The 2025 Lexus Melbourne Cup delivered one of the most memorable moments in Australian racing history when jockey Jamie Melham guided Half Yours to a commanding victory in the $10 million feature at Flemington Racecourse on November 4. The triumph marked a historic milestone, as Melham became only the second female jockey to win the race that stops a nation, exactly a decade after Michelle Payne’s groundbreaking success aboard Prince of Penzance in 2015.

Yet, amid the jubilation and champagne-soaked celebrations, a wave of concern rippled through the crowd and online discussions, focusing on the horse’s post-race condition and raising questions about the welfare implications of such a grueling contest.

Half Yours, a five-year-old gelding trained by the Ballarat-based father-son duo Tony and Calvin McEvoy, entered the 3200-meter handicap as a strong contender after his recent Caulfield Cup win. That victory had already made him the 13th horse in history to complete the rare Caulfield-Melbourne Cup double, a feat that underscored his stamina and class. Sired by the relatively unheralded St Jean—a stallion whose tragic death in a paddock accident just weeks later added an extra layer of poignancy to the story—Half Yours was the only Australian-bred horse in a field dominated by international challengers.

Starting at odds around $9, he settled comfortably in the run before unleashing a powerful late surge down the Flemington straight on a rain-affected track.

Melham, riding with trademark composure, positioned the gelding perfectly to exploit gaps as the field straightened for home. Half Yours exploded clear in the final furlongs, crossing the line 2.75 lengths ahead of the Irish-trained Goodie Two Shoes (ridden by Wayne Lordan for Joseph O’Brien), with Middle Earth claiming third. The margin was decisive, and the roar from the 80,000-strong crowd echoed the significance of the achievement. For Melham, a superstar in the saddle who had already made headlines as the first woman to ride 100 metropolitan winners in a Melbourne season, this was her crowning glory.

She completed a personal double that few riders—male or female—have ever managed, cementing her place in the sport’s record books.

In the immediate aftermath, the scenes were pure elation. Melham raised the iconic gold cup aloft, tears mixing with rain as she embraced connections in the winner’s circle. Trainers Tony and Calvin McEvoy, who had long waited for their first Melbourne Cup success, beamed with pride. The victory was worth far more than the prize money; it represented years of dedication, strategic planning, and belief in a horse purchased at modest beginnings. Half Yours had risen from strength to strength throughout the spring carnival, proving that persistence and talent could overcome pedigree doubts.

However, as the cheers faded and spectators turned their attention to the horse being led back, unease began to surface. Some observers noted visible signs of distress in Half Yours after the line—perhaps foam or blood around the mouth, a common but concerning sight in high-intensity races, especially on heavy ground. Social media quickly lit up with posts expressing worry: photos circulated showing the gelding being cooled down, with captions questioning whether the exertion had taken too great a toll.

“He looked done in,” one spectator tweeted, while others voiced broader fears about the physical demands of the two-mile test on modern thoroughbreds. Concerns echoed longstanding debates in racing about equine welfare, fatigue, and the risks inherent in staying races.

Stewards conducted a routine examination, and no immediate veterinary issues were reported that would overshadow the result. Half Yours walked soundly and was later confirmed to have recovered well in the days following. Yet the moment highlighted a tension that has shadowed the Melbourne Cup in recent years: the thrill of victory juxtaposed against the very real possibility of something going wrong. Critics pointed to the race’s grueling distance and the frequency of incidents in past runnings, while supporters argued that elite preparation and veterinary oversight ensure the highest standards of care.

For Melham, the win was bittersweet in its own way. Already a trailblazer, she faced the scrutiny that comes with breaking barriers. In post-race interviews, she spoke emotionally about the journey, crediting her family—drawing parallels to her parents’ Olympic backgrounds—and the team behind Half Yours. “This is for everyone who believed,” she said, her voice cracking. The jockey later received a suspension for careless riding in an unrelated incident, but it did little to dim the shine of her historic ride.

The victory also spotlighted the McEvoy stable’s rise. Tony and Calvin, known for their patient approach with stayers, had nurtured Half Yours through progressive campaigns. The gelding’s earnings soared past $9 million, a testament to his consistency and the trainers’ skill in peaking him for the carnival’s biggest prizes.

As the racing world reflected in the weeks that followed, the 2025 Melbourne Cup stood as a celebration of achievement and a reminder of vulnerability. Half Yours and Jamie Melham had scripted a fairy-tale ending, but the concerns from some corners served as a sobering counterpoint. In a sport where triumph and tragedy often ride side by side, this heartbreaking moment—amid joy—was a call for continued vigilance on welfare. The image of Melham in tears of happiness, contrasted with whispers of worry for the horse, captured the complex emotions that define the race that stops a nation.

Ultimately, it was a day of history made, dreams realized, and quiet questions lingering long after the crowds had gone home.