The odds of owner Lloyd Williams winning his 5^th Melbourne Cup on Tuesday are shortening. Sportingbet is offering odds of $4.45 (in from $4.60) that Williams will win the Cup with one of his six runners, and after five of them drew inside barrier 10, punters are warming to his chances. The odds of any other trainer winning the Cup have drifted from $1.15 to $1.20 at Sportingbet.

“Team Williams makes up a quarter of the field and after their top chances all drew favourably, punters are jumping on the bandwagon,” Sportingbet's Andrew Brown said.

According to punters, Williams' best chance at winning back to back Cups is with Sea Moon, which has firmed from $19 into $15 at Sportingbet. Seville is next best and has also shortened from $21 into $17. 2012 winner Green Moon is $41 into $31 at Sportingbet.

Sportingbet is also offering odds of $2.52 that the Cup will be won by either Team Williams or trainer Gai Waterhouse, who has $8 favourite Fiorente and $19 chance Tres Blue. Together their runners make up one third of the field. It's $1.51 for the race to be won by any other trainer.

Meantime, punters believe the 2013 Melbourne Cup will be won by a local horse. It's odds-on at $1.65 for an Australian trained horse to win on Tuesday versus $2.20 for an International trained horse.

For the latest Melbourne Cup odds, see our odds page.

Team Williams v The Rest – 2013 Melbourne Cup

Sportingbet Australia market

Team Williams $4.45

Any other trainer $1.20

Team Williams/Gai Waterhouse v The Rest – 2013 Melbourne Cup

Team Williams/Gai Waterhouse $2.52

Any other trainer $1.51

Australian trained winner V International trained winner

Australian trained winner $1.65

International trained winner $2.20