Punters wanting to bet in this year's Melbourne Cup are urged to get in early, with Kiwis tipped to place around two million bets ahead of the race.

TAB spokesman, Mark Stafford said Kiwis bet more than $10 million last year, with hundreds of bets placed every second in the minutes before the Cup.

He said the bets will flow thick and fast in the hours before the race, so its best to get in quick.

"In the lead up to the race, there are hundreds and hundreds of bets being sold every 10 or 15 seconds."

For those wanting to back a local, Stafford said Kiwi horse Humidor is the top-ranked New Zealand entry in what looks set to be a tight race.

"Experts say it might be a little bit too far for Humidor but it is our best chance. There was a bit of early support Almandin, who won the race last year."

He expects Kiwi's to spend a similar amount on betting as last year.

The Cup starts at 5pm and will be broadcast live on Newstalk ZB .