Craig Newitt made the most of his second opportunity on the Chris Waller-trained Bagman with victory in the opening city race of the season in Melbourne on Saturday.

Newitt was aboard Bagman when the gelding came from last for third at Caulfield last weekend but Damien Oliver was booked to ride the eight-year-old in Saturday's The Valley Handicap (2040m) at Moonee Valley.

Oliver was forced to give up his five rides at the meeting because of a foot injury, prompting Newitt to get the call up on Friday.

"I rode him the other day and said he would win next time," Newitt said.

"I was disappointed when I got taken off him, but that big wheel turned around again."

Bagman, the $3.70 favourite, settled at the back of the field of five but was still close enough to strike in the straight.

Vintage Lad ($4.40) took over from the leader Hippopus ($4.40) as they straightened up before Bagman balanced up on the outside with 60kg on his back and reeled in his rivals over the final 100m.

Bagman scored his first win in close to two years, defeating Vintage Lad by a neck with Hippopus, who was first-up over 2040m, rallying to finish another three-quarters of a length away.

"When they dashed at about the 500-metre mark they probably put a couple of lengths on him really quickly but I was always confident that if he finished off like he did at Caulfield the other day he would run them down," Newitt said.