More than $100 million Australian($62 million US) was waged on the Melbourne Cup yesterday, with Australia's richest man and most famous punter Kerry Packer leading the onslaught, bookmakers said.

Packer and his friend Lloyd Williams are believed to have won an estimated 10 million dollars on Australia's greatest horse race.

They were behind a major betting plunge which saw New Zealand winner Jezabeel's odds shorten at the track from 10 to 1 to 6 to 1.

Ian Lachlan, assistant manager for Centrebet, one of Australia's biggest betting agencies, said most of the money for Jezabeel at the Flemington track had come from Packer.

"It's believed he was also backing Aerosmith," Lachlan said. The Wellington Cup winner finished third-last.

Just how much Packer placed on Jezabeel was not immediately known but judging by his past performances, it was substantial. Packer once bet about $50 million dollars single-handed at a Sydney race carnival, forcing the Mr Big of bookmaking, Bruce McHugh, to quit.

The media mogul lightened bookies' bags by about $5 million dollars at last year's race with a winning plunge on Might and Power.

"He has been known to put the fear of God into bookies at Royal Flemington," said Lachlan.

But it wasn't just Packer who put his hand in his pocket. Tens of millions more was wagered on traditional Cup sweeps in offices, shops, clubs, factories and private luncheons.

It is the day when practically everyone in Australia has a financial stake in proceedings on the turf at Flemington, contributing significantly to the $10 billion dollars lost by Australian gamblers every year.

Champagne came in second with Persian Punch running third.