Along with three mates, the Geelong man was spending the afternoon in the Golf House Hotel, in Ballarat North, where he was watching his third winner of the day cross the line.

He also won the morning's traditional round of golf - Stableford to even up the field - at Creswick's Forest Resort.

"We used to go to Buninyong, we've been doing it at least 15 years but Buninyong has a ladies day now," Mr Davis said.

They were punting on every race as it was the only day of the year they generally bet.

Despite not backing a winner, Carol Miller was enjoying a glass of bubbly with a friend.

"Only on Cup day do we have champagne," she said.

"It's lovely, just for the atmosphere."

Scenes were fairly subdued at the pub, perhaps because neither Viewed or Alcopop - the two favourites - got up, although the bar staff were certainly being kept busy.

A hush emerged over the 100-strong crowd as the last horse, Fiumicino, was led into its gate.

They sprung open and all eyes were glued to the TV.

But as the field rounded the final turn, a few punters finally began to find their voice and urge their horses home.

A couple of cheers erupted as Shocking eased away over the last 50m and it was over.

Winners were sent to the bar to buy their mates a round, while others headed to the TAB to re-invest in the next race.

With the "race that stops a nation" over for another year, the pub emptied out and the country returned to normal.