One of the most open Melbourne Cups in recent years has sparked a dramatic increase in punters placing each-way bets, where a horse is backed to both win and finish second or third.

Sportingbet Australia CEO Michael Sullivan said each-way betting is up 20% so far on last year's Melbourne Cup.

“Punters are hedging their bets and increasing their chances of a return due to the fact that there are so many genuine chances in this year's race,” Sullivan said.

“We have only one runner under double figures in our Cup market which justifies just how competitive the race is and means there's terrific value for those betting each-way,” Sullivan said.

Gai Waterhouse's Fiorente is an $8 favourite at Sportingbet to win the trainer her first Melbourne Cup. International galloper Mount Athos is a $10 second favourite ahead of Dandino at $13.

Sportingbet anticipates that $15 million will be wagered with them on the 2013 Melbourne Cup from punters nation-wide.

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2013 Melbourne Cup

Sportingbet Australia market

Fiorente $8

Mount Athos $10

Dandino $13

Verema $14

Sea Moon $15

Seville $15

Hawkspur $15

Simenon $16

Dear Demi $17

Voleuse De Coeurs $17

Fawkner $17

Others $19+