There was a confident ring in the air that Irish mare Profound Beauty could give trainer Dermot Weld his third Melbourne Cup victory when she was backed to win more than $3.4 million at the Call of the Card in Melbourne.Bookmaker Con Kafataris backed the daughter of Danehill at $8 to win $2 million with an outlay of $280,000.While no bookie was willing to take the entire bet, he got set for a wager to win $1 million with Alan Eskander's Betstar and for $500,000 with both Winbet and Tom Waterhous

There was a confident ring in the air that Irish mare Profound Beauty could give trainer Dermot Weld his third Melbourne Cup victory when she was backed to win more than $3.4 million at the Call of the Card in Melbourne.

Bookmaker Con Kafataris backed the daughter of Danehill at $8 to win $2 million with an outlay of $280,000.

While no bookie was willing to take the entire bet, he got set for a wager to win $1 million with Alan Eskander's Betstar and for $500,000 with both Winbet and Tom Waterhouse.

Mark Read also joined in the action having a bet of $500,000 to $70,000 on Profound Beauty with Waterhouse before she shortened to $7.50.

English horse Mad Rush is favourite at $5 ahead of Irish gallopers Septimus at $5.50 and Profound Beauty.

New Zealander Nom Du Jeu is next at $8.50 with local hope Zipping next best at $16.

There was no real sign of a betting downturn on the back of fears of a global recession with $1.15 million bet at the event, similar to last year's result.

Other horses backed to win more than $1 million were Honolulu at $26 for $1.45 million, C'est la Guerre at $19 for $1.45 million, Prize Lady at $126 into $101 for $1.44 million, Littorio at $31 for $1.44 million, Nom Du Jeu at $8.5 for $1.22 million.

"Profound Beauty was clearly the best backed. I liked her before the betting but now I hope to God I'm wrong," Eskander said.

"I thought $8 was too short and the bookie in me came out. I just couldn't resist and I had to take her on.

"We laid her at $31 four or five weeks ago and at $11 or $12 two weeks ago."

Eskander said he laid a bet on C'est La Guerre after the Call of the Card to win "virtually $1 million" while topweight Septimus was "a bit friendless" having drifted out from $4.50 on Saturday night.

A punter had $8,000 to win $1 million on dual Auckland Cup winner Prize Lady with Betstar.

Waterhouse, who said he held nearly $5 million on Derby Day, claimed his worst way in the Cup was Profound Beauty, followed by Septimus and Mad Rush.

"Punters have warmed to the overseas horses. I'm just hoping the Aussie horses can beat them and we can get a result," he said.

Waterhouse was willing to lay topweight Septimus to lose $2 million but there was only one big bet on the Aidan O'Brien-trained stayer of $225,000 to $50,000.

He took a bet of $100,000 on Nom Du Jeu at $8.50; $20,000 on Barbaricus at $18; $10,000 on Master O'Reilly at $31; while Littorio was backed to win $500,000 with him - all from commission agent Paul James.