Some of Redzel's owners will find flights from Launceston to Sydney much more affordable after he won the richest turf race in the world.

Mark Waddington was surrounded by fellow shareholders, many dressed in red and screaming or in tears, when Redzel collected $5.8 million for his share of the $10 million Everest purse.

"He's an unbelievable horse. He just gives his all," Waddington told AAP.

"We don't get a chance to come every time and watch him when he runs because it just gets too expensive but he's paid the way for everything that we've done. Bought his own photos, paid for all our travel."

The gelding is raced by Triple Crown Syndications, with Launceston-based Waddington and his brother Michael holding a five per cent share.

"We got him back about three years ago when he was just a yearling, before he turned two," Waddington said.

Redzel soon looked the goods, winning his first start by three lengths.

"We had an offer from Hong Kong for about $500,000, I think it was, and we said 'well that wasn't the whole idea of getting a share in a horse'," Waddington said.

"The whole idea was to enjoy the experience of the racing industry. If we go and sell him after the first race, that's not what it's all about. So we decided to all keep our share."

The Everest was Redzel's 10th win in 20 starts after he claimed the Concorde Stakes (1000m) and The Shorts at Randwick last month, breaking the 1100m track record in the latter.

"The other syndication owners know each other really through Redzel. He brought us all together," Waddington said.

"He's just produced time and time again."