Canberrans bet nearly $2.5 million on the Melbourne Cup yesterday, almost 5 per cent more than last year.

Kevin Woolfe from ACTTAB says it is an excellent result.

"We're talking an increase of around $112,000 on the 2008 figures," he said.

Mr Woolfe says trifectas were the most popular bet with 87 successful punts. They will each collect more than $9,000.

He says betting on the Melbourne Cup has become a cultural institution.

"Regardless of whatever happened in the world financially, people love to bet on the Melbourne Cup," he said.

Almost 12,000 people flocked to Thoroughbred Park to bet on the local races and parade their fashions on the fields.

That is down on last year when more than 13,000 attended .

Sergeant Daryl Neit says the crowds were generally well behaved.

"We've only had a couple of fools who were arrested and taken away for fighting," he said.