Crowds of Sydneysiders were quick to look to their pockets in search of the golden ticket as the race of the day came to its end.

But barely any of the 21,000 Randwick racegoers backed winning Melbourne Cup horse Almandin, with roughly only $35,000 won overall by Sydney punters on Tuesday.

"The price was very steady so I'd say not many people were betting on Almandin," a bookie said.

While many cheered for their little wins veteran punter Otto Parpanen who pocketed $12,100, remained a silent winner.

"I'm not the type to make a fuss," Parpanen said.

The 82-year-old punter has been part of the betting circle at Randwick since 1982 and said while he was pleased with the win, it wasn't his greatest victory.

"I won $82,000 thirty years ago at Randwick. That is like $500,000 today," he told AAP.

"When you bet, it is like a drug addiction you can not stop."

Parpanen, whose eyes were glued to the screen as the day's races continued, said he didn't use form guides or tips but simply stuck to his gut instinct.

"There was a certainty," he said hovering a fist over his heart.

"I just had a feeling."

He jokingly said he would celebrate by "getting drunk" with his friends.

"Not really, I don't drink alcohol," he laughed.

"I don't know what I am going to do I just have to hope for the best and take it easy."

Less serious punter Amanda Black walked away with a few extra dollars up her sleeve.

"It is very exciting," Black said.

The Melbourne Cup was her second victory after winning at Randwick earlier in the day.

"I thought well, my name is Amanda and that is the closest thing so I will just bet on that," she said.

"There was no rhyme or reason."