The Melbourne Cup winning combination of trainer Gai Waterhouse and jockey Damien Oliver has joined forces again to take out the Ballarat Cup with The Offer.

Sunday's $200,000 race was not as valuable as the $6 million Flemington showpiece but the win was just as sweet for part-owner John Bongiorno who also has shares in Melbourne cup winner Fiorente.

"It's a dream come true to win the Melbourne Cup but to win a race like the Ballarat Cup, to win any race anywhere in Australia is an amazing privilege," Bongiorno said.

"It's been an amazing few weeks. I seriously can't believe it."

"I have had a great association with Gai going back a few years now and maybe The Offer can come back for the Melbourne Cup next year.

The Ballarat meeting was run on a heavy track and The Offer's previous experience winning in the wet when in the care of Aidan O'Brien in Ireland came to the fore.

Oliver brought The Offer ($4 fav) with a late run to overhaul Pelicano ($9.50) and win by 3-1/4 lengths, still full of running at the end of the 2200 metres.

"Gai's brought this horse down at the right time," Oliver told TVN.

"He's certainly on the way up when some horses might be coming to the end of their tether.

"He's a quality horse and really enjoyed the soft track. Coming into the straight he was going OK but when I put the foot down he really extended and I think he can win a very good race on soft ground.

"Gai wanted me a little bit closer but it all worked out in the end."