French stayer Americain has been backed into favouritism with Australian and overseas bookmakers to repeat his 2010 Melbourne Cup heroics.
Rank-and-file punters have rallied behind Americain to win next week's race after it was confirmed Damien Oliver would ride the horse.
Oliver takes over from Gerald Mosse, the French jockey who came in for criticism over his Caulfield Cup ride on the high-class stayer.
Americain raced wide at Caulfield and was outsprinted by the winner Dunaden before finishing fourth in the traditional Melbourne Cup lead-up race.
Since Oliver's booking, Americain has firmed from $9 to share the top line of TAB Sportsbet Melbourne Cup betting with Dunaden at $6.
He is also equal favourite with English bookmakers.
"Ever since Damien Oliver landed the ride, Americain has clearly been the one punters want," TAB's Adam Hamilton said.
Americain will be lining up in his third consecutive Melbourne Cup after finishing fourth under Mosse last year.
After Saturday's Cox Plate, the Pat Carey-trained Ethiopia firmed firmed from $26 to $17.
The Australian Derby winner's fourth placing in the weight-for-age race all but sealed a Melbourne Cup start.
Other horses to tighten in Melbourne Cup betting on Monday were Galileo's Choice ($23 to $21) and the Gai Waterhouse import Fiorente ($31 to $26).
Sportingbet Australia offered as much as $13 about Americain in the week after the Caulfield Cup and the corporate operator was the first hit when the move came for the $5.9 million stakes winner.
"He's been extraordinarily well backed including a bet of $25,000 each-way at double figure odds on Saturday," chief executive Michael Sullivan said.
"We wound Americain's odds into $8.50 over the weekend and plenty of four-figure punters kept lining up to back him at that price and we were still taking significant money for him at $7."
Overseas-trained horses occupy five of the top six places in most Melbourne Cup markets.