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Champion trainer Chris Waller has won his first Melbourne Cup with 10-time Group 1 winner Verry Elleegant.

Hall Of Fame trainer Chris Waller has his first win in the Melbourne Cup with his champion mare Verry Elleegant ($18) posting a dominant victory by four lengths over race favourite Incentivise ($2.90F), with international raider Spanish Mission ($10) a further half a length back in third. 

It was a last minute decision to run the Zed mare in the $7.75 million feature and Waller pulled the right rein with the six-year-old annihilating the 23-horse field running away from them. 

Waller was unable to be at the races due to Covid restrictions and stable representative Jo Taylor was disappointed her boss couldn't be at the track to soak up the occasion.

"Yes, we had a very brief conversation, albeit a very emotional one," Taylor said. 

"I really wish Chris could've been here today, he certainly deserves this one." 

After finishing third in the Cox Plate ten days ago, the Waller camp had to make a call as to whether back the mare up over the duelling 3200m journey and she franked their decision and then some. 

"Her performance in the Cox Plate was fantastic," Taylor said. 

"She was really tough, the other two horses just got the split on her, but she kept finding all the way to the line.

"We gave her the time she needed. We allowed her to tell us what she wanted to do all the way through the Cox Plate.

"Steven Arnold rode her for the first time Tuesday morning and said 'Geez, I think she's come on even more,' and obviously that is very good feedback to hear after a big race like that.

"She's certainly a beast of her own and full credit to Chris and to the entire team across the whole country."

Verry Elleegant is the first mare to win the Melbourne Cup since Makybe Diva won three on end in the mid 2000's.