Speed Gifted in the betting for Melbourne and Caulfield Cups

Horse racing markets for the Melbourne and Caulfield Cups look likely to include Speed Gifted after officials handed him a 2kg penalty for both events.

The British import won the group 1 Metropolitan at Randwick on Saturday and is now the 5.00 favourite for the Caulfield Cup and second favourite for the Melbourne Cup, on 8.00 with Centrebet.

Racing Victoria chief handicapper Greg Carpenter said: "Speed Gifted dominated his opposition in The Metropolitan Handicap and, while the race was run on rain-affected going, he had already won impressively at Flemington on good going since the weights were released.

"The penalty is greater than those imposed on the most recent winners of the Metropolitan reflecting the ease of his victory."

The announcement means Speed Gifted will have to carry 53kg in both cups and the gelding could end up with more if he wins the Caulfield Cup on the way to the Melbourne Cup.

Melbourne Cup odds for Efficient also shrank over the weekend, with the horse taking over from Vigor as current Melbourne Cup favourite, on odds of 6.50 with IASbet.

Third favourite in the current horse racing markets is Profound Beauty, on 13.00 with the same bookmaker.