Kentucky Derby Betting

Horse Betting » Kentucky Derby Betting

Betting on horse racing has evolved with the information age. After the revolutionary introduction of pari-mutuel wagering at American tracks in the early 20th century, there was little change for decades regarding the typical options for the horseplayer. Most races offered only win, place and show horse betting and racing fans understood these bets as synonymous with the sport itself. Over time, exotic wagering such as the exacta and trifecta became more popular, but even into the 1980’s combination bets were still available on only a few select races per card.

Nowadays, the wagering landscape bears little resemblance to that which existed twenty years ago and the explosion has been most significant in the last ten. A horseplayer can place a bet at a racetrack, an off-track facility, or with increasing frequency, via the internet. Through simulcasting, bets can be placed on nearly any live race being run around the country and often around the globe.

Players can select from a number of bet types on nearly any race: win,  place,  show,  exacta,  trifecta,  superfecta,  double,  pick-3,  pick-4,  pick-6 and on some special events, head-to-head propositions. There is an ever-increasing opportunity to score a big payoff on the juicy multi-horse and multi-race bets and it’s easy to get caught up in the chase for horse gambling glory.

But no matter the size of your bankroll, or your aspirations, it’s important to take the time before every trip to the window (real or virtual) to be sure that your wagering strategy is sound. Countless words have been written about handicapping, but significantly fewer have devoted to the art and science of betting. This column will not cover every possibility, but it will put the focus on placing the correct bet for you in every circumstance. Of course, that means something different for each level of horseplayer.

Kentucky Derby Betting Type of Bets

Beginners

As a novice horseplayer, the most important thing to be aware of is the correct manner of placing a bet. If you are watching the races live at the track, there are teller windows that you can approach to place your bet. Be prepared before you reach the window and speak as clearly as you can. What you’ll need to say is:

1. The track: this isn’t absolutely necessary if you’re attending live racing, because the teller will generally default the home track as the one you are betting on. But it is an excellent habit to always say the name of the track that is hosting the race you are betting on.

2. The race number: every track runs many races a day, and you may have accidentally skipped ahead. Always double-check the race number at the top of your program.

3. Amount to bet: Win, Place and Show require a $2 minimum. Most exotic eagers allow a $1 unit bet if you are selecting multiple combinations.

4. Type of bet: there are many options. As a beginner, you should focus on the simplest ones and try the others as you grow more comfortable with the process. The most common types of single-race bets are:

• Win: select one horse to finish first
• Place: select one horse to finish first or second
• Show: select one horse to finish first, second or third
• Exacta: select two horses to finish first and second
• Trifecta: select three horses to finish first, second and third
• Superfecta: select four horses to finish first, second, third and fourth

The multiple-horse bets must be selected in the exact order of finish. You may opt for a “box”, which is a bet on each combination of the horses you select, or a “key” or “wheel”, where you select one horse to win and multiple horses to fill the other places.

Sometimes you can wager on the Derby Horse Racing winners of several races in succession:

• Daily Double: select the winners of the next two races
• Pick-3, 4, 5 or 6: select the winners of the next 3, 4, 5 or 6 races.

5. Program number of horse(s): finally, you’ll say the number of the horse or horses you have selected. Keep in mind that horses that are part of an entry (for example, 1 and 1A) are part of the same betting interest –if you like 1A, say “1” when placing your bet.

Examples of correct wagering:

“Churchill Downs, ninth race, five dollars to win on number six”. You will have one bet and it will cost five dollars.

“Belmont Park, seventh race, two-dollar exacta box, numbers three, four, and eight”. You’ll have six bets – one for each two-horse combination of the three horses you selected and it will cost twelve dollars.

Remember, be prepared, speak clearly and if there are people behind you in line, don’t engage in small talk. It may be friendly to joke with the teller, but that would be very unfriendly to everyone who is anxious to place bets on time.

Automated and Online Betting: Most racetracks and wagering facilities have a number of automated wagering machines, which accept currency, winning tickets and vouchers and eliminate the face-to-face exchange in the betting process. Internet sites that accept wagers feature templates that are similar to the automated machines. Experienced users often find automated wagering to be more efficient, especially when making a number of complex bets at once. But beware of the key-press: when it comes to betting, it is much easier to make a mistake with your fingers than it is with your mouth. Be sure to keep the basic steps in mind and review the parameters of your wager on the screen before confirming the bet.

Advanced Players

As you become a more seasoned horseplayer, your focus will shift quickly from how you are placing a bet to what kind of bet you are placing. If you have taken the time to handicap a particular card, you have noticed the unique characteristics and conditions of each race. Hopefully you have a good handle on the most likely outcomes and have identified both the best horses and the best value opportunities. You probably have a preferred horse betting style, but regardless of what that is, there are a few “advanced fundamentals” to remember:

1. Your level of investment in every race should reflect your confidence. Many bettors set guidelines for what proportion of their bankroll should be allocated to a race according to how strongly they feel about their selections. This feeling may take the form of a return-on-investment calculation, or simply a subjective categorization. A common mistake is being lured into making “saver” bets or covering more exotic combinations than you originally planned and sinking a disproportionate amount of money into a race you were lukewarm on to begin with.

2. Watch the 2011 Kentucky Derby betting odds and choose the type of bet most appropriate for each race. The goal of any serious horseplayer is to maximize profit. Multiple-horse and multiple-race combination bets are alluring, but perform the due diligence of crunching the numbers before bypassing simpler bets.

3. Remember your competition. The structure of pari-mutuel wagering pits horseplayers against each other and you must be aware of what your opponents are thinking. In this way, playing the races is much like Texas Hold’em poker: it’s a game of shared, yet incomplete information; you make bets in response to your opponents’ actions and you have to gauge your opponents’ level of understanding in each situation. If you believe you have information that others do not, it’s much more valuable than an “insight” that jumps off the past performance page. Your job is to examine the odds and figure out if the others know what you know.

Above all, bet smart and with money you can afford to gamble with. Many serious players scoff at that word and characterize their play as “investing”. If you are a proven winner, I agree with that assessment. But let’s face it: when the gates open and it’s out of your hands, there is no doubt about it – the gamble is on.

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