Kentucky Derby betting guide: How to read the odds, understand the lingo and bet smart

The 150th Kentucky Derby is Saturday, but you can still place a bet—whether you choose to do it online or at the betting window at a racetrack.

If you’re new to the experience, it can be difficult to wrap your head around the dizzying deluge of ever-changing odds and horse racing jargon.

Luckily, we’ve got you covered with a breakdown of key terms and a guide to parsing the odds. Here’s what to know.

Understanding horse racing odds and payouts

Before placing a bet, it’s important to understand how to read a horse’s listed odds.

As explained by TwinSpires, the official wagering arm of Churchill Downs, when horse racing odds are shown in the form of 7-2 or 5-1, as an example, it’s conveying the amount of profit to be made in relation to the amount invested.

If the odds for a horse are 7-2, it indicates that for every $2 you bet, your potential return would be $7. So when you bet $2 and win, your total winnings are $9 ($7, plus your $2 stake you get back).

When a horse is at 1-1, it’s $2 profit for every $2 invested, meaning you win $4 total if your bet is successful. Finally, if a horse is at 1-2 odds, there’s a possible profit of $1 for every $2 you bet, with a total return of $3.

You should also understand when it comes to wagers on horse racing, the odds are not fixed. Horse racing uses parimutuel betting, meaning the bettors are wagering against each other rather than the “house,” which instead acts as a broker or intermediary to facilitate the bets.

Instead, the odds in horse racing are shaped by the bettors. They are determined by the amount of money bet on each horse relative to how much is bet on every other horse.

The more money the public bets on a horse, the lower the odds will be. It also follows that the odds will fluctuate ahead of the race depending on the whims of the bettors. The favorite horse is the horse with the most money wagered on it, not necessarily the “best” horse.

Here’s a look at each horse’s starting odds as of May 1.

Betting Basics: Straight and exotic wagers

Whether you plan to bet in-person at one of Kentucky’s racetracks or use your smartphone to place a bet online, you’re likely to encounter some familiar terms again and again.

There are many different types of bets you can make ahead of or during the Derby, but the wagers can generally be sorted as either straight or exotic.

For starters, there’s the basic straight wagers, which include the following:

• Win: You bet on a horse you believe will finish the race first.

• Place: You bet on a horse that will either finish first or second.

• Show: You bet on a horse to finish first, second or third.

Straight wagers are the most straightforward and generally come with less risk.

When someone bets “across the board,” they bet all three outcomes. Under this type of wager, you’ll get a payout if your horse wins, comes in second or finishes third. It’s one of the safest bets you can place, with the trade-off being the payout is among the lowest.

By comparison, exotic wagers are much more enticing at the price of being riskier bets. These include:

• Exacta: You pick two horses and bet they will finish first and second in the exact order.

• Trifecta: Bet on three horses to finish first, second and third in that exact order.

• Superfecta: Bet on four horses to finish first, second, third and fourth in that exact order.

• Super Hi-5 or Pentafecta: Correctly select the horses who will be the first five to cross the finish line in the exact order.

• Quinella: The two horses you select must finish first and second in either order. (This type of bet is not widely available.)

• Double: Correctly pick the winner of two consecutive races

Should you encounter any other unfamiliar horse racing terms, several glossaries are available to look at online.

Remember to bet responsibly. If you do plan to bet, set a budget and stick to it.

If you or a loved one have a loved one have a gambling problem, help is available. Call the National Problem Gambling Helpline at 1-800-GAMBLER.

Got a question about the Kentucky Derby or a story idea for our service journalism team? Send us an email at ask@herald-leader.com or submit your comments with the Know your Kentucky form below.

This story was originally published May 2, 2024 at 2:46 PM.

Aaron Mudd

Lexington Herald-Leader

Aaron Mudd was a service journalism reporter for the Lexington Herald-Leader, Centre Daily Times and Belleville News-Democrat. He was based at the Herald-Leader in Lexington, and left the paper in February 2026. Support my work with a digital subscription