Every year, millions of racing fans around the world tune in to witness the thrilling spectacle of the Kentucky Derby – often referred to as “the fastest two minutes in sports”. But for spectators and bettors, the Kentucky Derby is not just an exciting race to watch – it’s also one of the most lucrative opportunities for online betting in the United States. Let’s take a closer look at the potential rewards of betting on the Kentucky Derby, and how much winners can walk away with.
The Different Types of Kentucky Derby Bets
At sportsbooks and online betting sites, gamblers are presented with a variety of ways to bet on the Kentucky Derby. Here are some of the most common and popular options:
- Win bets – these wagers involve predicting the horse that will finish first in the race.
- Place bets – these bets involve predicting which horse will finish in the top two positions, but won’t necessarily be the winner.
- Show bets – this type of bet involves predicting the horses that will finish in the top three positions.
- Exacta bets – this form of wager requires the selection of the horses that will finish in the top two positions in the exact order.
- Trifecta bets – this type of bet requires the selection of the horses that will finish in the top three positions in the exact order.
- Superfecta bets – for this type of bet, bettors must accurately predict the positions of the top four horses in the exact order.
How Much Can Winners Take Home From the Kentucky Derby?
The total purse for the Kentucky Derby depends on the number of entries each year. In 2020, the total purse was over $3 million, with the winner taking home $1.8 of that.
Win bets pay out based on the official odds for each horse. For example, if a bettor placed a $1 Win bet on a horse at 10-to-1 odds, then the payout for the winning ticket would be $10 plus the original bet of $1, for a total of $11.
Place, Show, Exacta, Trifecta, and Superfecta bets pay out based on a predetermined payout schedule. For example, a $1 Exacta bet in 2020 paid out $56 plus the original bet amount of $1, for a total of $57.
Pick bets involve picking a specific order of horses that will finish in the top positions. For example, a $1 Pick 3 bet — predicting the order of the top three horses — paid out $713 plus the original bet amount of $1, for a total of $714.
How to Increase Your Chances of Winning on the Kentucky Derby
The best way to increase your chances of winning on the Kentucky Derby is to do your homework in advance. Research the past performances of each horse and analyze the likely contenders for the race. By studying the information available and making informed decisions, bettors can improve their chances of selecting the winning ticket.
Betting on the Kentucky Derby can be a lucrative and thrilling experience. With a variety of wagers available and payouts that range from $1 to hundreds of dollars, there’s something for everyone. By taking the time to research the event and make informed decisions, bettors can increase their chances of winning big at the Kentucky Derby.