Boom colt Pierata will have to defy history if he is to claim Queensland racing's biggest ever pay day at the Gold Coast.

Pierata will earn $1.7 million in prize money and bonus payments if he can win Saturday's Magic Millions Guineas.

The previous highest pay days in Queensland were for Magic Millions Two-Year-Old winners Real Surreal (2013) And Le Chef (2015) who picked up $1.4 Million in prize money and bonuses for their wins.

The Guineas has proved a nightmare for favourites with only two winning since the race was first run in 2001.

Mahuta was the $4.20 favourite when he won in 2016 and Ha Ha is the shortest priced winner at $3 in 2002.

The race has also been the demise of some short-priced horses with Winning Rupert unplaced at $1.65 last year behind $101 winner Flying Jess

Pierata, who is trained at Warwick Farm by Greg Hickman, has drawn barrier one on Saturday and the inside gate has been a disaster for Guineas runners.

Tippitaka in 2005 is the only winner from barrier one while only six other winners have started from inside barrier 10.

Pierata has earned the crack at the $500,000 bonus with two wins from his past three starts in Queensland and Hickman is not deterred by the statistics.

"He is a very smart horse and it will be just a matter of keeping him relaxed on race day," Hickman said.

"He has done well here and if he is meant to win he will."