Punters in Sydney were shaking in their boots during the Melbourne Cup.

They were excited Fiorente had won local trainer Gai Waterhouse her first Cup, and shivering from a cold snap more befitting Melbourne than Royal Randwick in November.

But the wind had little effect on the 22,129 people who flocked to the racecourse to watch the famous two-mile handicap on the big screen, other than to ruffle a few feathered fascinators.

In the betting ring, bookmakers said there didn't seem to be any preferences between Australian and international horses.

But Sydney-trained Cup runners Dear Demi and Foreteller were among the most popular bets half an hour before the race.

When three o'clock arrived, there were loud cheers as the horses took off at Flemington before the crowd fell silent while they tried to make out where their horse was among the field of 24.

"He's in front but he won't win," one yelled as they watched Ruscello, the Lexus Stakes winner three days prior, lead before weakening to finish second last.

As the $7 race favourite Fiorente crossed the line, those who hadn't backed the winner were philosophical about their losses.

"Picking one out of 24 isn't going to be easy, we knew we had a pretty small chance," Randwick racegoer Sam Hartman told AAP.

"You can't help but get caught up in it. But my mate picked Fiorente and I'm never going to hear the end of it."

Whether they won or lost, most were headed to the bar.

Also trackside at Randwick was Arizona Diamondbacks first baseman Paul Goldschmidt, in Sydney to promote his team's Major League Baseball game against the LA Dodgers at the SCG next year.

He tipped Sea Moon in the Melbourne Cup as the horse's barrier draw corresponded to his favourite number but unfortunately the six-year-old could finish only 13th.