Rank outsider Knight’s Choice caused a major upset as the local ride stunned the rest of the field to win the Melbourne Cup in a photo finish from Warp Speed in second and Okita Soushi in third.

Under clear skies to the north-west of Melbourne, and with good track conditions underfoot, Irish-born jockey Robbie Dolan piloted the unfancied five-year-old gelding home in a thrilling 164th running of the famous race.

The pair had to navigate a ferocious final furlong with the field spread 10-wide with 300m to go. The lime green cap of Knight’s Choice was close to the back until a surge through the middle pushed him to the lead.

“He found another gear again, and he’s only a small little horse but he gives his all every start and that’s half the battle with him I think, and he’s proved a lot of people wrong,” Dolan told Channel 9.

The winner held off a late surge by Warp Speed to cross the line first by a head, securing a first Melbourne Cup victory for Dolan, who moved to Australia eight years ago.

“Pinch me. I think I’m dreaming,” the jockey said. “It’s just incredible. I’ve got my family here, my partner, Christine, our little baby, Maisie, my dad flew over from Ireland, and now you got me in tears.”

Just Fine led past the post first time around, from Circle of Fire and Land Legend, and then stayed out in front until 500m to go, before Knight’s Choice made a decisive move to claim a famous victory.

Running from barrier six, Knight’s Choice dwarfed his previous career earnings of $632,400 by taking home $4.4m in the $8.5m feature race. The winner’s co-trainer John Symons said he never doubted the horse could win. “We wouldn’t be here if we didn’t think we could,” he said.

The horse’s other co-trainer Sheila Laxon, said this was a victory for all Australians. “I love it being done for the Australians, the Australian horse has done it, and Robbie’s Australian now as well.” The field was dominated by international entrants, with only four horses bred in Australia.

It was the second Melbourne Cup triumph for Laxon, after Ethereal won in 2001.

Laxon’s victory capped off a historic day for women at Flemington. A record four female jockeys had rides in this year’s Melbourne Cup. There were also six female trainers, including Laxon and her fellow past winner Gai Waterhouse (Just Fine), as well as Annabel Neasham (Fancy Man), Debbie Rogerson (Sharp ‘N’ Smart), Natalie Young (Mostly Cloudy) and Oopy MacGillivray (The Map).

Buckaroo, Onesmoothoperator and Vauban were unable to live up to their pre-race favouritism, as all 23 runners completed the race.

Victoria Racing Club chief executive Kylie Rogers said during the week that sales were 10% up on last year, which saw almost 85,000 cram the track, and by Tuesday afternoon most ticket categories had sold out.

UK singer Sophie Ellis-Bextor and a DJ set by electronic artists Empire of the Sun headlined the music attractions at the track, part of a growing push towards non-equine entertainment.

But when the clock ticked past 3pm the focus of the masses was on the track, and the unlikely victory of Knight’s Choice.