Magic Millions Classic favourite Capitalist has drawn barrier two for the $2 million race at the Gold Coast.

One of three runners in Saturday's race for trainers Peter and Paul Snowden, Capitalist has been the long-time odds-on favourite.

The two-year-old is unbeaten in two starts in the Breeders' Plate in October and last month's Wyong Magic Millions Classic.

Capitalist immediately firmed from $1.75 to $1.65 with the TAB after the draw while Zelady's Night Out drifted to $9.50 second equal favourite with Nikitas after drawing poorly in 19.

The Snowden-trained Flippant fared badly in the $2 million Magic Millions Guineas draw with 19.

The Darren Weir-trained Guineas favourite Mahuta drew even worse, one outside Flippant.