Punters have embarked on a Melbourne Cup betting spree, wagering $150 million on Australia's greatest race.

Betting agency Tabcorp took almost $100 million in bets from punters on their NSW and Victoria tote platforms.

The $97.3 million that was wagered with Tabcorp on the race was up 6.5 per cent on 2011. A total of $147.2 million was handed over by punters in the two states on the 10-race card at Flemington.

A breakdown of the figures shows that $37.4 million was wagered through the Victorian TAB tote on the Melbourne Cup, with $66.8 million for the 10 races at Flemington.

In NSW, there was $50 million bet through the tote on the Melbourne Cup and $64.3 million throughout the day.

The Melbourne Cup winner, Green Moon, paid $22.50 on the Victorian tote and $20.80 on the NSW tote.

"Melbourne Cup day wagering is a vast operational exercise for Tabcorp, given the number of bets and transactions that our systems process," Tabcorp's David Attenborough said.

Queensland-based Tattsbet had $40 million in Melbourne Cup sales.

West Australia punters wagered an all-time record for the state on the Melbourne Cup, betting more than $15.56 million on the race that stops the nation.

"The total is an all-time record for the state, up more than a million on last year - it has been a crazy day," David Shortte of TAB Player said.

When favoured runners Dunaden and Americain never raised the hopes of their supporters, lotto-like dividends were declared for selecting the first four horses in the correct finishing position.

Picking Green Moon, Fiorente, Jakkalberry and Kelinni in the right order resulted in a $1.467 million dividend on the NSW TAB.

Tabcorp's fixed odds business held a record $10 million on the race for which the winner was a one-time favourite.

But Green Moon fell from favour after finishing unplaced in the Cox Plate and he was sent out a $20 chance with on-course bookmakers on Tuesday.

Corporate bookmaking firm Sportingbet Australia said Green Moon was not without solid support from its customers.

"We took plenty of four-figure bets on Green Moon today including one of $100,000 to $5,000," chief executive Michael Sullivan said.

The bookmaker was one of the first to offer betting on this year's race with Green Moon opening at $31.