The race for Triple Crown glory will kick off May 2 with the Kentucky Derby.

A Bettor's Guide to the Kentucky Derby

Do you have your game on? We've got you covered - from understanding the odds to the track's special conditions.

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    NEWSLETTERS

    AP
    Jockey Victor Espinoza stands up on American Pharoah after winning the $1 million Arkansas Derby horse race at Oaklawn Park in Hot Springs, Ark., Saturday, April 11, 2015.

    Fancy putting down a wager on the Kentucky Derby but don't want to look like a novice when you place your bet?

    American Pharoah remains the current favorite to win the Run for the Roses on May 2 (watch it live on NBC from 4 p.m.) with odds of 2:1, with Dortmund (9:2) and Carpe Diem (7:1) also heavily favored. Last year's winner, California Chrome, entered the race as the favorite at 5:2.

    American Pharoah has won both the Rebel Stakes and the Arkansas Derby so far in 2015, with Dortmund having picked up victories in the Robert B. Lewis Stakes, the San Felipe Stakes, and the Santa Anita Derby. Carpe Diem is coming off wins in the Tampa Bay Derby and the Toyota Blue Grass.

    For all you inexperienced bettors out there, here's a quick guide to betting on the Kentucky Derby that'll have you sounding like a serious handicapper by the time American Pharoah approaches the starting gate.

    DECODING THE LINGO

    Odds-on many racing newcomers may not know what the odds actually mean. Whenever there are two numbers (e.g., 2:1 for American Pharoah at time of writing) displayed on a tote board at a racetrack or on a list of wager options, the first number (2) denotes the minimum amount of profit the wager will pay. The second number (1) is the amount you need to wager to win the first amount.

    Once the final finishing places of a race are official, the track will post the prices of the winning wagers. In the above example, the horse will pay $2. The track will then add the $2 profit and the $1 wager together to derive the payout: $2 + $1 = $3. Dortmund at 9:2 would therefore pay $11 on a $2 bet.

    If a horse is quoted with only a single digit, it is implied that the missing second number is a 1. In other words, a 7 on the tote board means 7:1. So if you made a $2 wager, a bet on a horse with 7:1 odds would pay $16. That's because 7:1 is the same as 14:2, so $14 + $2 = $16. (In betting on horse races, payouts are generally based on a $2 wager.)

    Now that the odds makes sense, it’s time to decide the type of wager you want to make. Here are some of the most popular bets:

    Win Your horse must finish first to collect.

    Place Your horse must finish first or second to collect.

    Show Your horse must finish first, second or third to collect.

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    Exacta You play two horses, and they must come in first and second in the exact order specified in order to collect.

    Exacta Box You play two horses, as above, but here they must come in first and second in either order to collect.

    Trifecta You play three horses, and to win, they must come in first, second and third in exact order to collect.

    Trifecta Box You play three horses, and they must finish first, second and third in any order to collect.

    Superfecta You play four horses, and they must come in first, second, third and fourth in exact order.

    Superfecta Box You play four horses, and to win they must finish first, second, third and fourth in any order.

     

    SPECIAL CONDITIONS

    But novice bettors need to take into account more than just the odds for the Kentucky Derby. To further boost your chances of making a winning bet on May 2, you should also consider the following:

    Distance: The Kentucky Derby is run over a distance of a mile and a quarter. Some horses are bred for distance and are usually better candidates than one without a lineage of success at long races that place a premium on endurance.

    Weather/Track Condition If there is a chance for bad weather and/or an off track, it’s essential to consider that when handicapping the race. To measure a horse’s ability in this type of race, take a quick look at his past performances, and see if he has any experience on a muddy or sloppy track.

    Coverage of the 141st Kentucky Derby will air live Saturday May 2 starting at 4:00 p.m. ET on NBC.