The A$6.2 million Emirates Melbourne Cup has been rightly described as "the race that stops a nation". Despite being a handicap, the event – which is the focal point of the Melbourne Cup Carnival – brings together dozens of closely matched contenders from amongst the highest echelons of Thoroughbred Horse Racing. Upwards of 100,000 racegoers are expected to attend in person, while life comes to a halt in most of Australia as almost everyone watches it on TV, or listens to the proceedings on the radio.

To be contested at Flemington Racecourse over 3200 m. on the first Tuesday of November each year – which happens to be November 3rd in 2015 – the race has drawn 24 participants who will vie for honours, money and the inestimable privilege of displaying the trophy on the mantelpiece at home. Crafted by Hardy Brothers Jewellers, the 2015 Emirates Melbourne Cup trophy is valued at A$175,000. It is created from solid 18-carat gold and is said to take more than 250 man-hours to produce.

Interestingly, the race has a Japanese favourite in Fame Game (by Heart's Cry), who impressed locals with his fast-finishing sixth on his Australian debut, which came a couple of weeks ago in the Gr.1 BMW Caulfield Cup (2400 m.) at Caulfield, some 20 kms. across town. Leading rider Zac Purton was on board the Yoshitada Munakata trainee on that occasion and will continue his association here, which is a bonus as few riders know how to ride Flemington better. There is talk that the favourite would be ridden closer to the pace on this occasion from his #12 draw.

No doubt a strong Japanese contingent will be on hand to cheer him home as Fame Game attempts to emulate Delta Blues, the first Japanese-bred to score in this storied event, a feat achieved in 2006. Yet the price of 7 to 2 against the five-year-old has to be termed niggardly given that four of those who finished in front of him re-oppose here and there is no compelling evidence why the form should be so comprehensively reversed.

Oddly enough, even though France, Germany, Ireland and Japan have all been represented on the scroll of honour in the past 20-odd years, no British-trained runner has prevailed – and not for want of trying. One horse alone has provided three runner-up finishes, namely Ed Dunlop's gallant standard-bearer, Red Cadeaux (by Cadeaux Genereux), who is back for another shot at the age of nine! None of this vintage has ever scored in the 155-year history of the race so one can confidently state that he will find it tough to crack the glass ceiling. Gerald Mosse will be astride the 25 to 1 British hope.

Stablemate Trip To Paris (by Champs Elysees) has accompanied Red Cadeaux to Australia and at 7 to 1 is at a nice price for a horse that has every chance. Second in the BMW Caulfield Cup last time out, some five lengths ahead of Fame Game, he is definitely one for the short list. Tommy Berry takes the reins on the Gr.1 Ascot Gold Cup hero, who is a proven stayer.

Dunlop offered this assessment of his wards: “I’ve got a crowd favourite in Red Cadeaux and I’ve got a young horse that has never left England and we didn’t know how he was going to cope. His first run was very encouraging…..I think it is the best Melbourne Cup I’ve competed in. There are a lot of horses I think can win. If Red Cadeaux runs in the top four it would be an astonishing result for a horse of his age, who has come to this country six times.”

Who would not want to have the globe-trotting Ryan Moore on one's side at the nourishing price of 50 to 1? After his recent exploits astride runners trained by Aidan O'Brien (a pair of Breeders Cup wins in Kentucky on Saturday followed by a Group 1 victory in France on Sunday), Moore resumes his connection with Sir Michael Stoute. The latter saddles Juddmonte's Snow Sky (by Nayef), attempting a trip that is longer than any he has essayed in the past and under the burden of top weight at that. It may be recalled that Moore annexed last year's renewal with Protectionist but this is going to be a far tougher assignment.

From Fitzroy House in Newmarket comes the Michael Bell-trained Big Orange (by Duke Of Marmalade). Judging by his 40 to 1 price, he apparently faces a big task – but a scrutiny of his form suggests that at his best he could be competitive. The services of Jamie Spencer have been pencilled in for the four-year-old, who has scored at the trip but is drawn wide here.

Godolphin have been on the board in this race on a few occasions and will be hoping to go one better through the medium of the lightly-raced Sky Hunter (by Motivator). With 6 wins from 11 starts he has a more than decent winning strike rate and 33 to 1 against Saeed bin Suroor's ward is an attractive price. William Buick makes the journey from England to partner Sheikh Mohammed's home-bred (under the Darley banner). The multi-faceted operation also has an Australian arm which has put up Hartnell (by Authorized) from John O'Shea's yard, with leading rider James McDonald set to guide the 28 to 1 prospect.

