Wagering turnover on the Melbourne Cup carnival has hit $600 million for the first time, an increase of 10 per cent.

Racing Victoria said data from approved domestic wagering service providers showed total turnover for the four Flemington meetings was more than $657 million.

Hong Kong punters contributed $62.7 million in turnover on 17 races over the four days while Japanese punters bet $8.73 million on the Melbourne Cup.