Almandin has won the Melbourne Cup, claiming the $NZ6.4 million prize at Flemington Racecourse.
Almandin, ridden by Kerrin McEvoy, pipped Heartbreak City on the line to give the jockey his second Melbourne Cup victory - 16 years after his first win on Brew in 2000.
The race is the richest prize in Australian sport, and the world's richest handicap race run over 3200m.
It was a record-breaking race this year for bookmakers, with nearly 1.5 million bets placed at the TAB - nearly 50 percent more than last year.
More than 15,000 of the bets were on the winner, who made his owner, Lloyd Williams, the most successful owner in the cup's history.
A breathless McEvoy said the seven-year-old German-bred gelding couldn't have been prepared better.
"Jeez, he travelled well. How lucky am I... The elation's unreal, mate. He's been well-prepared by Lloyd and just a dream... It's great to be part of it again."
One brave punter took home nearly $170,000, after placing $12,000 on Almandin to win. The horse was paying $14 for the win.
British gelding Hartnell - the favourite, ridden by New Zealander James McDonald - finished third.
No New Zealand jockey has won the cup since Jimmy Cassidy on Might and Power in 1997.