Every runner in the 2023 Melbourne Cup field analysed, why they can - and can't - win

European raider Vauban is the red-hot favourite to win the 2023 Melbourne Cup, but there are 23 other horses vying to roll him at Flemington on the first Tuesday in November.

The top challengers include 2022 winner Gold Trip, and firming chance Soulcombe.

Here, we analyse every runner and weigh up their pros and cons.

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He stormed to a famous victory in the 2022 Melbourne Cup, and has only been penalised one kilogram extra for this year's event, although carries 3.5kg more than hot favourite Vauban.

Gold Trip's form leading up to this year's race is even better than it was last year - he won the Turnbull at Flemington on October 7, then ran a brave third in the Caulfield Cup and then fifth in the Cox Plate.

FORM GUIDE: Expert's comprehensive analysis on 2023 Melbourne Cup runners

While Mark Zahra steered him to perfection last year, Gold Trip will now have Australia's best jockey - James McDonald - in the saddle. McDonald won his first Melbourne Cup aboard Verry Elleegant two years ago, and could just about get a rocking horse to show a nice turn of foot, such is his skill in the saddle.

There's essentially zero negatives against this horse, and it will take a very good rival to beat him home.

Astute trainer Michael Moroney prepared 2000 Melbourne Cup winner Brew, and ran second last year with Emissary. And he purchased Alenquer specifically with the intention of winning the great race again.

There's also a fairytale factor about this runner, with Damien Oliver - Australia's most accomplished and well-liked jockey - mounting the horse in what will be his last ever Melbourne Cup. Oliver has won the race three times - the most recent with Fiorente in 2013 - and can equal the record of four Melbourne Cups for a jockey if he triumphs one more time.

While Alenquer is sure to attract plenty of interest from punters on that fact alone, his form isn't so attractive. This preparation he hasn't run better than fifth, although was only beaten by three-and-a-half lengths when finishing ninth in the Moonee Valley Gold Cup.

Champion jockey Mark Zahra opted to ride this horse rather than his 2022 Melbourne Cup winner Gold Trip, which could point to the potential of Without A Fight here.

Last year Zahra ran second on Gold Trip in the Caulfield Cup. This year he won it aboard Without A Fight, and believes the gelding can do the same in the $8 million Flemington feature.

While his Caulfield Cup run was amazing, Without A Fight has never triumphed over more than 2787m, putting a question mark on his ability over two miles. Still, he won both his winter starts at Eagle Farm and it's hard to knock the form this year.

While his debut Australian run was an eighth in the Caulfield Cup, and many punters will be turned away by that, any detractors should be wary of this Japanese raider - especially after seeing Obamburumai stun Sydney's Golden Eagle on Saturday.

Word out of the Tatsyua Yoshioka camp suggests the Caulfield Cup run was simply a warm-up for the Melbourne Cup, and they expect Breakup to run a better race over 3200m at Flemington.

That said, he has only ever won up to 2500m and is largely an unknown quantity here.

He will jump from the dreaded barrier 18 - which had never produced a Melbourne Cup winner until Verry Elleegant broke the duck in 2021.

The cream of the international crop hoping to raid the Melbourne Cup this year.

Reports out of Flemington suggest Vauban has been a sight to behold during trackwork gallops since arriving Down Under, and he is without a doubt the horse to beat in this year's race.

The question will be if he can adapt to Australia, having never raced here before. The Flemington track should also be more firm than what Vauban gets back home, where 11 of his 14 starts have been on "soft" surfaces.

He won at Ascot over 2816m in June and backed it up with a Group 3 victory before heading Down Under. Champion English hoop Ryan Moore comes here to win and will be confident he has the horse to take out the Cup.

Beware the Chris Waller-Joao Moreira combination - Australia's best trainer partnering with the man considered the best jockey in the world.

The form of Soulcombe is also highly impressive and the $10 on offer with TAB (as of Sunday) may not be his starting price on Tuesday.

He won at Caulfield over 1700m on September 2, finished fourth in the Underwood three weeks later, then ran third in the Turnbull which was won by Gold Trip. A seventh placing in the Caulfield Cup was OK given he jumped terribly, which he has a habit of doing.

He's carrying less than some of the other Cup fancies and with Moreira on board you'd expect Soulcombe to be in the finish.

He's been overshadowed by stablemate Vauban since arriving Down Under but this gelding certainly has his own claims on the great race.

Absurde finished 7.5 lengths off Vauban at Ascot three starts ago, but has since won the Ebor in York over 2816m on a good surface.

He's an accomplished jumps performer, so you know he will stay all day and have no issue with the Flemington 3200m. The real test will be when it comes time to sprint down the straight with the finish line in sight.

He failed to make a mark in the Turnbull against the likes of Melbourne Cup rivals Gold Trip and Soulcombe, but was brave in the Caulfield Cup to run fifth in a strong field.

