The 2018 Melbourne Cup is fast becoming the most difficult year on record to pick a winner with a host of popular online bookmakers crashing just an hour out from the race.

Initial punting analysis was thrown out the window with a downpour of rain on Tuesday morning causing a major track downgrade leading up to the famous race.

Now, punters are finding it difficult to even place a wager with companies such as Ladbrokes and Sportsbet experiencing major technical difficulties through both mobile and desktop sites.

Both companies will likely record huge losses as a result of the issue on one of the biggest gambling days of the year.

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It's a nightmare scenario for Ladbrokes who have been down for the longest period of the two, after experiencing similar issues prior to last year's race.

To place the significance of the outage in context, Sportsbet revealed that 26,000 bets were placed in a single minute leading into the 2017 Melbourne Cup.