Kentucky Derby Betting Odds and Bonuses 2023

The Kentucky Derby is one of the biggest dates in the US sporting calendar. Every year since 1875 the fastest three-year-old thoroughbreds in the country race over 1¼ miles at Churchill Downs in Louisville, Kentucky. 

Not only is the Derby one of the most popular sporting events in the US, but it’s also among the most bet-on weekends of the year - and we’ve got everything you need to know to gamble on the 2023 Derby right here.

When will the Kentucky Derby happen?

The 2023 Kentucky Derby will occur on Saturday, May 6, 2023, at Churchill Downs racetrack in Louisville, Kentucky. 

Traditionally, the Kentucky Derby happens on the first Saturday in May, with occasional exceptions like the 2020 Derby which took place in September due to the COVID-19 Pandemic.

2023 Kentucky Derby Odds and Contenders

The 2023 Derby is set out to be as hotly contested as every year, but one horse has the edge before the big day. Forte won the Florida Derby last time out and is priced at 5/2 to repeat the trick at the Kentucky Derby, the clear favorite according to advance odds:

• Forte is trained by Todd Pletcher, a two-time Derby winner already, and he has some other strong contenders in this year’s race too. 
• Tapit Trice is currently priced around 11-1:
• Kingsbarn, another Pletcher horse, is also at 11/1:

Some of the other top contenders are below:

• Derma Sotogake 13/1
• Practical Move 14/1
• Two Phil’s 21/1
• Reincarnate 24/1
• Angel of Empire 29/1

How do the Kentucky Derby odds work?

If you plan to bet on the 2023 Kentucky Derby, the odds on each horse will determine the payouts. Betting on horse racing in the US is predominantly pari-mutuel, meaning that the final odds of each horse are not fixed until betting closes - just before the race starts. 

All the bets of the same category (like to Place or an Exacta, for instance) are pooled, the house takes a cut, and the rest is paid out in wins to everyone who bet on the correct horse or horses. 

You can also place advance bets on the Kentucky Derby, known as futures pools. These work similarly, except the pool is open for a limited amount of time in the weeks or months before the race. The top racebooks offer multiple futures pools for races like the Derby. 

According to TwinSpires’ most recent futures pool, Forte is the favorite at 5/2. This means that a successful $100 bet on the horse would return a profit of $250.

2023 Kentucky Derby Expert Picks

Even though our team here has plenty of experience in the horse racing world, we can’t actually claim to be handicapping experts. So we’ve decided to spare you our picks and instead bring you a selection of opinions from some experts in the industry. 

Scott Shapiro

Scott is a Senior Racing Analyst for Churchill Downs and the Kentucky Derby. He’s going big on Todd Pletcher this year, picking the trainer’s three horses in first, second, and third. Somewhat surprisingly, though, Forte doesn’t get the nod for the win. Instead, Scott is picking Kingsbarn to win the 2023 derby, with Forte second and Tapit Trice third.

Kelly Reilly

Kelly has a stacked CV, having written for Brisnet.com, TwinSpires, NBC and KentuckyDerby.com. She’s picking Forte to get the job done, followed by Practical Move and Kingsbarn in second and third, respectively.

Michelle Yu

Michelle Yu is a reporter for Santa Anita Park and a contributor to Sportsline and FOX Sports, and she’s got a juicy pick for anyone looking outside of the favorites. Yu is a big fan of Mage, who was recently available as a massive 46/1 longshot.

Source: ChurchillDowns.com, Santa Anita Park.

What Kentucky Derby Betting Offers can people get?

Almost all US sportsbooks and racebooks have welcome offers to encourage new players to sign up, and some even have promos, especially for the Kentucky Derby.

TwinSpires is one of the best, and right now, they are offering new players a $25 risk-free bet on the Kentucky Derby. All you need to do is create an account and place your Win bet on the race. If your horse doesn’t win, you’ll get your $25 back as a free bet.

Alternatively, a different welcome bonus is up for grabs worth $200. Two increments of $100 in bonus cash are released once you place bets totaling $400 - meaning you’d need to bet $800 to get the full value of the bonus. 