Right You Are is one of only two Australian-bred horses in the field - along with Vow And Declare - and so may attract some local money based on that alone.

The Ciaron Maher and David Eustace stable can never be ruled out, although it would certainly surprise to see this gelding get the chocolates on Tuesday.

In 26 career starts he's finished in the placings 18 times, so might be worth an each-way go.

"Vow And Declare has won it - for Australia!".

The champion gelding's heroics in the 2019 Melbourne Cup will never be forgotten, holding off a host of fast-finishing international raiders to claim the coveted Cup for a genuine local, and popular jockey Craig Williams.

He is one of only two Australian-bred horses contesting the race this year but punters are sure to have plenty of interest in the eight-year-old based on his form this preparation.

He's finished second in both the Might And Power and the Moonee Valley Gold Cup, and seems to be racing as well as he was in 2019 when he carried only one kilo less than he will this Tuesday.

READ MORE: Full list of Melbourne Cup 2023 scratchings

After running 10th in the 2020 Melbourne Cup he was forced to the paddock and had almost three years off between runs.

Since his return at Flemington in September he's finished sixth in the Bart Cummings and then second in the Geelong Cup - historically a key indicator for Melbourne Cup form.

At eight years old and with only three races in the past three years it's hard to gauge the fitness of Ashrun and whether it will be enough to last the 3200m.

Also - barrier 11 is the winningest barrier in Melbourne Cup history, producing eight victors.

He stormed home from back in the field last year to finish sixth, and it's easy to imagine him finishing closer to the front if he gets a more prominent spot in the running this year.

Daqiansweet Junior has won over 3200m before, and a fourth placing in the Herbert Power when only 2.15 lengths off Military Mission last start suggests he is ready to run well again.

He was ridden by Blake Shinn that day. Daniel Stackhouse has ridden him twice for not much luck, and has the mount again on Tuesday.

It's hard to gauge much from what was a pretty awful Caulfield Cup showing when making his Australian debut. Okita Soushi finished 12th under Kerrin McEvoy and never looked like a chance in the race.

Based on that run alone it's doubtful anyone could seriously consider him a chance in the Melbourne Cup, although he's expected to improve for the run and will be more acclimatised.

Should have a decent enough engine thanks to a successful career at the jumps and the fact he has won over two miles overseas.

A rank outsider in this race and for good reason - Sheraz hasn't finished better than eighth in four starts this preparation, and it would be a genuine shock to see him in the finish at Flemington.

He ran second in the 3200m Sydney Cup last year on a heavy track, so maybe if it buckets down before Tuesday he will shorten slightly.

A relative unknown in Australia and a mare that could really upset the apple cart in the race that stops a nation.

Her best work has been on soft or heavy tracks, and Flemington doesn't look like getting enough rain to put enough give in the ground to bolster her chances.

Still, she's got champion jockey Craig Williams on board, has won over 3100m and brings outstanding overseas form here, so only a fool would rule her out.

She was gallant in the Geelong Cup when finishing sixth, but otherwise hasn't shown much to suggest she will trouble the top hopes in the Melbourne Cup.

Magical Lagoon has never won over further than 2414m and has won only three times in 13 career starts.

He's expected to lead the Melbourne Cup field but will need a miracle late in the race to hold on for victory.

The Gai Waterhouse-Adrian Bott gelding has had a light build-up to this two-mile feature, winning the Herbert Power at Caulfield on October 14 before trialling on November 1 over 1400m.

He's back with Rachel King on board, who steered him to victory in the Newcastle Cup in September and is a class jockey from Sydney.

The big plus for this seven-year-old gelding is the weight on his back.

Serpentine's 51kg is significantly lighter than anything he's raced under for a long, long time. In his last two preparations his lightest weight has been 58kg before this, so no doubt he will relish the extra freedom.

His form this prep has also been quite impressive - a third in the Bart Cummings (won by Future History) points to a good running on Tuesday. He's never won over more than 2420m, though.

If it suddenly buckets down at Flemington on Monday or Tuesday then this guy might emerge as a smokey in the great race.

Of three starts on heavy tracks he's won one and finished second twice. On a good track he has placed only once in nine tries, suggesting he won't get the ideal conditions this time around.

An eighth in the Geelong Cup and 10th in the Bart Cummings suggest his form this preparation is nowhere near solid enough to compete in the Melbourne Cup finish.

He's been well beaten by the Willie Mullins pair - Vauban and Absurde - in the UK in recent times, and it's hard to see him making up that much ground on them in the Melbourne Cup.

A brave fifth placing in the Geelong Cup suggests More Felons will run OK at Flemington, so could loom as a value bet for the multiples, but it would be a shock to see him cross the line first.

On the plus side, he has won up to 3381m and has a big enough tank to run out the two miles. A soft track may also help him.