The prize pool is not as big as the Melbourne Cup (it's actually nothing) but organiser Warwick Bowd thinks the excitement of the track will be just as high, even though the race isn't being run on what you'd technically call a race track.

The steeds in this race are smaller than your average horse.

They're about 50cm high, mounted on four wheels and attached by a rope to what is essentially a rolling pin.

The jockeys in this race have to do more work than the horses: they literally have to pull them past the winner's post.

"The rules are simple - there are no rules," Mr Bowd said.

"You hold the rolling pin behind your knees and roll up the rope and the first horse across the line wins."

The Canowindra Cup has been running since 2000, when the inaugural race was called the Federation Cup.

Cabonne Mayor John Farr took the winner's trophy that year, but the field is wide open for 2008.

There are six steeds that will be ready to race on Saturday, and Mr Bowd wants entries from a particular group.

"I want to put a challenge out to the women this year, because only one woman has won it since it started," he said.

Australia Day celebrations in Canowindra will be held at Memorial Park this year instead of Morris Park.

Festivities will kick off at 6pm and people are advised to bring their own chairs or blankets to sit on.

Guest speaker for the ceremony will be Kim Roberts.