For anyone that is new to horse racing, you may ask why win bets are so popular for the Kentucky Derby. Although they are simplistic in nature, a brief overview of legal horse betting brings this paramount wager into focus. Along with the large crowd that gathers at the race each year, the amount of money you can win for one dollar is astounding.
Amazing stories behind a simple wager
When searching online for win bets, many people are looking for a one of a kind story that occurred in the recent past. For the 2010 Kentucky Derby’s win bet, the payouts were only $18. However, this story has a twist that involves a simple win bet payout and one lucky ticket holder.
In 2010, MSNBC decided to throw a sweepstakes in honor of the Kentucky Derby and awarded $100,000 to Glenn Fullerton. Called the Derby Dreambet, Fullerton went on to put that $100,000 prize money on a win bet for the Kentucky Derby. In the end, Fullerton walked away with over $900,000 for his wager on winning horse Super Saver.
Obviously, learning about win bets pays off.
What is a win bet?
When you start out with horse betting, one of the very first wagers that you will place will be called the win bet. Simply put, it is the bet for first place. When you only have ten horses in a race, it can be easy but to pick the right one.
However, a race with 20 horses means you have more chances of getting it wrong. Although it is only $1 and a token way to enjoy a day at the racetrack, most bettors move on from the win bet. For those that abandon the win bet, they often do it because it is fun to think about doubling and tripling their winnings for a few additional dollars.
Who places win bets?
While it is a beginner’s move, the win bet is typically bought by advanced players also. Buying this ticket can be especially beneficial if the payout pool is high. For example, a race with nine horses has a one in nine chance of winning and this means a $1 risk is worth it already.
For this reason, many other bettors around the world can see that this is also going to be an easy win bet race to win. In these cases, the odds displayed online that reflect the payout pool can be very steep with the international pool.
How to place a win bet at a racetrack
If you are at the track and trying to place a win bet, you will walk up to the betting clerk’s window and say to the teller that you want $1 to win on the #16 horse. Alternatives to this basic style of wager would be place and show. To predict a winning horse, you can use the tote board that shows the odds that the racetrack has compiled.
If you go online to place a Kentucky Derby win bet, you will soon see that Churchill Downs encourages you to place your wagers online. This means you are not rushing to get your bet in before the Derby or trying to figure out a tote board without a payout calculator. Instead, you can place your bet into the same payout pool by using third party resources online.
When to place bets at the Kentucky Derby
Since there is a great deal of money to be won, the anticipation of placing a bet for the Kentucky Derby is high. Most people say they want to do this as soon as possible, but that is not necessarily a great idea. In order to place a win bet, you need to have know who is going to win. The closer you are to the day of the race, the more likely you will be to analyze which horse is best.
In general, you can start placing your bet when the nominations for the Kentucky Derby are announced about three weeks before the game. To stay on the safe side, a first time bettor should probably wait to place their win bet until a few days before the race.
Where to place win wagers
If you wait until the day of the race, you can spend most of the Kentucky Derby standing in line. Instead, you can save a lot of time by placing your bet in advance. Naturally, you can go to Churchill Downs and do it before Derby Day (the first Saturday in May) — or you can consider online options.
The Churchill Downs official webpage does not allow you to place an online wager at their website. Instead, they encourage you to use a third party source to place a win bet on the Kentucky Derby. These third party options are great for getting more for your payout. Instead of charging a takeout of up to 20%, most of these online gambling sites only take about 5% of your winnings.