2024 Kentucky Derby betting: How to bet on the Kentucky Derby with tips and strategies

The 150th Kentucky Derby is just around the corner. Arguably one of the most renowned sporting events in history makes its return to Churchill Downs this Saturday, and with it comes a flurry of sports bettors looking to get in on the fastest two minutes in sports.

The Run for the Roses is known for the sports betting culture that surrounds it. While heavy favorites and frontrunners often dominate the field in this historic event, the last two years have seen massive underdogs claim victory between Rich Strike (2022) and Mage (2023). The payout that comes with an underdog taking the win can entice some bettors into putting money on a similar result this year. However, it's often smarter to bet on the favorites. Prior to 2022, the previous eight winners had all been favorites or near-favorites.

You also don't have to bet on just one horse though. If you'd like to hedge your bets, betting on multiples horses can give you a little more leeway at a slightly higher payout. Of course, that is often a luxury most people cannot afford. So, whether you are a returning Derby bettor or a first timer looking for some excitement this weekend. Here is how to bet on the 150th Run for the Roses.

2024 Kentucky Derby: Post positions are set. Here's where each horse landed

Where to bet on the 2024 Kentucky Derby

A few sportsbooks will allow some form of betting on the esteemed race. The one that dominates the scene every year is FanDuel, which has options for bettors through its sportsbook and Racing App in 29 states.

Looking to bet: Wager on the Kentucky Derby with FanDuel

Strategies for Kentucky Derby betting

Betting on just one horse in a field of 20 is often not the best bet. Other strategies you could employ include vertical and/or horizontal wagers.

A vertical wager involves trying to predict the correct order in which certain horses finish. There are several different versions of this wager, including a Super High Five, where you must predict the correct order of the top five horses in the race. These are obviously very difficult to pull off, but have massive payouts if you're looking for a home run.

Horizontal wagers involve betting on multiple races. If you're looking to make a whole day out of betting on the races at Churchill Downs, then perhaps a horizontal wager would be the way to go.

Who are the favorites in the Kentucky Derby this year?

Per CBS Sports, the favorite in this year's race is Fierceness at 5-2 odds. Nipping at Fierceness' heels is Sierra Leone at 3-1. On some sites, Leone has the better odds than Fierceness, but the latter appears to be the consensus favorite.

Following those two, it's a steep drop to Catching Freedom at 8-1. Only two other horses – Forever Young and Just a Touch – even have 10-1 odds of winning.

Full Odds:

Odds via CBS Sports, as of Wednesday, May 1.

• Fierceness (5-2)

• Sierra Leone (3-1)

• Catching Freedom (8-1)

• Forever Young (10-1)

• Just a Touch (10-1)

• Dornoch (20-1)

• Mystik Dan (20-1)

• Just Steel (20-1)

• Honor Marie (20-1)

• Track Phanton (20-1)

• Stronghold (20-1)

• Resilience (20-1)

• Catalytic (30-1)

• T O Password (30-1)

• Endlessly (30-1)

• Domestic Product (30-1)

• Epic Ride (30-1)

• Grand Mo the First (50-1)

• Society Man (50-1)

• West Saratoga (50-1)

2024 Kentucky Derby Field: horses and odds

How to watch the 2024 Kentucky Derby:

When: Saturday, May 4, 2024

Where: Churchill Downs in Louisville, Kentucky

Time: 6:57 p.m. ET; 3:57 p.m. PT

Coverage starts: 2:30 p.m. ET

TV: NBC; USA TV Network

Stream: NBC Sports app; Peacock

Watch the race: Stream the 2024 Kentucky Derby with a Peacock subscription

We occasionally recommend interesting products and services. If you make a purchase by clicking one of the links, we may earn an affiliate fee. USA TODAY Network newsrooms operate independently, and this doesn’t influence our coverage.

Gannett may earn revenue from sports betting operators for audience referrals to betting services. Sports betting operators have no influence over nor are any such revenues in any way dependent on or linked to the newsrooms or news coverage. Terms apply, see operator site for Terms and Conditions. If you or someone you know has a gambling problem, help is available. Call the National Council on Problem Gambling 24/7 at 1-800-GAMBLER (NJ, OH), 1-800-522-4700 (CO), 1-800-BETS-OFF (IA), 1-800-9-WITH-IT (IN). Must be 21 or older to gamble. Sports betting and gambling are not legal in all locations. Be sure to comply with laws applicable where you reside.

This article originally appeared on USA TODAY: 2024 Kentucky Derby: How to bet on the 150th Run for the Roses