Melbourne Cup 2026: Point Of Law Heads the Betting as Maher and O'Brien Dominate the Flemington Field

MELBOURNE — One week out from the race that stops a nation, the 166th Lexus Melbourne Cup is taking shape as a duel between two powerful stables. The Group 1 staying test over 3,200 metres at Flemington will be run on Tuesday, November 3, 2026, for total prize money reported at $10.2 million, with $4.5 million to the winner — and, as of Monday, October 26, the market was headed by Geelong Cup winner Point Of Law, with Irish trainer Joseph O'Brien and Australian trainer Ciaron Maher together accounting for more than half of the horses in the order of entry.

The final field of 24 runners has not yet been confirmed. According to reports published on October 26, 2026, the final field and barrier draw will be settled after Derby Day on Saturday, October 31, with the barrier draw following that evening — so the picture described here is the position after third acceptances, not the finished field. That distinction matters: horses still in contention on October 26 can still drop out, and the barrier draw can still reshape the race.

Illustration: Thoroughbred race horses galloping down the home straight at a grand Australian racecourse with a packed grandstand behind them.

What Happened

Third acceptances on Monday morning left a final group of 39 horses still in the hunt for the Melbourne Cup, after Aeliana and Birdman were among those removed from contention, according to races.com.au on October 26, 2026. From that group, a maximum field of 24 will be declared after the last race on Derby Day, with no emergencies, as reported by bettingpro.com.au.

At the head of the early market sits Point Of Law. The imported son of Frankel surged to favouritism after winning the Geelong Cup, one of the race's most influential form references, and received a penalty taking him to 53kg, races.com.au reported. Ladbrokes listed him at $7 on October 26, ahead of O'Brien's Irish visitor Trustyourinstinct at $9, with Defiantly, Saint George, Shockletz and James J Braddock next at $11, according to the same day's market listings.

Those prices are a snapshot, not a prediction. Betting markets move with every scratching, barrier draw and weather change, and the final field on October 31 may look different from the third-acceptance list. Readers should treat the odds quoted here as the position reported on October 26, 2026, and expect them to change.

One notable absence from the 2026 race is last year's winner. Half Yours, who won the 2025 Melbourne Cup for trainers Tony and Calvin McEvoy, is not in the 2026 race after falling in the Caulfield Cup, bettingpro.com.au reported on October 26. That removes the defending champion from the story and opens the race to a new winner.

Background

The Melbourne Cup is run on the first Tuesday in November at Flemington Racecourse in Melbourne, and the 2026 running is its 166th edition, according to races.com.au. It is the feature race of the four-day Melbourne Cup Carnival, which opens with Victoria Derby Day on Saturday, October 31, continues with Cup Day on Tuesday, November 3, and closes with Oaks Day on Thursday and Champions Stakes Day on Saturday, as reported by neds.com.au. The Cup itself is scheduled for approximately 3:00 p.m. AEDT.

Illustration: A racehorse being led by a handler in a stable yard in the early morning, with saddles and racing colours nearby.

The two stables dominating the entries tell much of the story. Joseph O'Brien, who won the Cup with Rekindling in 2017 and Twilight Payment in 2020, was reported on October 26 to be set to saddle five runners: Defiantly, Sons And Lovers, Trustyourinstinct, Goodie Two Shoes and James J Braddock. A third Cup win would put him among the race's most successful modern international trainers, and Trustyourinstinct arrives with strong European staying form, including victory in the Group 2 Curragh Cup and a competitive fourth in the Group 1 Irish St Leger, with champion jockey James McDonald reported to have secured the ride.

Ciaron Maher, meanwhile, was reported to be likely to saddle seven runners — Mr Monaco, Shockletz, Point Of Law, Middle Earth, Royal Supremacy, Saint George and Zahrann — with Land Legend sitting on the bubble and possibly making it eight. Maher won the Cup in 2022 with Gold Trip, and, according to reports on October 26, he is poised to break the record of six runners saddled by one trainer in the race, set by Rob Hickmott in 2013. Between Maher and O'Brien, the two trainers held 13 runners inside the top 24 in the order of entry — more than half the field.

