Michelle Payne

Payne had tested positive to Phentermine, a banned appetite suppressant, after submitting a urine sample at a regional meeting in Swan Hill in Australia's southern state of Victoria on June 11.

Racing Victoria stewards will conduct an enquiry on Friday into the results, the state authority said in a statement.

"Ms Payne was advised of (the) findings and stood down from riding in races and trackwork by stewards on 23 June 2017," RV said.

The Melbourne Cup which has become a big betting bonanza over the years for the professional punter also has its share of ‘once a year punters’ who throw in a wager just for the fun of it.

However, to the hardened punter it is the ultimate race which must be won at all cost … at least according to the tips that are offered.

But the reality will set in when the race is run and winner is known.

With the Melbourne Cup every contender can win whether it is the favourite or an outsider given they get the chance to make it.

The $101 outsider, trained by Darren Weir, stormed to the finish line to beat English stayer Max Dynamite, with Australian weight-for-age star Criterion finishing in third place.

The Ballarat-trained stayer is one of the longest priced winners in the 155-year history of the Melbourne Cup.

Payne, who has had a long association with the six-year-old horse, said she laid in bed the night before the race dreaming of winning the Cup.

"It's like a dream come true, this horse is awesome," Payne said after the race.