Punters appear to be wary about Golden Slipper winner Sepoy in the Vain Stakes at Caulfield with the Peter Snowden trained colt easy in early betting, perhaps due to weather concerns.

Sportingbet Australia CEO Michael Sullivan said the big punters were yet to appear in Sepoy's corner.

“Punters have been burned before on Golden Slipper winners resuming as 3yo's and they appear to be taking a cautious path with Sepoy,” said Sullivan.

“The colt has already drifted from $1.37 to $1.38 and while we've taken plenty of bets between $1000 and $5000 the really big bets are nowhere to be seen.

“He did have a very long 2yo campaign and perhaps punters are waiting to see if the magic's back before stepping in this time around.”

VAIN STAKES

Sportingbet Australia Market

Sepoy 1.38

African Pulse 7.50

Golden Archer 9.50

Delago's Lad 17.00

Grand Britannia 26.00

Snitzem 26.00

Redangelo 51.00

Vatican 51.00

Awaken The Dragon 51.00

More Awesome 71.00