Horse racing is one of the oldest sports events that made gambling famous among English countries way back in history. It was first popular in England before it spread across the world and became the favorite pastime for many people, especially in the US. The drastic improvement of technology introduced a new way of experiencing sports on a whole new level.
You can now watch and wager on your favorite horse in the comfort of your home with computers and televisions. Watching and betting on sports became more accessible. The arrival of online sportsbooks in the early 2000s made online sports betting the norm in sports betting nowadays.
The traditional way of betting, especially in horse racing like the Kentucky Derby, is through mutuel window with a live mutuel teller or through betting machines. Because of technology, online betting became possible. If you’re new to online betting and wanted to join the fun in this year’s Kentucky Derby, keep on reading to know more.
Choose a betting site
Betting sites are where you place your bets online. There are many gambling sites on different sports events today. Choosing a betting site is essential so you can put your chances. Furthermore, you will not be able to have the best betting experience unless you have the best odds that will give you anything in exchange.
That’s why avoid those betting platforms with such poor payouts that you won’t be able to make money off it. For the KY Derby Odds, there are three best betting sites available, with TVG ranking top one among the three.
Sign up and create an account
After choosing a betting site, it’s time to create an account. To create an account, you will need to provide the following details: your name, address, email, phone number, date of birth, last four of your social security number. After giving the following information, you will have to create a user name and a password for your account.
Before you can place a bet after creating an account, you will need to deposit money for you to use in placing a wager. Betting sites usually give discounts and promos on your first deposit and bets.
While betting sites do not charge you for making a deposit, just make sure you are aware of any fees that your bank may charge you for making deposits through your bank accounts, which they normally don’t do.
After creating an account and making a deposit, it is now time to join the fun. You can place your bet via the website or download the app, which is available on both iOS and Android. You can find all the races on TVG, and you can even watch them online on the website.
Know the different betting options
If you’re new to sports betting, there are things that you need to know first so you can bet wisely. One of these things is knowing the different betting options. Knowing these betting options will help you in formulating a strategy. There are various betting options you can choose from when betting on the Kentucky Derby. The basics of the basics are straight bets. Straight bets are the win-place-show bets. These bets are the traditional types of bets.
In a Win bet, you will have to pick one horse to be your winner. If it wins, you win. If it loses, you will lose too. Depending on what you request on the bet, the payoff will be decided by either the price you take or the final odds, and this is the perfect place to start for beginners who are just new to bet on horses.
Place and Show Betting
Place and show bet is another option where the possibility of winning is high, but the payoff is lower. Place betting has the advantage of covering your range finishing in two positions rather than just one, as win betting does.
This means you are instantly doubling your odds of winning, as your horse could finish in two different places for you to back a winner. On the other hand, the show bet is almost identical to the place bet, the only difference is it often pays out if the horse finishes in top three, while the place betting is if the horse finishes in top two.
Exotic bets are more challenging to win. That is why the payoff is high. Exotic bets are categorized into two, the Vertical (single-race exotics) and the Horizontal (multi-race exotics).
Vertical (single-race bets)
There are five types of bets in a vertical bet or single-race exotic: the Exacta Bet, Quinella Bet, Trifecta Bet, Superfecta Bet, and Super Hi-Five bet. An Exacta bet you will have to predict the first two finishers in the race in exact order the same with Trifecta bet, Superfecta bet, and Super Hi-Five bet.
The difference is that in a trifecta, you need to predict the first three finishers. In Superfecta, the first four finishers, and the Super Hi-Five bet are the first five finishers. And lastly, the quinella bet is like the exacta bet, but you don’t need to get the exact order.
Horizontal (multi-race exotics)
In a horizontal bet or multi-race exotics, there are also five types of bet, the daily double, pick 3, pick 4, pick 5, and the pick 6. These five work the same way. In daily double, you will have to choose the winner in two consecutive races, the same as the other four.
The only difference is that the wins you have to pick in consecutive races increases. For example, in pick 3, you need to pick three winners in three straight races and so on.
Betting on a horse racing event like the Kentucky Derby is another way for fans and bettors to experience the said sports event. If you are new to sports betting, betting on a horse racing event is suitable for beginners to learn the art of sports betting and have fun at the same time. You can use the information given above to guide you if you want to enter the sports betting fun.