If you’re into complicated stuff about horse racing, like figuring out a horse’s speed, pacing, and class figures, then this article is not for you. This article is for people who only bet on horse racing, probably for a few times or on rather big tournaments like the Triple Crown. And today, we won’t be talking about complicated stuff to make you win bets; instead, we will be introducing the Kentucky Derby.
If you’re planning to learn everything about the Kentucky Derby this year, there is no better time than now. This time of the year, a lot of bettors will be coming in and analyzing data that can be overwhelming for a beginner. The amount of data they will try to analyze is staggering, and it will be hard for someone with little to no experience to keep up with the veterans. If you’re worried about that, don’t.
As mentioned earlier, we will be talking about the basics first to go to more advanced stuff later down the road. This time we will be talking about how the Kentucky Derby works, the type of bets you can wager on, etc. So let’s get right into it.
How do odds in horse racing work?
Before you go ahead and bet, you should know how the odds in horse racing work first. Horse racing odds work by adapting and calculating via the Pari-Mutuel system, which in the simplest terms, the odds are determined by the people betting. These odds are calculated based on how much bet all of the horses are getting, which means that you won’t precisely know the odds of a specific horse right until the race starts.
If you look at the odds on horse racing, they are signified by having odds like 6 to 1. But in reality, the odds are rounded to the nearest cent so that the exact number can be 5.9, 6.2 to 1, etc. Thus, try to visit TVG racing to check out the latest odds and their promos once the race begins.
Types of Bet You Can Place
There are two main categories of horse racing bets: simple and exotic. Simple bets are the easiest to understand; however, they have the lowest odds, and the payout isn’t much. But they can also be cheap, so overall; they are safe bets if you want to be casual about horse racing.
There are three main types of simple bets: Win, Place, and Show. The win bet is easy to understand. You just have to pick which horse will win. The place bet is a bet on a specific horse to finish first or second, and the show bet is a bet on a horse to finish on the top three.
If you want to shoot for bigger odds and bigger winnings, try out exotic bets.
- Exacta: is a bet that lets you pick which horse will finish first and second.
- Trifecta: it’s basically exacta but with the top three.
- Superfecta: is a bet to pick the top four.
Simple enough? Let’s hear some more.
- Daily Double: is a bet that lets you pick the winner of two races, typically two consecutive races.
- Pick 3: daily double but with three races.
- Pick 4: four races.
Apparently, it can get up to pick 6. Also, remember that the higher you’re willing to go, the higher the odds your bets can get and the bigger payout you’ll have in case you win. For example, back in 2009, Mine That Bird had 50-1 odds. The correct bets that are worth a dollar had a payout of $1037, and the trifecta was worth $20750. Not only that, the superfecta paid out $278503.
How to Place a Bet
Many people think that you have to go to Churchill Downs yourself to place a bet on the Kentucky Derby. That’s not the case at all. There are many online horse racing websites with different odds and payouts, so always be on the lookout for those. But if you’re planning to go there yourself in the future, here is what you have to do.
Of course, it’s your choice which horse race you want to bet on, but you have to be on time before the window closes for that particular race. The Kentucky Derby usually posts odds in advance, so you can go ahead and bet on them as early as you can. Just keep in mind that the odds fluctuate, so it’s either you wait for the best opportunity or go and bet directly.
Here’s a quick rundown of what you should expect to fill out in the windows.
- The name of the track the race you want to bet on is being held.
- The number of the race you want to bet on.
- The amount you want to bet with.
- Type of wager.
- Number of horses.
They will then give you a ticket, in the case that you win, you can redeem your payout with said ticket. If you lose it, too bad, so always keep it in a safe and secure place after placing your bet.
The Kentucky Derby is almost here, and the fun is starting. Make sure to remember all the things that we talked about earlier, and you should be fine during the event. Also, remember to bet in moderation and have fun as much as possible.