Kentucky Derby 2023: How to place bets online, outside Churchill Downs

Aside from the races, and the fashion, one of the keynote aspects of Kentucky Derby day at Churchill Downs is betting. A record $273.8 million dollars was wagered from all sources last year, with $179 million just on the main event.

There will be significant betting placed at the track and at sportsbooks around the world and online once again this year. So how can someone in Kentucky wager on the races if they're not attending the day's festivities in person?

Here is everything you need to know if you live in Louisville or Kentucky and want to bet on the Run for the Roses:

Is betting on horse racing legal in Kentucky?

Yes, wagering on horse racing has been allowed in the state for years because it uses a "pari-mutuel" system, where bets are placed in a pool and don't involve fixed odds. By comparison, legalized sports betting involves participants placing bets on fixed odds determined by a sportsbook.

Where can I bet on the Kentucky Derby in Louisville?

Bettors can go in person to Churchill Downs to place a wager as well as Derby City Gaming east of Louisville Muhammad Ali International Airport.

Is sports betting legal in Kentucky?

Yes, but not until recently. Gov. Andy Beshear signed House Bill 551 into law on March 31, which will allow legal sports betting. It won't take effect until after this year's Derby is over. Kentucky is the 38th state to legalize sports betting.

Of note: In-person bets placed at tracks will be taxed less (9.75%) than wagers placed online (14.25%).

Can I bet on the Kentucky Derby online?

Yes. The most popular online method is using TwinSpires.com, Churchill Downs' online wagering site.

How can I bet on TwinSpires.com?

Bettors must create an account with a username and password, but there is no signup fee. Users then move money from their bank account to their TwinSpires account to place bets.

Bettors also can place wagers by downloading the TwinSpires app on their smartphones.

Can I bet on the Kentucky Derby using DraftKings or FanDuel?

Not until next year — in time for the 150th running of the Kentucky Derby. Until then, Kentuckians can head to any of the six surrounding states — Illinois, Indiana, Ohio, Tennessee, Virginia and West Virginia — where sports betting is already legal to place their wagers on the popular sportsbook sites.