Everyone is talking about the Kentucky Derby day and night as the event gets closer. We are only a month away from one of the biggest events in the horse racing industry and the excitement is building up.
If you are among the bettors planning to wager on the horse racing event, you must know the vital things about Kentucky Derby Betting.
Below are five things you need to know before you place your bets this coming May 6.
The Importance of Betting Odds
When we talk about things to consider in Kentucky Derby betting, the first thing that comes to mind is the betting odds. That means that when placing your wager, you must first consider the odds of each contender.
You should closely watch each horse’s odds for Kentucky Derby since it determines the profit you will get when you win your bet. It’ll also tell you the total money wagered on a specific horse.
The lower the contender’s odds, the more money is invested in it. It’s why the favorites always get the lowest odds in a race. However, if you put all your money into the favorite, expect the amount you will get in return will be smaller.
To earn a bigger profit from the upcoming Kentucky Derby race, you must create a betting strategy to help you achieve your goal. Better start making plans now though, as you only have a few weeks to spare.
Reading The Daily Racing Form
Another important thing you should remember when betting on the Kentucky Derby or any other horse racing event is the daily racing form. If you haven’t used it since, you should start doing so moving forward.
There is a valid reason why the daily racing form is called the horse bettor’s bible. This form consists of all the vital information you need to make the best decision regarding which horse to bet.
Although the daily racing form data is similar to the horse racing program, the former provides a more in-depth analysis and comprehensive information.
There Are Different Types of Wagers to Choose From
The Kentucky Derby offers various wager options to make your experience more exciting. These different choices of wagers can also help you in accomplishing your strategies. Before you create a betting plan, you might want to take a look at these different betting options that you have:
- Standard Wagers
This type of wager is the classic one. It consists of the win, the place, and the show wagers.
- Exotic Wagers
The exotics wager has two categories: single-race exotics and multi-race exotics. This type of bet allows you to wager on two or more horses, whether from the same race or throughout multiple races.
The single-race exotic wager consists of the following:
- Super high-five
The multi-race exotic bet, on the other hand, consists of the following:
- Pick 3,4,5 and 6
The Favorite Doesn’t Win All the Time
You must understand that the favorite doesn’t win all the time. If you look at the recent years in the Kentucky Derby, the favorites only won 6 years in a row between 2013 and 2018.
In the years before that, favorite contenders of the Kentucky Derby lost for 20 consecutive years. And in the past four years, the favorite once again failed to finish the race as the winner.
With that data, it’s clear that there is no certainty in horse racing. That’s why you should never underestimate the underdogs. If you want to be an effective bettor, do your due diligence and be confident with your favorite.
Thorough Research Goes A Long Way
Since you can’t solely trust the favorite to win the Kentucky Derby, doing in-depth research will help you increase your chance of choosing the horse to bet on. Don’t just go with what the public says. It’s still best to gather your information and base your decision on what you think based on your acquired data.
Research the horse’s bloodlines, as this can impact how he will perform on the field during the race. You must also examine his past performances and determine his strengths and weaknesses.
Good questions to ask are:
- Does the horse favor long-distance races over sprint races?
- Does the horse perform better on turf or dirt race track?
- Were there any weather disturbances that affected the horse’s attitude and performance?
Note that the Churchill Downs racetrack is 1 ¼ miles long with a dirt surface. Researching the possible weather conditions on the Kentucky Derby race day could also be beneficial, as it can help you know which horse will perform best.
Be Prepared For the 149th Running of the Kentucky Derby
In this 2023 Kentucky Derby, prepare to become the better bettor to increase your likelihood of winning. With this info, we hope you can make up your betting strategy to win this May 6.