Kentucky Derby betting guide: Where, how to bet on the 149th Run for the Roses, plus odds
The 149th Kentucky Derby is Saturday, but there’s still plenty of time to place wagers and potentially make some money.
New legislation that legalized sports betting has not yet entered into effect in the Bluegrass State, but wagers on horse racing are legal because they do not involve fixed odds. A record $179 million was wagered in the 2022 Kentucky Derby’s pool, a 17% increase from the previous year.
This year, you can place bets by heading to Churchill Downs, visiting your local racetrack or simply pulling up your smartphone.
Here’s what you need to know about betting on this year’s Kentucky Derby.
How to bet on horse racing
While there are several types of bets, most standard wagers center around the outcome of the race itself.
A win bet, for example, tasks players with choosing the horse that will win the race. Other types, including place bets and show bets, respectively focus on picking the horse that finishes in the top two or three.
Win bets typically yield the highest payoff among the three most common types. A show wager usually yields the lowest payoff, but offers a higher chance of winning something because you’ll get money if the horse finishes anywhere in the top three spots.
How much you win depends on what others bet. In parimutuel wagering, players bet against each other, not against the track. The odds fluctuate based on how many people are betting on a specific horse, and the payout depends on how much is in a particular betting pool.
Exotic wagers build on more common wagers by tasking players with betting on more than one horse. They are harder to win, but offer more lucrative payoffs.
Single-race, or vertical, exotic wagers involve betting on the exact finish order of a specific race. Adding extra finishing positions to your wager increases the difficulty, but bumps up the potential payout significantly.
An exacta wager asks bettors to select the top two finishers in the correct order. A quinella wager, meanwhile, does not require the top two finishers to finish in the bet’s selected order to win.
Other common exotic bets — trifectas, superfectas and super hi-fives — task bettors with accurately selecting the top three, four or five finishing horses, respectively.
Finally, multi-race, or horizontal, exotic wagers make up another large group of common derby bets. Here, bettors are tasked with selecting the winning horses in two or more consecutive races, usually sparking interest for an entire afternoon or evening’s worth of competition.
Multi-race wagers start with a Daily Double, in which bettors try to select the winners of back-to-back races. Other horizontal wagers ask bettors to pick the winners of three or more consecutive races.
Proposition bets, or “prop” bets, offer a different take on wagers. Here, bettors are tasked with selecting the outcome of an event — in this case, that’s usually the winner of a race. However, prop bets allow winners to bet against a certain horse, potentially paying out a sum while rooting for a horse to lose. These wagers are popular, a bit less common and only available legally through sportsbooks and betting sites.
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In-person betting on the Kentucky Derby
Though betting in person does not increase your odds of winning, it might provide a better experience. Thankfully, there are many options available.
First and foremost, you can place a bet at any racetrack or racetrack gambling facility in Kentucky leading up to the Derby. Of course, that includes Churchill Downs, the famed track in Louisville that hosts the event every year.
In-person betting is also available at select off-track betting facilities that legally sanction gambling on races outside of a racetrack. Many of these offer simulcasting, or live television transmissions of a race that are often provided for wagering purposes.
Lexington’s premier off-track betting offerings come from its local racetracks, including Keeneland Race Course (4201 Versailles Road) and Red Mile Racetrack (1200 Red Mile Road).
Other popular betting venues in Kentucky include:
Ellis Park (3300 U.S. Highway 41 North in Henderson)
Kentucky Downs (5629 Nashville Road in Franklin)
Turfway Park (7500 Turfway Road in Florence)
Keeneland offers simulcasting, self-service terminals and hands-on betting with clerks. On Derby Day, the facility won’t have live racing, but instead will have a massive party. While some tickets are sold out, general admission ($7 in advance, $10 day of) is still available. Check Keeneland.com for what you can bring on the grounds. You can also book tables on The Hill, which allows tailgating, live coverage and betting options.
Turfway Park, in Northern Kentucky, will also host simulcasting for the Kentucky Derby; tickets must be purchased in advance.
Additionally, The Mint Gaming Hall will host festivities for derby watchers at its locations in Franklin (Kentucky Downs), Bowling Green and Williamsburg. Each will offer free parking and admission while providing seating, food and drinks, betting machines and clerks and, of course, plenty of monitors and screens to watch the 14-race card from Churchill Downs. Find more information online at themintgaming.com.
Once Kentucky’s sports betting law takes effect, in-person betting might be the cheapest option for placing wagers. Sports betting would be taxed 9.75% at horse racing facilities and 14.25% online. Once fully implemented, taxes on horse racing bets are expected to bring in nearly $23 million each year, according to estimates from the Legislative Research Commission.
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How to bet for the Kentucky Derby online
Heading out to the track isn’t the only way to get in on the action for this year’s Derby.
Betting is available through a number of digital platforms online and via mobile devices. The most notable, and perhaps most popular, is TwinSpires, Churchill Downs’ official online wagering partner. Other common platforms include TVG and AmWager.
Bettors using these platforms must create an online account and move in funds from their bank accounts before placing a wager. This practice, known as advance-deposit wagering, is commonly required for bets placed through online platforms.
Another advantage of online wagering comes through additional resources that are available for bettors. The Kentucky Derby’s website, for example, offers a betting calculator that, through the use of official odds, can estimate wager costs and potential winnings with just a few clicks. Online guides are also available to provide crash courses for amateur bettors or offer tips from experts.
Some popular wagering platforms, including DraftKings and FanDuel, are not yet operating in Kentucky, but their services are available in several neighboring states. You do not need to be a given state’s resident to place bets online, but platforms will use your location to make sure wagers can legally be placed before completing any transactions.
Online sports betting is legal in more than half of the country. Thirty-three U.S. states and the District and Columbia have legalized at least some form of sports betting, though the legality of certain types of wagers varies from state to state.
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Other resources for betting on the Kentucky Derby
Forte, winner of a pair of Grade 1 events at Keeneland last fall, was named Monday the 3-1 morning-line favorite for Saturday’s derby. The horse will start from position No. 15.
Here’s a look at the full 20-horse field, plus its starting positions and odds
Hit Show (30-1)
Verifying (15-1)
Two Phil’s (12-1)
Confidence Game (20-1)
Tapit Trice (5-1)
Kingsbarns (12-1)
Reincarnate (50-1)
Mage (15-1)
Skinner (20-1)
Practical Move (10-1)
Disarm (30-1)
Jace’s Road (50-1)
Sun Thunder (50-1)
Angel of Empire (8-1)
Forte (3-1)
Rise Cain (50-1)
Derma Sotogake (10-1)
Rocket Can (30-1)
Lord Miles (30-1)
Continuar (50-1)
The following horses are also eligible to gain entry to the Kentucky Derby if one of the primary 20 is scratched before 9 a.m. Friday:
21. Cyclone Mischief (30-1)
22. Mandarin Hero (20-1)
23. King Russell (50-1)
For more information on betting, visit the Kentucky Derby’s website at kentuckyderby.com/wager. There, you’ll find breakdowns of common betting jargon, guides for placing wagers, advice from experts and more.
Help is available in Kentucky for those struggling with gambling.
If you or someone you know has a problem with gambling, help is available by calling 1-800-522-4700.
Sports betting and gambling are not legal in all locations. Be sure to comply with laws applicable where you reside.
Do you have a question about the Kentucky Derby for our service journalism team? We’d like to hear from you. Fill out our Know Your Kentucky form or email ask@herald-leader.com.
