UPDATE 4PM SATURDAY:

A remarkable racehorse co-owned by Cairns businessman Darren Halpin has just won the Magic Millions.

Houtzen bolted out of the gates from the outside barrier and led from start to finish to romp home in the $2 million main race.

Not to be outdone, Darren's wife Noelle will also share in a major cash bonus of $350,000 for co-owning Real Princess, the first female-owned horse to cross the finishing post.

In a TV interview before the race, Darren said he was confident Houtzen could win despite its unlucky barrier draw.

Darren is a co-owner in 45 racehorses, but today's win is his biggest yet.

EARLIER:

He may not have scored the barrier he was hoping for in today's draw, but Cairns businessman and racing horse co-owner Darren Halpin can't wait for Saturday.

That's when two horses Darren and his wife Noelle co-own will be thundering along the track at the Gold Coast Turf Club for the Magic Millions event.

Despite drawing the outside barrier at a gala event on the beach at Surfer's Paradise this morning, Darren's horse Houtzen is a favourite to win the race.

As a co-owner of Real Princess, Noelle drew a much kinder barrier 10 and has the chance to pick up $500,000 with the carnival's Racing Women bonus if her horse is the first female-owned contender to cross the line.

Darren, the boss of Cairns accountancy firm Halpin Partners, is a horse racing fan but relies on the knowledge of trainers and experts when choosing which horses to invest in.

"I've had runners in Group One races that have been in the money, but I’ve never had the favourite in a $2 million race before," Mr Halpin told TropicNow.

"There's nervousness, there's excitement and we can't wait for Saturday."