What’s the first thing that comes to mind when we mention the Kentucky Derby apart from the exciting race?
That’s right. Betting.
Betting is a large part of the Kentucky Derby and has contributed a lot to its popularity. The Kentucky Derby dubbed the “most thrilling two minutes in sports,” is both a horse race and a big betting event.
Thousands of people flock to Churchill Downs each year to watch the race and put their wagers.
So, how to bet on the 2023 Kentucky Derby? Since we are approaching Derby Day, it is time to learn more about how Kentucky Derby betting works and possibly increase your winning chances.
Kentucky Derby Betting 101
Understanding the Odds
It is critical to understand the odds before putting any bets. Even though this is the most important aspect if you actually want to walk away with some profits, most people don’t know how the odds work in horse racing.
The amount of money bet on each horse determines the odds, which indicates the possibility of a horse winning a race. It’s similar to forecasting the weather, except with horses.
For example, a horse with 5-1 odds implies that if the horse wins, the payment will be $5 for every $1 staked. The odds fluctuate throughout the race, based on how much money is placed on each horse.
Types of Bets
Another important aspect for you to understand is the betting types. Most people are only placing a “Win” bet which indicates which horse is going to win the Kentucky Derby. However, there are many different possibilities that can help you diversify your betting strategy and manage risk better.
- Win: You bet on a horse to win the race. If the horse wins, you win your bet.
- Place: You bet on a horse to finish first or second. If the horse finishes in either of those positions, you win your bet.
- Show: You bet on a horse to finish first, second, or third. If the horse finishes in any of those positions, you win your bet.
- Exacta: You bet on two horses to finish first and second, in that exact order.
- Trifecta: You bet on three horses to finish first, second, and third, in that exact order.
Placing a Bet
Now that you’ve learned about the different sorts of bets, it’s time to place your bet. There are various methods to wager on the Kentucky Derby.
In the past, the only way to place a bet on a horse at the Kentucky Derby is to actually attend the event. However, nowadays it is much simpler with all the major betting websites offering various waging options.
A wager can be placed at the track’s betting window, via a mobile app, or at an off-track betting (OTB) site.
If you want to place a bet online, make sure you find a reputable website, sign up, and deposit some money first. Once you get your account ready you can place bets on the Kentucky Derby.
Tips for Betting
One of the best things about horse racing betting is the chance to win a lot of money by wagering only a small amount. Horse racing is an unpredictable sport and the odds reflect that.
Now even though there is a lot of risks involved in horse racing betting, here are some tips that can increase your winning chances.
First, do your research on the horses and their past performances. Look at their jockey, trainer, and racing history. Second, set a budget for yourself and stick to it. Don’t bet more than you can afford to lose. Lastly, have fun and enjoy the experience, win or lose. It’s not rocket science, it’s horse racing.