Betting agency Tabcorp says it took less money from punters than expected for this year's Melbourne Cup, although the race drew total bets in excess of $150 million.

Tabcorp chief executive Elmer Funke Kupper said while betting turnover on Tuesday's races at Flemington was up on last year's - which reflected a season depressed by the equine influenza outbreak - Tuesday's result was flat compared with 2006.

Victorian TAB customers wagered $36.5 million on the Melbourne Cup, compared with $33.1 million in 2007 and $34.6 million in 2006, and laid $64.8 million in bets on the whole 10-race Flemington card, compared with $62.6 million in 2007, $62.8 million in 2006.

In NSW, punters wagered $51.2 million on the Melbourne Cup, up from $45.2 million last year but down from $52.9 million in 2006.

The $66.9 million wagered in NSW on all races at Flemington was up from $61.6 million last year but down from $68.1 million in 2006.

Betting at Tabcorp's fixed odds businesses, including TAB Sportsbet and Northern Territory-based Luxbet.com, was up 30 per cent on last year's Cup Day results, Mr Funke Kupper said.

Mr Funke Kupper said a loss of betting business to corporate bookmakers was a factor behind the flat result.

Tabcorp estimated totalisers in Victoria and NSW have lost about $20 million since advertising laws were relaxed last month, affecting funding for the racing industry.

"Not only do bookmakers now simply copy tote prices, they can give a better price as they operate from jurisdictions where taxes and racing industry contributions are minimal," Mr Funke Kupper said.

"The Victorian government has now relaxed advertising restrictions for corporate bookmakers and will soon give bookmakers greater freedom to operate from Victoria and over the internet.

"This is putting further pressure on industry funding, which is derived from the totalisator. In 2008, the tote contributed 100 times more funding to the racing industry than all corporate bookmakers combined," he said.