Every man and his dog has an opinion when it comes to horses, and that's particularly so on Melbourne Cup day.

The big race will feature three horses, three jockeys and two trainers from this side of the Tasman, looking to take out the six million dollar event.

LISTEN ABOVE: Kiwi trainer John Wheeler speaks to Mike Hosking 

The TAB's Mark Stafford said all eyes are on kiwi jockey James McDonald who is riding Hartnell, the favourite.

He said it's a massive day for the TAB, and is "expecting a similar sort of results of a million individual bets, and about 10 - or slightly more - million dollar turnover."

The trainer of the only Kiwi trained, bred and owned horse in today's race is well aware just how hard it is to win the Melbourne Cup.

New Plymouth's John Wheeler is the brains behind Pentathlon, which is being ridden by New Zealand jockey Mark Du Plessis.

He said there's only one Australian bred and trained horse in the event as well, highlighting the strength of the international field.

Mr Wheeler told Mike Hosking he thinks the odds are good.

"I'm still relative confident, I like the horse, I like his preparation into the race."

"He may not be a superstar but he's a pretty good horse."

John Wheeler said just getting in to the race is an achievement.

"It is worth $6 million, so that's quite a few drinks. If you won it, it would be just fantastic you know, that's what it's all about."

The Melbourne Cup will be live on NewstalkZB from 5 this afternoon.