A confused murmur replaced the usual loud cheers at the end of the Melbourne Cup as baffled Sydney punters searched for their horse's name on the television screens.

Hardly any of the 23,000 Randwick racegoers backed Prince Of Penzance and it didn't take long before the first pangs of financial loss took hold.

Punter Chris Williams lost $7000 backing Trip To Paris.

"I was very upset with the loss. It was actually a shock to me," he told AAP.

Mr Williams had lost another $4100 on other races already.

"It's not a good day," he said.

When asked what he would do to try to enjoy the rest of the day, his mate butted in: "You just drink yourself into oblivion, basically."

Punter James Reyes was frustrated but accepting.

"It was a win fair and square. There were 24 horses. The best on the day wins," he said.

"The guys that won it, they're loving life. Everyone else is hating life."

Others directed their frustrations at the bookies.

"We just felt ripped off," said Sydney punter Kylie Cragg.

Some seasoned punters had no qualms about their losses.

"It's a good result for the first woman to ride a Melbourne Cup winner," said John McIlroy.

"I'm very happy for Michelle Payne. She's excited, she's won our biggest race," said Peter Barnes.

Tim Wedd was scratching his head about his pick, Who Shot Thebarman.

"I'm still looking for the barman," he said.

"You've got to find the guy who shot him," said a friend.