How To Read Kentucky Derby Betting Odds

When you get right down to it, actually looking at the odds offered on the horses in the running for the winner’s wreath at the Kentucky Derby is not that much different from any other sporting event, though there are a few caveats to that rule. Generally though, the question of how to read Kentucky Derby betting odds is answered in a mostly straightforward manner, so we won’t belabor the point too much. When you are looking at the current betting odds available on the upcoming “Run for the Roses,” you will find that they are broken into just a few broad categories: you’ve got futures odds and fixed odds, so we’ll stat our discussion about how to legally bet on the Kentucky Derby there.

Kentucky Derby Futures Odds

All the top racebooks offer action on graded stakes races year round, so of course that applies to a legendary race like the Kentucky Derby, so it makes plenty of sense that Kentucky Derby futures odds are going to be available well in advance of post time. Indeed, online racebooks from the official Churchill Downs site to offshore horse racing betting sites like Bovada, BetOnline, and SportsBetting offer futures odds on “The Fastest Two Minutes in Sports” every week leading up to the actual day of the race.

In the case of futures odds for the Kentucky Derby and other major races, most of the top rated sports betting shops online will post their latest batch of odds by no later than the middle of the afternoon on Tuesday. Action will be available on futures odds, which by their nature have a higher potential payout than fixed odds, up until the morning of the Kentucky Derby, at which point they will be locked.

The actual odds themselves in all cases are listed according to the normal American Style odds system – the venerable moneyline – while racebooks with more of an international flavor may offer the choice to display the odds using either the decimal or fractional system, or sometimes both. At any rate, futures odds on the Kentucky Derby or other Triple Crown races are “to win” only bets and will out at the odds the player actually wagers on at the time of the bet itself, and scratches are not refunded.

Kentucky Derby Fixed Odds

Fixed odds are slightly different than futures odds in that they will not usually be available until two days (or thereabouts) away from the start of the race. Otherwise, Kentucky Derby fixed odds are not so much different from futures odds on the annual “Run for the Roses,” with a few meaningful exceptions.

First of all, all the bettors’ action will be refunded to players on a horse that scratches (that is, the horse you bet on does not actually make it to the starting gate on Derby Day despite having qualified to run in the Kentucky Derby) after all the other entries have been announced. Parlay bets on horses are generally not allowed, but there may be exceptions, so he hesitate to call it a rule, and, finally, if you place a prop bet with multiple outcomes and two of your winners tie then a “dead heat” is declared. If that happens, then the stakes will proportioned between your picks – that is, you will win according to have the stakes of your bet – while the other half of the bet will be absorbed by the sportsbook.

Fixed odds are generally considered to be a high margin product for the racebooks, as the bookies can hedge their bets, so to say, without their having to worry about the prices moving up or down as in normal pari-mutuel betting. Basically, the odds you pick are the odds you are stuck with whether your horse wins, places, shows…or fails to do so. As for those odds themselves, fixed odds on the Kentucky Derby are also listed according to moneyline, decimal or fractional odds systems, so if you can read a normal betting line you won’t be in the dark when you step up to make your picks at the racebook window.

Kentucky Derby Wager Types

Now that we’ve got the actual odds types out of the way, let’s take a look at the various different varieties of Kentucky Derby wager types. These bet types cover the full spectrum of possible outcomes on a horse race, and in some ways can tell a savvy horseplayer about his or her chances of actually winning the bet, regardless of what the odds are on that particular horse at the races. There are several broad categories for Kentucky Derby wager types, those being straight bets (and combinations of straight bets – don’t call them parlays!) and exotic bets.

Straight Bets On The Kentucky Derby

Straight bets on the Kentucky Derby and other graded stakes races are further subdivided into three smaller wager types, win, place and show. Each different type of straight bet refers to the position your horse or horses of choice finish in when it is all said and done in the “Run for the Roses.”

Win

Betting on a horse to win is the simplest kind of bet you can legally place on the Kentucky Derby. All you need to know about this kind of wager is that if you the horse you pick wins the race, then you win the bet. It’s really that easy, which makes this a very popular form of betting on the Kentucky Derby whether in person at Churchill Downs, at an off track betting kiosk or at online racebook.

