Makybe Diva, the shortest-priced favourite to win the Melbourne Cup in 50 years, inspired a record $126 million betting frenzy on the nation's TABs.

Australians bettered the previous record total of $117 million, set when the mare won the Cup last year.

NSW $51.8 million, Victoria $31 million, Queensland $21.9 million, Western Australia $9.5 million and Northern Territory $1.25 million all posted record outlays.

Tasmania was slightly down on last year, the ACT was about the same, and South Australia was up on 2003 but fell short of previous records.

Across the Tasman, New Zealanders punted a record $A7 million, beating their 1998 record $A6.25 million when Kiwi-trained mares Jezabeel and Champagne completed the quinella.

Backed into 5-2 favouritism, Makybe Diva became the first mare to win the Cup twice, and will now be set for next year's Prix de l'Arc de Triomphe in Paris.

The well-supported Irish stayer Vinnie Roe (5-1) was second and 100-1 outsider Zazzman ran third.

Transactions on NSW TAB peaked at 42,200 per minute, a six per cent increase on last year, with Trifecta and First 4 the most popular form of bet.

The $51.3 million outlaid in NSW was an increase of eight per cent, or $4 million, on last year.

It was also the biggest increase in the past seven years.

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