Favourite Fiorente (front) runs to win the A$6 million ($5.7 million) Melbourne Cup at Flemington Racecourse in Melbourne November 5, 2013. Red Cadeaux was second with Mount Athos third in the 153rd running of the two-mile handicap, Australia's richest th
Favourite Fiorente (front) runs to win the A$6 million ($5.7 million) Melbourne Cup at Flemington Racecourse in Melbourne November 5, 2013. Red Cadeaux was second with Mount Athos third in the 153rd running of the two-mile handicap, Australia's richest thoroughbred race. REUTERS/Brandon Malone (AUSTRALIA - Tags: SPORT HORSE RACING)
Favourite Fiorente (front) runs to win the A$6 million ($5.7 million) Melbourne Cup at Flemington Racecourse in Melbourne November 5, 2013. Red Cadeaux was second with Mount Athos third in the 153rd running of the two-mile handicap, Australia's richest thoroughbred race. REUTERS/Brandon Malone (AUSTRALIA - Tags: SPORT HORSE RACING)

There are only 22 horses that would run in Tuesday's Melbourne Cup, down from the original 24.

The latest to withdraw from the annual race is Cavalryman which backed out due to swelling in the horse's foreleg. The racer was prepared the Godolphin racing operation.

Cavalryman joins Sea Moon, owned by Lloyd Williams, in not joining the $6.2 million race to be held at Flemington in the afternoon. Racing Victoria operators were informed on Monday night by Godolphin of Cavalryman's problems. After chief veterinarian Brian Stewart inspected the horse at 7:43 am, he scratched Cavalryman out of the race.

With this development, Godolphin's only bet in the 3,200-metre race is Willing Foe with James MacDonald as the jockey.

Admire Rakti is the favourite to win the race wherein over 100,000 spectators are expected to watch the 154th running. Australian jockey Zac Purton will ride Admire Rakti, which became the favourite after his impressive win in the Caufield Cup in October.

If Admire Rakti would win, it would be the second runner from Japan to win the annual race, following the gallops of Delta Blues which won in 2006, beating Pop Rock.

There are four non-year-old horses, making this year's field the oldest. There is only one four-year-old runner, a mare named Lucia Valentina. Cavalryman is one of the four nine-year-olds. Meanwhile, 86-year-old Bart Cummings is the oldest trainer. He partnered with his grandson, James, in training Precedence. If their horse would win, it would be Cummings's 13th Melbourne Cup.

Meanwhile, too many punters are expected to drag down the value of the average bet at Tabcorp, Australia's biggest wagering provider. According to the Sydney Morning Herald, the company is expected to take $180 million worth of bets from its Victorian and NSW Tab customers, below the firm's previous estimate of $184 million.

Craig Nugent, chief operating officer of wagering of Tabcorp, reckoned the average bet would go down to $10 from $15 as it expects a broader mix of punters.

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