Place

A bet placed on a horse to place means that the horse you like has to cross the finish line in first or second place. If your chosen horse finished in one of the top spots then you collect the amount shown under the “place” column listed by the racebook. Because a bettor can expect a slightly easier time winning such a bet, the odds on a horse to place will not be as profitable in the event of victory for your horse as it would be if you bet on that horse to win the race.

Show

The final kind of straight bet, and the least risky wager type, making this an ideal choice for new players wondering how to legally bet on the Kentucky Derby. All you have to do is pick the horse you think could at least finish on the podium in the race, and if he or she does so then you win the bet. However, because your horse can finish first, second or third and still win the bet for you, a bettor should not expect to get any more money for a first place finish than if their horse of choice only squeaks onto the podium with a third place result.

Combination Straight Bets

There are several different varieties of combination straight bets, but that does not mean that these should be considered equivalent to parlays like in normal sports wagering. There are straight combinations, boxed wagers and keyed wagers, each with varying layers of complexity for the bettor to take into account. These wager types are considered to be best utilized by more experienced horseplayers, as newcomers to the hobby might easily find themselves parting with their money before they mean to.

Straight Combinations

Straight combinations involve betting a single horse “across the board.” That means that you pick one horse and bet on him to win, place and show, and if he wins you collect the amount for all three bets. This is different from betting on a horse to show, and in fact is the exact opposite. If you bet a horse “across the board” you can win the amount of the wager for the horse winning, finishing second and finishing in third place all at once, whereas betting on a horse to simply “show” would mean that the best payout you can receive is that designated for third place, regardless as to whether the horse comes in first, second or third.

Boxed Combinations

Boxed combinations is where things start to get a little tricky in terms of how to legally bet on the Kentucky Derby. In essence, a boxed combination bet is an instance of taking every possible combination on a set of horses that you like. For instance, you pick three horses and if any (or all) of those three horses finish in the top three spots at the conclusion of the race then you win all of the available payouts – it’s almost like a giant scratch off lottery ticket in practice.

Keyed Combinations

A keyed combination bet on the Kentucky Derby means you pick one horse to win the race and then a number of horses behind that one. In practice, a keyed bet works like this: your first horse wins the race outright and the horses you like behind the winner can finish in any of the positions assigned to that horse. For instance, if your first pick wins the race then the second and third place finishers can be any of the other horses you choose in any order, but the only way to collect a payout is for your first place pick – the “key” – to actually win the Kentucky Derby.

Exotic Bets On The Kentucky Derby

Exotic bets on the Kentucky Derby take several forms, each with some unusual looking names. Exacta bets are fairly challenging to win, as you have to predict the first and second place horses in the – you guessed it – exact finishing order. Trifecta bets are even more difficult for prospective bettors to win, as your chosen horses have to finish in first, second and third place in order. Superfecta bets are probably the hardest single bets of them all to win, as you have to predict the top four horses in the race in that order.

All of the exotic bets on the Kentucky Derby can get really expensive if you go overboard, especially depending on the buy in prices offered by the bookies at your sportsbook of choice, whether in person or at an off track betting location or online. That’s due to the nature of the Kentucky Derby as the biggest and most prestigious horse race in the world, but it also comes down to the number of horses you’ll be required to pick as well, with the prices stacking on top of each other. New horseplayers may want to strongly consider getting some help or studying up more closely on the ins and outs of horse racing betting before they dive into placing exotic bets on a regular basis, as things can quickly become prohibitively expense if you don’t successful pick the winners and recoup some of the inevitable losses.

Consecutive Races Betting

This is the final type of exotic wager you can place, and if you are trying out legal Kentucky Derby betting for the first time then we may want to steer you elsewhere for your horseplaying debut. However, if you have some longer term experience picking horses in consecutive races, betting this way can pay out in a huge way. A so called “Daily Double” involves, in this case, picking the winner of the Kentucky Derby and the next race on that particular horse’s schedule. Similarly, “Pick 3,” “Pick 4” and “Pick 6” wagers are bets predicated on picking the winner of three, four and six races in advance, using futures odds.

These are extremely difficult wagers to actually win, and basically amount to slightly better odds than picking the numbers that will come up in the lottery. However, a lot of successful horseplayers have made a killing by betting in this fashion too. It all comes down to understanding how to read Kentucky Derby betting odds and making smart decisions about your money management.

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