Gai Waterhouse's chances of a first Melbourne Cup have firmed with Fiorente now outright favourite to repel the European challenge and the Lloyd Williams onslaught.

Last year's Cup runner-up at his first start for Waterhouse, Fiorente was the TAB's $7 favourite after drawing barrier five in the 24 horse-field for Tuesday's race.

In an open market, the 2012 fifth-placed Mount Athos is second elect at $8.50 despite gate 22 with Caulfield Cup runner-up Dandino, who has drawn barrier four at $11.

Caulfield Cup winner Fawkner and Sea Moon are the shortest-priced of Williams' six runners with both at $15.

"We couldn't be happier to have the horses we've got there and I could make a case for any and all of them," part-owner Nick Williams said.

The Aga Khan's French-trained mare Verema is a $12 chance to give Alain de Royer-Dupre a second Cup to go with Americain's 2010 trophy.

Ruscello, the last horse into the field via his Lexus Stakes win on Saturday, could give those who backed him early at $301 a big dividend with $41 his price after a start was confirmed.

The Bart Cummings-trained Precedence had been the subject of much sentimental money over the past week when it looked as if he would make his fourth Cup.

But bookmakers, with the exception of one operator who refunded Precedence, get to keep the money after he missed a start by one spot.

Latest betting after the barrier draw from the TAB:

$7 Fiorente

8 Mount Athos

9 Dandino

12 Verema

13 Hawkspur

15 Sea Moon, Fawkner, Voleuse De Coeurs

18 Simenon

19 Brown Panther, Dear Demi, Tres Blue

21 Seville

26 Dunaden, Foreteller, Green Moon, Masked Marvel, Royal Empire

41 Red Cadeaux, Super Cool, Ruscello

61 Ibicenco

71 Ethiopia

126 Mourayan