Kentucky Derby Betting Guide: Odds, Strategies, & How To Bet On 2023 Race

The Kentucky Derby is one of the most prestigious horse racing events in the world, and it draws millions of viewers every year. But the biggest draw is betting on the race at Churchill Downs. And since it can be confusing, I created the ultimate 2023 Kentucky Derby betting guide to teach you how to bet on Saturday’s race.

And the cherry on top? I researched and compiled how to quickly boost your bankroll with the best Kentucky Derby betting promos.

Trust me, I’ve bet on horse racing for years, and this year, I’m helping you bet on the 2023 race efficiently so you can put yourself in the best position to win.

You have so many options to bet without breaking the bank. Kentucky Derby offers are endless, like our exclusive $200 TwinSpires promo code. But before you bet, my Kentucky Derby betting guide will give you everything you need to know how to make smart bets and enjoy the race to the fullest.

Article Last Updated: May 6th, 2023

What is the Kentucky Derby?

The Kentucky Derby is a Grade I stakes race for three-year-old thoroughbred horses, held annually in Louisville, Kentucky.

It’s the first leg of the Triple Crown of Thoroughbred Racing, followed by the Preakness Stakes and the Belmont Stakes. The race is a 1 1/4 mile (2.01 km) long, and it takes place on the first Saturday in May each year at Churchill Downs.

Kentucky Derby Betting Guide: How To Bet Smart On 2023 Race

Betting on the Kentucky Derby is one of the most exciting parts of the event. With a little bit of knowledge and research, you can make informed bets that increase your chances of winning.

Whether it’s a long shot $2 bet to win thousands. Or a lower odds, higher winning percentage $20 bet to win $100 – I will cover every option.

Here’s my 2023 Kentucky Derby betting guide to help you bet wisely on today’s race.

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Kentucky Derby Betting Types

Before placing any bets on the Kentucky Derby, it’s essential to understand the different types of bets.

Here is every bet available for you to wager on using any of our top-ranked sports betting apps.

Win Bet

A Win bet is a straightforward bet where you’re wagering on the horse that will cross the finish line first.

Place Bet

A Place bet is a bet on a horse to finish either first or second.

Show Bet

A Show bet is a bet on a horse to finish first, second, or third.

Exacta Bet

An Exacta bet is a bet on the horses that will finish first and second, in the exact order.

Trifecta Bet

A Trifecta bet is a bet on the horses that will finish first, second, and third, in the exact order.

Superfecta Bet

A Superfecta bet is a bet on the horses that will finish first, second, third, and fourth, in the exact order.

Do Your Research

One of the most important things to do when betting on the Kentucky Derby is to research the horses and jockeys. Look at the past performances of the horses and their jockeys to get a sense of their ability and form.

Consider factors such as their recent wins, injuries, and track conditions.

The best source for the most accurate information is the event’s horses page. It features a nifty widget that allows you to look at each horse and jockey in detail, along with endless resources in its informational hub.

Plus, it’s straight from the source of the official Kentucky Derby website.

Study the Kentucky Derby Odds

The odds of the horses are another critical factor to consider when betting on the Kentucky Derby.

For example, if a horse has odds of 5-1, that means that for every $1 you bet, you could potentially win $5 if the horse wins. On the other hand, if a horse has odds of 20-1, that means that for every $1 you bet, you could potentially win $20 if the horse wins.

It’s important to keep in mind that the odds can change leading up to the race based on factors such as changes in track conditions, scratches or injuries to horses, and the amount of money being bet on each horse.

Here are the odds as of 9:30 AM on Saturday.

So, when you’re studying the odds for the Kentucky Derby, you’ll want to pay attention to the current odds for each horse and use that information to inform your betting strategy.

Confused about how betting works? Check out all of our detailed sports betting guides.

Consider the Track Conditions

Understanding the track conditions is an integral aspect of betting on the Kentucky Derby. The condition of the track can impact how well each horse performs, and different horses may perform better or worse on different types of tracks.

The track conditions can be affected by weather, and they are typically categorized as fast, wet, muddy, or sloppy.

Here’s a breakdown of each.

Fast Track: A fast track is ideal for most horses, as it provides a solid surface that allows them to run at their best. A wet track is one that has been recently watered, and it can be slightly slower than a fast track.

Muddy Track: A muddy track is one that has absorbed a significant amount of water, and it can be more challenging for horses to run on. This type of track can also be more dangerous for the horses and jockeys, as it can be slippery and cause accidents.

Sloppy Track: A sloppy track is the most challenging type of track to run on. This occurs when there has been a significant amount of rain, and the track is saturated with water. Horses that perform well on a sloppy track are often referred to as “mudders,” and they are a good bet if the track conditions are expected to be sloppy.

When studying the track conditions for the Kentucky Derby, take into account the weather forecast and how it might impact the track. You’ll also want to consider the past performances of each horse on different types of tracks and how they might perform on the track conditions on race day.

Place Your Bets Early

One of the best Kentucky Derby betting tips is to place your bets early. The odds can change rapidly in the hours leading up to the race, so you want to lock in your bets early to get the best odds.

For example, derby horse Reincarnate was at 50-1 odds on Thursday and shot down to 15-1 odds on Saturday morning. Meaning a $5 bet went from winning you $250 to $75.

So, get in while the payouts are generous for horses you’re confident in.

Now that you know everything about how to bet on horse racing, you’re ready to pick your favorite horse and bet efficiently, thanks to my 2023 Kentucky Derby betting guide.

Kentucky Derby Betting Guide FAQs

You can place a bet on the Kentucky Derby with any of our partnering licensed online betting sites. You’ll need to choose your bet type, select your horse, and place your wager. Take a look at the page to find out which is best for you.

The best bets to place on the Kentucky Derby depend on your betting strategy and the odds of the horses. Win bets are straightforward and offer the highest payout, while exacta and trifecta bets can offer more significant payouts if you correctly predict the top-finishing horses.

When choosing a horse to bet on in the Kentucky Derby, consider the horse’s past performances, jockey, and track conditions. You’ll also want to look at the odds and consider your betting strategy.

Yes, you can place bets on multiple horses in the Kentucky Derby. You can place multiple win, place, or show bets, as well as exacta, trifecta, and superfecta bets.

The amount of money you can win betting on the Kentucky Derby depends on the type of bet you place and the odds of the horse. Win bets offer the highest payout, while exacta, trifecta, and superfecta bets can offer significant payouts if you correctly predict the top-finishing horses

The Kentucky Derby is broadcast on NBC and can also be streamed online through NBC Sports.