Anthony Cummings' gamble to run Fiveandahalfstar in the Victoria Derby has paid the highest dividend with victory in a race he has dreamed of winning most of his life.

Cummings was unusually conservative early in the week about running the gelding who won his second restricted race in Sydney seven days ago.

While he was wavering, Damien Oliver rode Fiveandahalfstar in trackwork and persuaded the trainer he should run.

"You watch all this stuff when you're a kid in Adelaide and dream of it," Cummings said.

"I watched Dad (Bart) win this race and it's wonderful to win my first."

New Zealander It's A Dundeel was the dominant $2.70 favourite for the Flemington feature with Fiveandahalfstar sent out at $41.

However, the Kiwi horse was spent much of the race near the back of the field and was boxed in coming into the home straight before finding a clear path for a late run to finish seventh.

New Zealand trainer Murray Baker said the distance was not the issue for It's A Dundeel.

"He had every chance and he whacked away," Baker said.

"I'll take him home and bring him back in the autumn.

"It's not so much that he didn't stay. He's had a hard campaign and I think it might have caught up with him."

Oliver tucked Fiveandahalfstar in behind early leader Jimando and took over coming round the home turn.

With plenty of energy conserved mid-race, Fiveandahalfstar denied all comers as they tried to catch him.

Super Cool ($6) got within 1-1/4 lengths with Rawnaq ($101) running on for third another three-quarters of a length away.

"When It's a Dundeel got beaten last week it opened the door. He had been the dominant horse going to the race," Cummings said.

"Our horse won really well last week but then I couldn't get the float I wanted to get him here and there's a problem with that.

"I couldn't be sure he'd settle in but he did.

"He turned up on Wednesday and worked really well.

Oliver said he had a perfect run and had no concerns about the 2500 metres even when the challengers came in the straight.

"Jimando was a bit keen from the 2000 (metres) to the mile but then he switched off and my horse relaxed really well," Oliver said.

"The horse is very fit. He's had a busy schedule but has stood up to it well.

"He was so loose and relaxed. He conserves a lot of energy."

Like Cummings, Oliver believed It's A Dundeel's defeat in the Vase at Moonee Valley was a boost to his rivals.

Fiveandahalfstar is raced by a syndicate which includes Hal Dyball and Julia Ritchie who also raced his father Hotel Grand, a Group One winner of the Spring Champion Stakes (2000m) and the Randwick Guineas (1600m).