The exploits of previous occupants of Beckhampton Stables in Marlborough, Wiltshire – such as Fred Darling and Noel Murless – are justly remembered as part of the glorious history of the Turf in Britain in the 20^th century. The current resident of the yard is Roger Charlton and the fact that he has gone through the effort of sending Quest For More (by Teofilo) halfway across the world to compete merits attention. But as the five-year-old, who will have Damian Lane astride, is well held on form by some of his rivals, even the 50 to 1 available is not much of a temptation.

That concludes the British challenge, but there is a further trio from Ireland to consider. Better known for his jumpers. Co. Carlow-based Willie Mullins is never one to shirk from a challenge and fields the versatile Max Dynamite (by Great Journey). The astute schooler has pulled off a coup of sorts in securing the services of Frankie Dettori, who could crown what has been a great year so far with a victory here. At 10 to 1, Dettori's mount is the joint third choice in the betting.

And of course, a big international event can hardly fail to boast a contestant (or two) from Ballydoyle in Co. Tipperary in Ireland. After recent ownership changes, the pair of Aidan O'Brien's pupils sent for this race will sport new silks, those of casino magnate Lloyd Williams.

Slightly higher weighted of the duo is Kingfisher (by Galileo), runner-up to Trip To Paris in the Ascot Gold Cup, who will have the under-rated Colm O'Donoghue guiding his fortunes at 25 to 1. His younger stablemate, the three-year-old Bondi Beach (by Galileo), would have to buck trends to score – the race usually falls to a more mature customer as four victorious six-year-olds in the last five years would testify.

That said, the aptly-named colt is practically a winner of the Doncaster St. Leger – indeed he was declared the official winner for a few days until an appeal knocked him off his pedestal – and is well-weighted. And that is the level of form that ought to win a race of this sort. Brett Prebble, successful for the same owner in 2012, will ensure that nothing is lacking in the saddle. As a package at 20 to 1, that appears value-for-money.

All this discussion so far might suggest that Australian trainers have no hope. This is far from the truth as ten locally-trained winners in the past fifteen years would attest. At 10 to 1, Preferment (by Zabeel) is the shortest-priced from amongst those that have not yet been mentioned. With the benefit of winning experience on the track, the Kiwi-bred is one of a trio from the barn of Chris Waller, and has the canny Hugh Bowman aboard.

Shadwell Stud's American-bred Almoonquith (by Dynaformer) has a pair of (joint) trainers in David Hayes & Tom Dabernig. This concept – of a training partnership – is as yet unknown in India, and in much of the rest of the world. The dark bay or brown five-year-old also has some excellent form, coming off a win in the Geelong Cup, a time-honoured lead-up race, and that too in track record time. Dwayne Dunn will be at the controls on the 14 to 1 runner.

In his foreign efforts – one in Hong Kong and a pair in England – Criterion (by Sebring) seemed out of sorts. He celebrated his return to his native land with a fine victory before failing to cope with the talented Winx last time out, although he was ahead of Highland Reel. But then there are not too many horses who can defeat Winx in her present irresistible form! Michael Walker has been selected as the jockey for the 16 to 1 stablemate of Almoonquith.

Finally, leading trainer Gai Waterhouse, who knows what it takes to win this race, has a couple of fairly well-performed representatives in Excess Knowledge (by Monsun), bought specifically to try and win this race, and The Offer (by Montjeu). The former will have Kerrin McEvoy in the irons at 25 to 1, while the latter sees the booking of Damien Oliver and provides a rare instance of a mount of that leading rider being available at 50 to 1. Ms. Waterhouse is quite bullish, having gone on record to state that: "I'm going into the biggest race of the year with two last-start winners that are very fit and they will be hard to beat."

One can hardly back a single runner and hedging, which is easily done at the juicy prices on offer, would be the way to go. This column is not into conventional tipping, but Almoonquith, Bondi Beach, Criterion, Fame Game, Max Dynamite, Preferment, Sky Hunter and Trip To Paris (in alphabetical order) constitute the runners that ought to command readers' interest.