The Kentucky Derby is one of horse racing’s most spectacular events, and betting on the race has become a world tradition. Even people that don’t know much about horse racing a suddenly interested in placing a bet on the first leg of the Triple Crown.
That is why last year, the Kentucky Derby set a record for betting handle getting $179 million wagered in only a few days.
The Kentucky Derby, on the other hand, might be intimidating if you’re new to horse racing and betting.
With that in mind, we’ve put together this Kentucky Derby betting beginner’s guide so you can place your bets with confidence and enjoy the exhilarating sight of the “Run for the Roses”!
Kentucky Derby Betting Guide
Everything You Need To Know About Kentucky Derby Betting
The Kentucky Derby is one of the most famous horse races in the world, and betting on the race has been a popular pastime for many years. The first Kentucky Derby was held in 1875, and from the beginning, people were betting on the race.
In the early years, betting was informal and mostly done among friends and acquaintances. But as the race grew in popularity, more organized forms of betting began to emerge. By the early 1900s, betting on the Kentucky Derby was a major industry, with bookmakers taking bets both at the track and at off-site locations.
In 1908, the state of Kentucky legalized parimutuel betting, which is a system in which all bets on a particular race are pooled together and then divided up among the winners, with the track taking a percentage of the pool as commission. This system made betting on the Kentucky Derby more accessible and transparent, and it remains the most common form of betting on horse races today.
Over the years, betting on the Kentucky Derby has become more sophisticated, with a wide range of options available to bettors. In addition to the traditional win, place, and show bets, there are now exotic bets such as exactas, trifectas, and superfectas, which involve picking the first two, three, or four horses in the race in the correct order.
Today, the Kentucky Derby is one of the biggest betting events of the year, with millions of dollars wagered on the race both at the track and through online betting sites. While the tradition of betting on the Kentucky Derby has certainly evolved over the years, it remains a beloved and integral part of the race experience for many fans.
Understand the Betting Types
Most people place a “WIN” bet on the Kentucky Derby, but actually, there are plenty of different options which are great for managing your risk. So, before placing any bets on the Kentucky Derby, you should learn all the types of bets you can make.
You can actually place different bets on the Kentucky Derby, such as Win / Place / Show. These are the most common types of bets, and they are quite easy to understand. Win is when the horse wins the race, Place is when the horse finishes first or second, and the show is when a horse finishes first, second, or third.
But if you want to spice things up, you can include other types of bets. You can check the event future wager pool here: https://www.twinspires.com/kentuckyderby/future-wager-pool.
Other types of bets include exacta, trifecta, superfecta, and exotic bets.
- Exacta bets involve picking the first and second-place horses in the correct order.
- Trifecta bets involve picking the first, second, and third-place horses in the correct order.
- Superfecta bets involve picking the first, second, third, and fourth-place horses in the correct order.
- Exotic bets involve picking a combination of horses to finish in specific places, and they can be more complex and difficult to win, but they also offer higher payouts.
Do Your Homework: Research the Horses
If you’re hoping to win big at the Kentucky Derby, it’s time to hit the books and do your homework.
Research the horses, their trainers, and their jockeys to get a leg up on the competition. Pay attention to their past performances and workouts because, let’s face it, these horses have a resume that can be analyzed in order to predict the winner.
But don’t be fooled by the odds. Just because a horse is a favorite doesn’t mean it’ll come out on top.
In fact, the “favorite” has only won the Kentucky Derby about 35% of the time. So, take a chance on a long shot and show how big money can be earned. After all, it’s not always about the favorite – it’s about the underdog that surprises everyone and leaves you with a pocket full of cash.
Shop For the Odds
Since the Kentucky Derby is one of the most popular races in the world, most the sportsbook will cover it. This brings many different opportunities for bettors as they can shop for the best odds.
However, always remember that choosing a legitimate and safe website or sportsbook is better than getting slightly better odds.
Set a Budget and Stick to It
Now, let’s talk money. Before you start tossing bills left and right, set a budget and stick to it like glue.
It’s easy to get swept up in the excitement and forget you have bills to pay, but let’s not go crazy. You don’t want to end up betting the farm on a horse named “Lucky Streak” and end up with nothing to show for it.
We get it, betting on horse races is fun, but it’s also a form of gambling. So, gamble responsibly.
Last but not least, let’s not forget to have fun. After all, this is a once-a-year event that we should enjoy and appreciate. After all, it is not only about money.
The betting is there just to make the event even more exciting. But since horse racing is an unpredictable sport, you shouldn’t let your betting decision ruin your experience.