Yahoo Sports More states than ever can bet on the Kentucky Derby. Here’s how, where to make wagers
The milestone 150th Kentucky Derby is coming up quickly, and there’s still time to place wagers on the action and potentially make some money.
Bettors placed nearly $189 million in tracked wagers on the 2023 Kentucky Derby, which broke the historic race’s all-time record, according to Churchill Downs. That figure is up from $179 million in 2022, which was also a record at the time.
Before placing any bets, it’s best to know the law in your area and understand how common wagers function. Here’s what you need to know if you’re interested in betting on this year’s Run for the Roses.
How are bets placed on horse racing?
Though there are several types of bets, most wagers on a horse race center around the ultimate outcome.
A win bet tasks players with choosing the horse that will win the race, while other wagers — including place bets and show bets — focus on picking the horse that finishes in the top two or three spots.
Win bets usually yield the highest payoff among these three types, largely because it’s harder to pick the ultimate winner than to select a horse that finishes toward the top. Some bettors might choose to use a place or show bet because they offer a higher chance of paying out.
Through parimutuel wagering or pool betting, players bet against each other, not against the track. Odds will fluctuate in response to how many people are betting on a specific horse, while payouts will depend on how much money is in the betting pool.
Some more exotic wagers task bettors with wagering on more than one horse. Single-race (or vertical) exotic wagers ask bettors to correctly predict the exact finish order of a specific race, while an exacta wager tasks players with selecting the top two finishers in the correct order. Additionally, quinella wagers operate similarly but do not require the top two finishers to finish in the bettor’s selected order to win.
Other exotic bets — trifectas, superfectas and super hi-fives — require bettors to accurately select the finishes of the top three, four or five horses, respectively. Multi-race (or horizontal) exotic wagers task bettors with selecting the winning horses in two or more consecutive races, which can help maintain interest in an entire afternoon or evening’s worth of competition at the track.
Proposition bets, or “prop” bets, allow bettors to select the outcome of an event. However, these bets also allow bettors to wager against a certain horse or outcome, potentially paying out while rooting for a horse to lose a given race. Prop bets are often less common than their counterparts and are usually available legally through sportsbooks and betting sites.
Which states allow betting on the Kentucky Derby?
According to the American Gambling Association, 38 U.S. states and the District of Columbia have legalized sports betting in one way or another. Kentucky joined those states in 2023 with new legislation, but wagers on horse racing were already legal in the Bluegrass State because they do not involve fixed odds.
Perhaps the most convenient way to wager on the Kentucky Derby is by placing a bet online. The most notable option is TwinSpires, Churchill Downs’ official online wagering partner. Other common digital platforms for horse race betting include TVG and AmWager.
Other platforms, like DraftKings and FanDuel, offer action on horse racing in most states that have legalized sports betting, though some offer these services in separate apps. You do not need to be a given state’s resident to place bets online through sportsbooks like these, but you will almost certainly need to use your location to make sure wagers can legally be placed before completing any transactions. Most states require bettors to be at least 21 years old.
Most online gambling platforms require bettors to create an account and move in funds from a bank account before placing a wager. This process, known as advance-deposit wagering, is usually required for online bets.
Bettors can use a number of tools to learn more about wagers or find options that are appealing. The Kentucky Derby’s website offers a betting calculator that can help estimate wager costs and potential winnings using the latest odds.
How can I bet on the Derby in person in Kentucky?
The odds of winning a bet don’t change between wagering online or in person, but you might have more fun at the track or with your friends.
Just about every racetrack or racetrack gambling facility in Kentucky accepts bets leading up to the Kentucky Derby. None are more prestigious or popular than Churchill Downs, the famed Louisville track that hosts the Run for the Roses every year.
Many off-track betting facilities legally sanction gambling on races outside of racetracks. Here, you might find simulcasting, or live television transmission of races that are usually provided for wagering purposes.
Some of the premier off-track betting options in Lexington come from local tracks like 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) and Turfway Park (7500 Turfway Road in Florence).
Now that Kentucky’s recently passed sports betting laws are in effect, wagering in person might be your cheapest option for betting on the Kentucky Derby. The Bluegrass State enforces separate applicable tax rates for bets made in person (9.75%) and online (14.25%). Kentucky’s Legislative Research Commission once estimated taxes on horse racing bets alone would bring in nearly $23 million each year.
Other resources for betting on the 2024 Kentucky Derby
With 5-2 morning-line odds to win the race, Fierceness is the favorite ahead of this year’s Kentucky Derby. The horse will break from position No. 16 once the race begins at 6:57 p.m. (EDT) Saturday, May 4.
Here’s a look at the current derby field, plus updated starting positions and morning-line odds as of May 1:
Dornoch (20-1)
Sierra Leone (3-1)
Mystik Dan (20-1)
Catching Freedom (8-1)
Catalytic (30-1)
Just Steel (20-1)
Honor Marie (20-1)
Just A Touch (10-1)
Encino (scratched)
T O Password (30-1), leaving from post position 9
Forever Young (10-1), leaving from post position 10
Track Phantom (20-1), leaving from post position 11
West Saratoga (50-1), leaving from post position 12
Endlessly (30-1), leaving from post position 13
Domestic Product (30-1), leaving from post position 14
Grand Mo The First (50-1), leaving from post position 15
Fierceness (5-2), leaving from post position 16
Stronghold (20-1), leaving from post position 17
Resilience (20-1), leaving from post position 18
Society Man (50-1), leaving from post position 19
Epic Ride (30-1), leaving from post position 20
The derby saw its first scratch of the season Tuesday in Encino, which received 20-1 morning-line odds and was set to break from post position No. 9. Epic Ride now takes over the scratched horse’s place in the field.
You can visit kentuckyderby.com/wager to learn more about betting on the upcoming race. There, you’ll find breakdowns of common betting terms, guides for placing wagers, advice from experts and more.
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 local and state laws applicable where you reside.
