There might be a short-priced favourite in this year's Victoria Derby, but don't be fooled by the eye-catching last-start performance from Observer.

The three-year-old was miles ahead of his competition in the Group 2 Vase at Moonee Valley but was eased down right before the line by jockey Mark Zahra, who was later fined for failing to fully ride out the $1.75 winner to the finishing post.

The colt has been confirmed to back up for the Derby over 2500m and the Godolphin runner will again start at the short odds of $2.15 with bookmakers TAB.

However, according to racing expert David Gately, the danger in the race is the Chris Waller-trained Providence, who bolted home for second last weekend and could take out the Derby at a much nicer price for punters at $6.50 at the time of publishing

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