The unplaced effort of race favourite Alcopop saved bookmakers from a huge payout in the Melbourne Cup, but the winner Shocking was one of the best backed runners.

Alcopop, who finished sixth, opened on course at $5 and drifted to $5.50 before an avalanche of money forced his price in to $4.80, while Shocking went from $10 to $11 before being backed in to start at $10.

"Shocking ended up being a good result for me but him and Alcopop were probably the best backed runners," bookmaker Tom Waterhouse said.

"There was a fortune for Alcopop.

"I won on the Cup but earlier in the day a bloke had a fortune on one of the 50-1 winners with me.

"But in saying that I won on the day so you can't complain."

Although last year's Melbourne Cup winner Viewed (seventh) drifted from his opening quote of $5 to start second pick in the betting at $6.50, Waterhouse said there was consistent money for him from the rank and file punters.

Outsider Kibbutz ($71) who ran ninth was backed to win $500,000 with Waterhouse.

Waterhouse said that while he took several wagers of $30,000, $40,000 and $50,000, betting was well down on last year.

"Last year I probably held $2 million on the race and I reckon the betting wasn't as big, probably half last year's," he said.

Bookmaker Alan Eskander said he did reasonably out of the Cup but came out on top overall with no favourites winning on the 10-race program.

"The best backed were Daffodil (11th at $17) and the two favourites and as a consequence of them missing a place it was alright," Eskander said.

"But having said that, on the day Shocking was one of the best backed."

Eskander said he lost $100,000 on Shocking in one bet of $10,000 at $11.

"It's a pretty strong ring and to make a horse firm it takes a bit of money," he said.

"I would have loved the second horse (Crime Scene, $41) to have won.

"Alcopop and Viewed were heavily backed over the last week or so, Daffodil was backed really heavily yesterday and on course today the winner was pretty well backed.

"The two favourites were going to be disasters for us.

"If you put all that in the wash, we ended up breaking even on the Cup.

"I reckon I would have won or lost a round of drinks on the Cup, but over all I've won, I've had a good day."