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Although horse bettors at Kentucky Derby loathe a high takeout, it is one of the reasons that horse racing has been able to survive and thrive throughout the 20th century when governments would prohibit other forms of gambling. As we eluded to above, the parimutuel system has its upsides and downsides. One of the biggest liabilities for horseplayers is the reduction of big payout longshots. Simply put, if a lot of people bet on Kentucky Derby or any race longshot at the horse track, it ceases to be a longshot.
At the Kentucky Derby horse track, your payout on a longshot depends on what happens at the betting window up until race time. A player in the sports book has to lay 11 to 10 for most straight bets. In fact, many advanced betting concepts are designed to minimize the impact of the takeout. As a beginning player, you should just focus on making good Kentucky Derby bets, but the takeout percentage is still important to keep in mind. The tote board at the racetrack might not seem like much in the digital era but its development in the early part of the 20th century revolutionized horse racing.
Before the advent of the tote board, the calculations of winning horse bets required manual computation and that could be a time-consuming process. George Julius, an Australian engineer, developed the first all mechanical tote board in the early s with the first unit installed at Ellerslie Racecourse in New Zealand in It would be a couple of decades before the first tote boards came to the United States, first at Hialeah Park, Florida and Arlington Park outside of Chicago Today, virtually all tote boards have been replaced by computers running specialized wagering software displayed on LED screens.
When tote boards first started to become popular it allowed the advocates of horse racing to make a new argument to counter concerns of corruption by civic and religious leaders. This position may be of dubious logic to say the least, but it was surprisingly effective in helping horse racing gain traction across North America during the 20th century. The tote board is still the primary data center for the horse racing enthusiast.
To be sure, there are plenty of other sources of horse racing and handicapping data today, but the tote board remains the focal point of the horse racing experience. Regardless of how you bet, this is the essential information:. The information listed above is in the correct order for calling a bet at the track. It would sound like this:. It helps to write down your wager before you head to the window. Once you get your tickets, quickly look at them to make sure everything is right.
If you catch a mistake at the window, it can be corrected. And tip your ticket writer, especially if you hit a big score. The organization of online horse betting sites is usually in the same order as above—track name first, then race number.
Note that the information above is for any straight bet win, place or show. Kentucky Derby bets are usually divided into two categories—straight bets and exotic bets. As the name implies, straight bets involve wagers on a single horse in a single race to either win or finish near the front of the field. Exotic bets involve either multiple horses in a single race or one or more horses in multiple races. If the horse you bet on wins, you cash your ticket. As far as placing a win bet goes, the example we used above is appropriate here:.
That amount is then divided by the amount wagered on each horse to determine actual payouts. These concepts apply to sports betting moneylines and point spreads as well. Another point worth mentioning here—North American tracks quote odds as fractions but tracks in the rest of the world usually quote them as decimals. In some cases, the betting odds on a favorite horse at Kentucky Derby will be less than even money.
So our profit on this bet is. American Pharoah won the race and cashed all three straight bet types win, place and show. Firing Line finished second and cashed place and show bets. There are exceptions and the Kentucky Derby was one of them. American Pharoah went off as a favorite while Firing Line was Takeout at Churchill Downs is The race track, race book or online betting site will do the math for you. Then subtract the amount of money wagered on your horse plus the highest amount of place money bet on another horse.
This will give you the place pool profit:. There are a number of ways to use these calculations for handicapping. Exotic bets are the exception to that rule and are a relatively modern addition to the horse racing menu. That has changed dramatically to the point that today exotic wagers comprise around 70 to 75 percent of the horse racing handle. One reason for the explosion in exotic wager options is competition.
Throughout most of the 20th century, there were few gambling options to challenge the dominance of horse racing. Florida had a few jai alai frontons, Nevada had casino gambling and there were plenty of illegal bookmakers throughout the country. But as far as legal betting options were concerned, horse racing was just about the only game in town. When the legal gambling market started to expand players not only had options for where to spend their betting dollars but a variety of new wagering opportunities that offered big payouts for small investments.
They flocked to sports betting parlay cards, networked progressive slot jackpots like Megabucks and big dollar, multi-state lotteries such as Powerball. The popularity and high hold percentage of big jackpot bets was not lost on horse racing who had a perfect product for this type of wagering. As the years progressed, the sport would continue to add new bet types with longer odds and bigger payouts to keep up with the massive expansion of other forms of gambling in the North American market.
This is a very good comparison—in both cases, a player must successfully pick more than one outcome to cash a ticket. The more correct outcomes offered in a specific bet means longer odds but a larger payout for the successful handicapper. A vertical bet eg: exacta or trifecta requires the bettor to pick the top finishers in a specific race in the correct order. A horizontal bet requires the player to pick the winner of a set number of races. The daily double is a horizontal bet but bets involving as many as six or seven races are common today.
