Trainer Gai Waterhouse has declared Fiorente her best chance yet of claiming the Melbourne Cup, but despite the galloper sitting at the top of the market, Waterhouse is still at long odds to claim her first victory in Australia’s richest handicap.

Despite Fiorente rated the $6 favourite with Betstar to win on Tuesday, Waterhouse is a $5 chance to claim the Melbourne Cup with the rest of the field priced at $1.17.

Meanwhile Lloyd Williams could have up to six runners in the Melbourne Cup and is $4.50 to win the race.

“Gai has been desperate to win the Melbourne Cup her whole life, and she now has a real chance with Fiorente at the top of betting,” Betstar’s Alan Eskander said.

“With Tres Blues also running in the Cup, we’ve installed Gai as a $5 chance of winning her first Melbourne Cup. Lloyd Williams has already won four Melbourne Cups so he knows what it takes, and in turn he’s $4.50 versus the rest of the field at $1.20. Sea Moon, Seville, Masked Marvel, Fawkner and last year’s winner Green Moon are all in the top 20 in Cup betting.”

Two out of the last three Melbourne Cup winners have been trained in Europe, but this year the winner is tipped to come out of Australia or New Zealand.

The ANZACS are a $1.53 chance of producing the Melbourne Cup champion, while the rest of the world is $2.50.