is it?" she said.

Peering up at the TV screen and back down at his newspaper, bookie Garry Clarke took a more considered approach.

"The favourite in the race, Fame Game, is entitled to be favourite but, with a big but, I think the race is going to be won by the horse that gets a soft run in the race," he said.

It's very hard to put all of the imports together. I've watched all of their runs overseas and there's not really a runner in the race that's got a really good turn of foot."