How to Bet on the Kentucky Derby in 2023 (Horse Race Betting Explained)

Where and how to bet on the 2023 Kentucky Derby, including a full explainer for wagering on horse racing.
Where and how to bet on the 2023 Kentucky Derby, including a full explainer for wagering on horse racing. / ASSOCIATED PRESS

There's absolutely no doubt that the Kentucky Derby is the biggest horse racing event of the year. Even compared to the other Triple Crown races, the Kentucky Derby shines brightest.

That also means the 2023 Kentucky Derby will be the year's biggest event for wagering on horse racing, with many people brand new to betting getting in on the action.

Here's The Duel's full guide on how to bet on horse racing, especially the 2023 Kentucky Derby.

How and Where to Bet on the Kentucky Derby 2023

The absolute best place to bet on the 2023 Kentucky Derby is FanDuel, whether you're in a state that allows FanDuel to offer horse racing right through the FanDuel Sportsbook app or whether you're using FanDuel Racing and TVG.

There are plenty of reasons why, but the one we're sure you're most interested in is the generous Kentucky Derby promo offers available. FanDuel Racing and FanDuel Sportsbook will give you $20 back on your bet, while new TVG users get up to $200 back if their first bet loses.

The industry leader in sports betting, FanDuel also offers everything a bettor could want in terms of variety of wagers, deposit options and top-notch customer service.

Bet the Kentucky Derby With FanDuel Racing. dark. Bet Now

The steps to claiming an offer and placing your bet are simple:

  1. Click here to visit FanDuel's Kentucky Derby betting page, which will direct you to the appropriate place to bet in your state
  2. Sign up to automatically claim your bonus offer
  3. Place a wager on whichever horse you'd like
  4. Enjoy the excitement of watching the biggest race of the year with a bet on the line!

If you're brand new to betting on horse racing, some of the options may seem confusing and a little intimidating. We've got you covered there, too, with a guide on what you need to know about horse race wagering.

Horse Racing Betting FAQ

How do horse racing odds work?

The biggest difference between betting on horse racing and other sports is what happens when the odds move after you place your wager. In horse racing, you get whatever odds are posted for your horse when the race begins. That means if you wager on a horse with 5/1 odds in the morning but they move to 10/1 before the race, your bet will be valued at that 10/1 number. This contrasts with typical sports betting, which locks you in at the number you wager on regardless of any future movement in the betting line.

What are win/place/show bets in horse racing?

Win, place and show are essentially fancy words for first-place, top-two and top-three finishes. If you bet a horse to win, they need to finish in first place for your bet to win. That's pretty straightforward. If you wager on your horse to "place", that means you win if they finish first or second. And if you wager on a horse to "show", you will win if they finish first, second or third.

What is an exacta bet in horse racing?

An exacta bet is correctly picking which horse finishes in first place and the horse that finishes in second place, in exact order. Comparing this to traditional sports betting, it works a bit like a parlay betting on a specific horse to finish first and another specific horse to finish second.

What is a trifecta bet in horse racing?

A trifecta bet is just like an exacta, but your'e picking the exact order of the top three finishers. Again like a parlay in typical sports betting, this wager tends to have very long odds because you're combining three specific picks.

What is a superfecta bet in horse racing?

A superfecta bet is just going one step further than a trifecta — you're betting on the exact order of horses to finish in places 1-4.

What does it mean to box a horse racing bet?

To "box" an exotic horse racing bet (an exacta, trifecta or superfecta) means that you are betting every possible combination of that bet for the horses you select.

For example, if you "box" an exacta between the No. 1 and No. 4 horse, that gives you the two possible combinations of 1-4 and 4-1 finishes. If you're boxing a trifecta of No. 1, No. 4 and No. 6, that means you bet all the combinations of 1-4-6, 1-6-4, 4-1-6, 4-6-1 and 6-4-1.

Check out more Kentucky Derby coverage from The Duel: