The Kentucky Derby is a popular sport worldwide with people from all walks of life desiring to make close follow up of the event. Enthusiasts of the sport also find fun by making bets to earn some extra income as they are enjoying their favorite sport. Although betting is risky, experts use some strategies such as the odds in determining their chances of winning. Te following are some tips on Kentucky Derby odds.

The Kentucky Derby has been held every year since 1875. The betting is done even months before the event is held. You will find the odds of the event even as early as 5 months before the event. Several sites start taking the bets of the favorite horses even before January and the event is held on first Saturday of May. However, it is not advisable to bet so early despite favorable odds since you might risk your money on a horse that will not even participate in the event.

The Kentucky Derby odds vary depending on the kind of bet you want to make. Examples of odds you will find include place, win and show. The win bet means that the horse is supposed to emerge victorious. The show bets means that the horse will either be first, second or third position. Place bets mean that the horse shall either be first or second position. It is sometimes difficult to determine the horse that shall take second position but in case you choose the correct one, the payment shall be attractive. It is imperative to understand that the odds can help you in determining a horsed that is likely to emerge victorious in Kentucky derby race since the oddmakers have observed and fund potential in it.

The horse racing odds can be found on the tote board. The odds are a representation of what you shall be paid in case you win. The odds of the favored horse have bad rewarding while on the other hand the unfavored horse has odds promising good returns. For instance, the favorite horse can have odds such as 5:3 while a nonfavorite can have odds such as 20: meaning that you shall be paid $20 for every $3 wagered.