Fancy setting down a bet on the Kentucky Derby, airing live on NBC Saturday, but don’t wish to look like a newcomer when you place your wager?
For all you inexperienced bettors on the market, here is a quick guide to betting on the Kentucky Derby that will have you sounding like a severe handicapper by the time Justify, Vino Rosso and Audible approach the starting gate.
DECODING THE LINGO
Odds-on many racing novices may not know what the odds actually mean. Whenever there are two amounts (e.g., 16:1 for Vino Rosso at the time of writing according to VegasInsider.com) displayed on a tote board at a racetrack or on a list of wager alternatives, the first number (16) denotes the minimum amount of profit the bet will cover. The next number (1) is the amount you need to wager to win the very first amount.Once the final finishing places of a race are official, the track will bill the costs of this winning wagers. In the above example, $16 will be paid by the horse. The course will then add the $16 profit and the $1 wager with each other to derive the payout: $16 + $1 = $17. Lone Sailor at 50:1 would therefore pay $51 on a $1 bet.
If a horse is quoted with just a single number, it’s implied that the missing second number is a 1. In other words, a 7 on the tote board means 7:1. Therefore, if you made a $2 wager, a bet on a horse using 7:1 chances would cover $16. That is because 7:1 is the same as 14:2, so $14 + $2 = $16. (In betting on horse races, payouts are usually based on a $1 bet.)
Now that the chances makes sense, it’s time to determine the type of bet you want to create. Here are some of the most popular bets:
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Win Your horse must finish first to accumulate.
Set Your horse must finish first or second to accumulate.
Prove Your horse must finish first, second or third to collect.