That dedication paid off for the Bar Beach 29-year-old on Tuesday when she managed to pick the winner of the country's most famous horse race.

Verry Elleegant swept to victory in the main event with Incentivise finishing second and Spanish Mission in third place.

"I put $10 on the nose so I won $180," she said. "My brother actually picked the top five."

Ms Baillie ventured along to the recently opened Modus Merewether for the day's festivities, donning a matching head to toe red outfit complete with a fascinator - which matched the winning jockey's colour.

She has long had an interest in the sport, in recent years she owned a stake in a horse and even attended the Melbourne Cup in person in 2019.

"When I was a kid I used to cut out the form guide from the newspaper and stick it on my wall," she said.

Ms Baillie said she loves "the dressing up, the fashion and the environment" of the day.

"Everyone's just having a good time," she said.

Equally as dressed up at the venue was Jimmy Drury, who also picked the winner of the race with a $10 bet.

Dressed in a suit and bow tie, Mr Drury watched the horse he had followed for several years storm home to victory.

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His mate SK got him onto Verry Elleegant through a punter's club a few years back and after watching her come seventh last year, he was glad to see the result on Tuesday.

"I wouldn't say I was confident, but I was hopeful," he said.

Leanne Blake also picked the winner. She said she had "not much" on the race, but was overjoyed with the result as the best she had picked in the races before the main event was third.

"I liked the name, and they said she was the one to watch," Ms Blake said.

While many were out and about for the betting, the day was also a chance for many people to dress up and get together after the recent COVID lockdown.

Erin Kavanagh and Kath Kilmartin have been going out to watch the Cup for about 20 years, and consider the day an important addition to their calendars each year. They booked their table as soon as restrictions were lifted three weeks ago.

"It's our social girls day," Ms Kavanagh said.

Their group was smaller than in previous years, the pair said, as some of their friends had to work after not being able to do their jobs during COVID.

But they said it was still "amazing" to be out enjoying the day, enjoying full table service at Modus where attendees had a three course lunch and drinks package.

"We're making the most of it," Ms Kilmartin said.

"It just feels like we're back to normal," Ms Kavanagh added.

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