The Gai Waterhouse-trained The Offer was a $15 equal sixth favourite at Sportingbet.com.au when it was taken out of the bookmaker’s Melbourne Cup market today, but it was once a lot shorter in betting.

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Between April and September, punters backed The Offer from $15 into $9 clear-cut favouritism at Sportingbet.

“After Sydney’s Autumn Carnival he was the only horse punters wanted for the Cup and he was heavily backed,” Sportingbet’s Andrew Brown said.

“For a long time punters thought The Offer had a mortgage on the Cup, but a non-winning campaign and the emergence of the Internationals saw his price drift in recent weeks.”

Three of the top five horses in Sportingbet’s Melbourne Cup market are internationally-trained.

Internationals Admire Rakti ($5) and Protectionist ($6) top Sportingbet’s market ahead of local horses Lucia Valentina ($6.50) and Fawkner ($10).

Mutual Regard is next at $11.

2014 Melbourne Cup (all-in)

Odds from Sportingbet.com.au

Admire Rakti $5

Protectionist $6

Lucia Valentina $6.50

Fawkner $10

Mutual Regard $11

Signoff $17

Araldo $19

Red Cadeaux $19

Who Shot Thebarman $19

Willing Foe $19

Brambles $21

Junoob $21

Au Revoir $26

Big Memory $26

Cavalryman $26

Seismos $26

Others $31+