The Kentucky Derby, otherwise known as the big race, is an incredible place for gamblers to make quick cash while having the most fun. But for those who are not so familiar with how to bet on the Kentucky Derby, this may sound quite far-fetched.
Thus, if you are new to the game of placing wagers on horse racing, this write-up is for you. Find out more as you read on.
How Odds Work for the Kentucky Derby?
The first step to understanding how to place wagers at the Derby is knowing how odds work there. Similar to the conventional approach to betting, the Derby horse racing odds work so that the horse with the lowest odds has the highest chance of winning. The higher the odds, the lesser the chances of winning.
That said, here’s an example of how odds work. For a horse with odds of +400, if you stake $100, you will be getting a payout of $400 along with your $100 stake. Whereas a stake of $200 on a +100 odds horse will get you a payout of $100 along with your $200 stake, and on and on it goes.
Betting Types
Once you understand how odds work when betting at the Kentucky Derby, the next step is to know about the various betting types. You don’t have to look it far as these are discussed below.
Straight win
This is the simplest type of wager you can make on any horse. It simply involves betting on the one horse that you believe will take the first position in the race. For instance, if you stake $50 on a horse with +200 odds, you win an additional $100 if your horse finishes first. Another name for this type of bet is wagering ‘on the nose’.
Place betting
This is a modified and safer version of a straight win wager. Here, you are placing wagers on one of two outcomes involving your horse either taking the first or second position at the finish line. Thus, even if your horse doesn’t take first place, you get a payout as long as it finishes second. However, this type of wager does not pay as high as the straight win because it does not involve as much risk.
Show bet
Placing a wager on a horse to show implies that if the horse comes in either first, second, or third at the Derby, then you get paid. And with three different ways of winning, it means that you will not be paid as much as a punter that bags a win on a place or a straight win wager. The reason for this, just like with place wagering, is that there is a lot less risk involved with a show wager.
Across the board
In the Kentucky Derby, if you place a wager for your horse to win across the board, it is something of a combo deal. That is, the horse you choose must either get a straight win, place, and/or show at the end of the race. This type of wager is quite similar to parlay bets used in other sports betting like football. And this is because it includes not just one bet on a ticket.
Now, if your horse comes first, then you get payouts for the win, place, and show wagers. But if it comes second, you only get paid for the place and show wagers. And if it finishes in the third position, you get the payout of only the show bet.
Final Words
If you enjoy betting on the fastest horse, the above are the best wagers to place at the Kentucky Derby. But note that the fastest horse doesn’t always take first place. Good luck!
