Caulfield Cup victor Best Solution is also a wet weather specialist, with three wins from four starts and is $13.
Racing out of barrier 19 on a rain-affected track, Cross Counter put on a withering burst of speed down the finishing straight to edge fellow British horses Marmelo and Prince of Arran and win Aus$4 million.
"Charlie and myself used to travel to Doncaster and Chester and all of the tracks up north in England, back when I was over there riding, and all of those miles meant this, winning the Melbourne Cup".
Heavy rain slowed progress on the track and created challenging conditions in the stands, with Australian media reporting that the roofs had collapsed of some facilities at Flemington.
It's been a stellar season for Appleby, landing his first Epsom Derby, recording a victory at the Breeders Cup meeting in Kentucky and then Tuesday's Melbourne Cup.
Favourite Yucatan, prepared by O'Brien, finished 11th, with the Irishman's other entrant Rostropovich fifth in a disappointing race for the master trainer.
"It is with sadness that we confirm that The Cliffsofmoher had to be humanely euthanised after sustaining a fractured right shoulder during the running of the Melbourne Cup at Flemington", RV's Jamie Stier said.
"We've been competitive, but we've learnt more on each trip about what will make us more competitive", he said.
"I am just so delighted. This is a race for years we've been trying to win and I'm just in the fortunate position to be able to come here with the right horse".
Both companies will likely record huge losses as a result of the issue on one of the biggest gambling days of the year.
Speaking to media on Monday, McEvoy revealed he had promised to buy his kids a swimming pool and his wife a house if he won - and now he's set to honour his word.
"I promised (my four kids) a swimming pool".
"That's because of Sheikh Mohammed and what he instills in us to be positive".
Viewers reacted in horror after the Melbourne Cup hopeful pulled up lame in a mid-race mishap.
That's because of increasing attention being given to The Everest in mid-October.
History shows that betting markets may not be the best guide; only eight favorites have won the race in the last 30 years and nine of the past 12 winners have been at better than 10-1.
Morrison admitted he thought Marmelo and Hugh Bowman had stolen a winning margin at the furlong and said the six-year-old was simply beaten by a talented horse with a significant 4kg weight swing.