On Wednesday, February 29, the 2012 AAMI Launceston Cup will set hearts aflutter.

Its high stakes and traditional race atmosphere makes it a favourite among racegoers.

Racegoers are getting in the spirit for the 148th running of the $225,000 Launceston Cup, as well as the $50,000 Shaw Magic Millions Tasmanian two- year-old Classic.

While many spend the lead- up to the cup studying the form guide, others set their attention to fashion.

This year, The Examiner's Fashions on the Field is offering tantalising prizes.

The Examiner's marketing manager Karen Stallard said the company was proud to sponsor fashions on the field.

"The Launceston Cup is an event that we always look forward to and we feel privileged to support such an event," Mrs Stallard said.

"We have a panel of four judges who will decide the winner of the fashions on the field."

The winner of the women's fashions on the field competition will receive a trip to Paris and $1000 spending money.

The prize includes return airfares for two to the French capital and five nights' accommodation.

The winner of the men's fashion competition will receive return airfares for two to Los Angeles, including five nights' accommodation and $1000 spending money.

The Examiner's Fashions on the Field competition will recognise hat fashion with a dedicated Millinery Award.

The winning hat wearer will receive a Classique watch from F&W Stewart Jewellers and $100 gift vouchers from Sharee Marshall and Sue's of Invermay.

Entrants can register at The Examiner Fashions on the Field enclosure, near the entrance to the course, between noon and 1pm.

Registration includes a photograph which will be published in The Examiner for a readers' choice award.

The Launceston Cup will also host live music from the Picasso Brothers, three public bars, a daiquiri bar, coffee vans and more.

Get to the cup early to claim your spot at a free shaded table.