Point Of Law's rise illustrates how quickly a spring campaign can change. The Geelong Cup is a traditional stepping stone to Flemington, and a win there both earned him a ballot-exempt path into Cup calculations and pushed him to the head of the market. Whether he can carry 53kg over two miles against seasoned stayers and international raiders is the central question of the week — and it is one that only the race itself can answer.

Why It Matters

The Melbourne Cup matters well beyond the racetrack. It is one of the world's richest staying handicaps, a public holiday across the state of Victoria, and a cultural event that draws attention far beyond regular racing followers — hence its nickname, "the race that stops a nation." The 2026 edition also matters as a test of two different racing models: Maher's deep local squad against O'Brien's targeted international raid.

For Australian racing, a Maher-trained winner — especially one carrying the favouritism of Point Of Law — would underline the strength of the local staying ranks after a period in which international horses have often dominated the Cup conversation. For O'Brien, a third win would confirm Ireland's remarkable recent record in the race and reward a strategy built on bringing a small, carefully chosen team rather than a large contingent.

The race also matters for what it is not: a foregone conclusion. The favourite has a poor recent record in the Cup — reports on October 26 noted that Fiorente in 2013 was the last favourite to win, and that the 2025 favourite finished 19th — a reminder that the two-mile handicap, with its large field, weight spread and often dramatic tempo changes, regularly produces surprise results. That history is part of why the final field and barrier draw on October 31 will be watched so closely.

What Happens Next

The next decisive moment comes on Saturday, October 31. After the last race on Derby Day, the final field of 24 will be confirmed, the barrier draw will follow that evening, and race-morning scratchings will close early on Cup Day itself, according to bettingpro.com.au. Only then will trainers, jockeys and followers know exactly who lines up, from which gate, and at what weight.

Illustration: A large golden horse racing trophy on a presentation table at a racecourse, with a festive spring carnival crowd behind it.

Until then, the watch points are clear: whether Land Legend squeezes into Maher's team, whether any of the leading fancies are withdrawn at the final declaration stage, and how the barrier draw treats the two big stables. A wide draw for Point Of Law or Trustyourinstinct would complicate their tasks; a kind draw would strengthen them further.

On Tuesday, November 3, the eyes of Australian sport turn to Flemington at approximately 3:00 p.m. AEDT. The Cup will be shown free-to-air on Network Nine and 9Now in Australia, alongside Sky Racing and Racing.com coverage, according to bettingpro.com.au. Whoever wins, the 166th Melbourne Cup will add another chapter to a race that has been stopping a nation for more than a century and a half — and, given the balance of this year's field, it may well be a chapter nobody has scripted yet.

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FAQ

When is the 2026 Melbourne Cup?

The 166th Lexus Melbourne Cup will be run on Tuesday, November 3, 2026, at Flemington Racecourse in Melbourne, at approximately 3:00 p.m. AEDT.

Who is the favourite for the 2026 Melbourne Cup?

As reported on October 26, 2026, Geelong Cup winner Point Of Law headed the Ladbrokes market at $7, ahead of Trustyourinstinct at $9. Odds fluctuate and will change before the race.

When will the final field be confirmed?

The final field of 24 runners will be confirmed after the last race on Derby Day, Saturday, October 31, 2026, with the barrier draw following that evening.

How much is the Melbourne Cup worth?

The race carries total prize money reported at $10.2 million, with $4.5 million to the winner, making it one of the world's richest staying handicaps.

Is last year's winner running in 2026?

No. Half Yours, the 2025 winner, is not in the 2026 race after falling in the Caulfield Cup, according to reports on October 26, 2026.

Sources

• races.com.au — "Likely Melbourne Cup 2026 Field: Confirmed Jockeys, Weights & Latest Odds," October 26, 2026.
• races.com.au — "Melbourne Cup 2026 Third Acceptances: Aeliana & Birdman Out as Final 39 Remain in Hunt," October 26, 2026.
• bettingpro.com.au — "Melbourne Cup Tips, Odds & Predictions," updated October 26, 2026.
• neds.com.au — "Melbourne Cup 2026 Betting Odds, Markets & Preview," updated October 2026.
• europesays.com / Australia — "Melbourne Cup 2026 news, final field and order of entry," October 2026.