When asked to name a horse race, a sports enthusiast is likely to mention the Kentucky Derby. Dubbed as “the most exciting two minutes in sports,” the Derby is the most well-known horse race in the United States. Taking place annually on the first Saturday in May at Churchill Downs Racetrack, three-year-old thoroughbreds compete in a mile-and-a-quarter race. This guide will help you prepare to place a bet on the Kentucky Derby, also known as “the run for the roses.”

How to bet on the Kentucky Derby in Illinois

You don’t have to be at Churchill Downs Racetrack to join in the festivities. Horse racing fans in Illinois can bet on the Derby through advance deposit wagering (ADW) platforms. These platforms let you enjoy horse betting from your computer, tablet, or phone. Getting started is easy if you are legally allowed to gamble.

Signing up for an Advance Deposit Wagering (ADW) platform such as TVG is a fast and easy process that can be completed in just a few minutes. All you need to do is input your name, address, bank information, and date of birth, then click on the “Complete Registration” button at the bottom of the page. Additionally, many ADW platforms offer promotional codes when you sign up that will match your initial deposit.

Once your account is set up, you can deposit funds for betting in various ways. In Illinois, TVG allows you to load your account with e-checks, credit/debit cards, PayPal, MoneyPak, a TVG prepaid card, or PayNearMe.

After you have made a deposit into your account, you will be able to place a bet.

What happens if I win?

After winning a bet, your profits will be deposited into your account once the race finalists are confirmed. Once the funds are available, you can request a withdrawal, which can be done electronically or by receiving a check in the mail.

What bets can I make on the Kentucky Derby?

Every racetrack provides a wide range of betting options for every race, ensuring that both beginners and experienced bettors will find something that suits their preferences.

If you want to concentrate on one horse, you have the option to bet on win, place, or show. A win bet pays out only if your horse comes in first. A place bet pays out if your horse finishes first or second. A show bet pays out if your horse finishes in the top three.

Exotic wagers, which are more complex bets, are also available for those looking to add an extra layer of excitement to their betting experience. These exotic wagers can be categorized as either “vertical” or “horizontal.” Vertical wagers are centered on a single race, with options such as an exacta requiring your horses to finish in first and second place, and a trifecta requiring them to finish in first, second, and third place.

Superfectas and hi-five bets have become more popular, allowing bettors to wager on the fourth and fifth place finishers with lower minimum bets for more combinations. To increase their chances or hedge their bets, bettors can “box” a group of horses, buying all possible combinations involving those horses. This strategy requires a larger investment but offers greater coverage and is considered a safer betting method.

At the same time, horizontal exotic bets focus on multiple races in a row. The Pick Six is the most well-known of these bets, where bettors must accurately pick the winners of six consecutive races, often requiring the expertise of a handicapper or a group of handicappers.

In recent years, Pick Four and Pick Five bets have gained popularity. They typically have a minimum bet of 50 cents, which allows for more coverage in specific areas. Horizontal exotic bets, including doubles and Pick Threes, only require two or three winners. If you prefer horses in multiple races close together, these bets may be the most suitable option for you.

How odds work in horse racing

Pari-mutuel betting in horse racing establishes the odds, with bets from all participants combined into a pool. Winners receive the majority of the pool, while a percentage, referred to as the takeout, is retained by the track.

You have a greater chance of winning more money when your horse is considered an underdog and performs well. An example of this is the 2009 Kentucky Derby, where Mine That Bird, a horse not favored by many, won the race. The betting odds for Mine That Bird were 50-1, meaning a $2 wager on a win would return $103.20. This was the largest payout since Donerail’s victory in the 1913 Derby.

In a recent event, the disqualification of Maximum Security in 2019 during the Derby resulted in the unexpected victory of 55-1 underdog Country House. Bettors who had placed their bets on Country House had to endure a nerve-wracking 22-minute stewards’ inquiry, but their patience paid off when Country House was declared the winner and they received a payout of $132.40. This disqualification was a historic first in Derby history due to interference with several horses around the far turn.

Alternatively, if your horse garners substantial public backing, it may be seen as a top contender with a higher chance of winning. Yet, the potential payouts could be lower due to certain betting options. For instance, in the 2020 Derby, Authentic was a frontrunner before the race and had the third-best odds at 8-1. Despite this, Authentic’s win only paid out $18.80. Nonetheless, he leveraged his Derby victory to triumph in the Grade 1 Breeders’ Cup Classic two months later.

You can bet on Thurby and more

The Kentucky Derby is the pinnacle of a racing celebration in Kentucky. Typically, a lineup of high-stakes races kicks off the festival on the Friday of Derby week. However, in recent years, the Thursday races have gained importance, with some fans dubbing it “Thurby.” You can even wager on these races through your ADW.

The Kentucky Oaks, a key event on Friday’s program, is known as the female counterpart to the Kentucky Derby for 3-year-old fillies. Like the Derby, the winning horse is awarded a garland of lilies instead of roses and celebrated in front of a roaring crowd of over 100,000 fans at Churchill Downs. Attendees often dress to impress in their most fashionable attire, with the color pink being a popular choice throughout the event.

The Oaks is well-known for producing top female horses in recent racing history. Swiss Skydiver finished as runner-up in the Oaks in 2020, but went on to defeat Authentic in an exciting Preakness Stakes at Pimlico. Monomoy Girl won the Preakness in 2018 and has also triumphed in two Breeders’ Cup Distaff events. In 2009, Rachel Alexandra, a Hall-of-Famer, won a race by over 20 lengths without giving her full effort. She then went on to beat male competitors in the Preakness, Haskell, and Woodward races, earning her the title of Horse of the Year.

The road to the Kentucky Derby

Securing a spot in the esteemed Kentucky Derby is a challenging task that requires careful planning and dedication. Preparation typically starts months in advance, sometimes even before the horses turn 3 years old. The participants in the Derby earn their spots through a points system that rewards victories or top finishes in important races leading up to the main event during the winter and spring seasons. This system ensures that only the most deserving contenders have the opportunity to compete in the prestigious race.

Winners of races like the Santa Anita Derby, Arkansas Derby, Florida Derby, Blue Grass Stakes, and Wood Memorial automatically qualify for the Kentucky Derby. The recent champions of these races have been performing well, resulting in their odds being surprisingly low. Interestingly, from 2013 to 2018, the favorite for the Kentucky Derby has consistently won the race each year.

Points are also offered in stakes races dating back to September. Among these races are well-known events for young horses, such as the Breeders’ Cup Juvenile. This particular race is widely regarded as the premier competition for 2-year-olds in North America and often plays a significant role in determining the winner of the Eclipse Award for the top 2-year-old male in the country.

Only two Juvenile race champions have gone on to win the Derby the following year. Street Sense accomplished this in 2007, one of jockey Calvin Borel’s three Derby wins in four years. Nyquist, meanwhile, won the 2015 Juvenile and entered the 2016 Derby with a perfect record. He extended his winning streak to 8 races by winning the Derby, but did not win again before retiring to stud later that year.