Many of these bets are known by other names in various parts of the world. EXACTA: The exacta is the most popular multi-horse vertical wager and requires the bettor to pick the first and second place finisher of a race in correct order. Using the example above, lets say you like horses 8, 3 and 6 but are unsure about their order of finish. One strategy in this situation is to bet every permutation of all three horses in the win and place spot.
This is called a box and the term is common to all exotic wagers. Another common exotic strategy is the wheel. In an exacta wheel the player will have one horse that he likes to win the race. He then pairs that horse with every other horse in the field in second place to cover every exacta scenario. This bet would be called:. Then, Thursday the NFL begins. That amount is expected to be cut significantly if the state's books do not offer pari-mutuel wagering. Skip to navigation.
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The dispute has now extended to the final days ahead of the Kentucky Derby and is adversely affecting anyone looking to wager on perhaps the biggest sporting event outside of the Super Bowl or March Madness. I am shocked that during these pandemic times, we are facing an issue of this magnitude to a gambling industry teetering on the brink of financial despair. However, here we are today. As an alternative to the disagreement, Las Vegas bookmakers were given the go-ahead to begin making preparations to book the Kentucky Derby at each individual sportsbook property.
Late Thursday, Gaming Today reported that the Nevada Gaming Commission ruled that sportsbooks can book their own bets on the race as oddsmakers did before the implementation of pari-mutuel wagering in Nevada. This is absolutely terrible news for horse racing bettors in the state of Nevada looking forward to being in Las Vegas on September 5.
Nevada books would have the ability to cap exotic bet payouts based on house rules. If sports bettors balk at payout limits, which they rightfully should, many will look to utilize outlets specializing in horse racing betting outside the state. The first guest to grab the correct item for each card wins a fake dollar of your design, which can be used in other party games, or the person with the most can win a derby related prize. This game from Celebration Ideas Online is a lot of fun and gets guests feeling like they are actually at the Kentucky Derby.
It takes some planning, research, and prep beforehand, but it will be so worth it. The game is a more passive one, so your guests can participate at any time while they wait for the derby to begin. As guests arrive, they are each given three fake dollars and instructed to write their names on the backs of their dollars.
Tell the guests these dollars are for the betting table, and all bets need to be placed before the race begins. Inside, you will have set up a table with ballot boxes on it, one for each horse and labeled as such.
At their leisure, guests can place their fake dollars in whichever ballot boxes they wish. Just before the derby begins, announce that the betting table is closed and no more bets will be accepted. By this time, your guests will all be interested in the derby, and will likely cheer on the horses as the race progresses. Once it is over, divvy out the winnings according to the real race. The staple drink of the Kentucky Derby is the mint julep, which contains bourbon.
Make sure you stock up on alcohol for this game, or ask everyone to bring a bottle of their own to share. Sometimes the song seems to go on for quite a while, and sometimes it actually does. Gather up your guests that want to participate in this drinking game and grab your stop watch. Start your stop watch when the song begins, and every thirty seconds, have everyone take a shot.
In a few minutes, you may forget to check if the song is still playing. This game from Cleverly Inspired requires a lot of prep. Thankfully, the creator of this game made printable aides to get everything set up, so definitely visit the website. This derby game is a sort of board game and only allows six players at a time, as it relies on dice for the game piece movements. If you want to make a few of these games so all of your guests can play, feel free.
After assembling the board game and pieces, have up to six players roll a die to see which jockey piece, which is really a shot sized red solo cup inverted and decorated with colored jockey and horse cutouts and numbered , they will be. Have them take their marks on the game board, which has six columns, one for each jockey, and at least twelve intersecting rows, representing spaces to move to reach the finish line. Everyone antes in one fake dollar.
The numbers the dice show indicate who moves and how many times. So if the dice showed three sixes, jockey six would move three times. All six dice are moves for each corresponding jockey number until one reaches the end, winning the ante pot.
Players take turns rolling until there is a winner.
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Get Backyard Bookie for your Derby party today! Product Info. Order Now. Product Tour. Late Thursday, Gaming Today reported that the Nevada Gaming Commission ruled that sportsbooks can book their own bets on the race as oddsmakers did before the implementation of pari-mutuel wagering in Nevada.
This is absolutely terrible news for horse racing bettors in the state of Nevada looking forward to being in Las Vegas on September 5. Nevada books would have the ability to cap exotic bet payouts based on house rules. If sports bettors balk at payout limits, which they rightfully should, many will look to utilize outlets specializing in horse racing betting outside the state.
We always advise here at SI Gambling to shop around for the best numbers on games. In this instance, it involves shopping around for the best outlet that will pay out the monetary returns bettors rightfully deserve! Many, if not all are offering attractive sign-up promotions ahead of the Derby! As an avid horse handicapper, I can not advocate strongly enough the value associated with pari-mutuel payouts on exotic wagers.