Having both offers available is great and means you can choose whichever makes the most sense for your Kentucky Derby bets. TwinSpires regularly come up with other on-running promos too.  

How do I choose a horse to bet on at Kentucky Derby?

Plenty of factors go into picking a horse in any race, and the Kentucky Derby is the most closely analyzed race in the US. Below is our expert advice for what you need to consider before committing some of your hard-earned dollars:

1. Check the form. Every trainer tries to get their horse to peak for the biggest events, and never is that truer than the Derby. One piece of popular wisdom suggests never picking a winner that doesn’t have a Grade 1 victory in its career so far.
2. Check the weather. Everyone knows the phrase “horses for courses,” and this is exactly when it comes into play. The weather and the condition of the track are absolutely a factor in choosing your horses and should play into your thinking.
3. Read the experts. And we mean experts, plural. Pooling the knowledge of many different specialists is a great way to research and get a feel for the different horses, even if you’re not a racing expert.
4. Check the jockeys. Repeat winners of the Kentucky Derby is a big thing and it’s a very valuable research point. An in-form horse plus a jockey with experience in the Derby is a formidable combination. 
5. Bet for fun. Remember, at the end of the day, betting is a form of entertainment. Bet on a horse or horses and have fun rooting for them, but don’t get in too deep.

Who are the top trainers and jockeys to bet on Kentucky Derby?

Horses only get one shot at the Kentucky Derby by definition since they are only eligible at one point in their lives. The same cannot be said of trainers and jockeys, and looking for experience and form among them is a great place to start when making your picks.

Here’s a quick guide to some of the major players in 2023.

How can I place a bet at Kentucky Derby?

Your first port of call to bet on the 2023 Kentucky Derby is to sign up to an online racebook like TwinSpires. You’ll need to provide them with some basic personal info and verify your identity before depositing some money to bet with. Once your account is all setup, you have a couple of different betting options for the Derby.

BASIC BETS

Racing Exotic Wagers

All of Exactas, Trifectas and Superfectas are at least intermediate forms of betting on horse racing. If you’re new to the sport, we recommend you don’t dive into them without taking the time to understand how they each work and how other types of combination bets work. 

Which Deposit Methods Can I Use at the Kentucky Derby?

Online sportsbooks and racebooks make it very easy to deposit money and start betting on the Kentucky Derby. Typically, multiple payment types are supported, and the site guides you through the process step by step. 

For instance, TwinSpires allows the following payment methods:

• Bank Transfer
• Online Bill Pay
• Credit Cards

All three methods instantly process your payment, so you can start betting immediately. Of the three, bank transfers and online bill payments are both free, while credit card deposits come with a flat fee of $5. There are also variable deposit limits from $10-$500.

Where can I get the best betting offers for Kentucky Derby?

There are a couple of things you can do to find the best ways to bet on the Kentucky Derby. As we’ve mentioned on this page, the first is to take advantage of the special bonuses that betting sites create around the event, like TwinSpires’ risk-free $25 bet.

Signing up for multiple sites is also a good option. Not only do you get access to multiple different bonuses, but it also gives you more flexibility to shop around for the best betting lines. 

There are also lots of free handicapping services out there (as well as those you can pay for), with picks from some of the best horse racing minds in the world. Check out the official Kentucky Derby website, blogs, and sports sites like NBC, and build up a pool of knowledge before you place your bets. 

5 Tips and Tricks for Betting at the Kentucky Derby

The Kentucky Derby is just like any other race and a unique event. It’s the most-watched, most attended and most gambled-on race of the year; there are many theories for the best way to approach it from a betting perspective. Here are our best pieces of advice:

• Start slowly if you’re a beginner. The most common piece of advice, if you’ve never bet on the Derby before, is to stick to straight bets, and it makes a lot of sense. Ask yourself what you’re looking to get out of the experience. If you want an excuse to root for the race while watching it with friends, a Show bet is a great low-risk way to get involved. Consider a Win bet if you want the buzz of a decent payout. 
• Bet the favorites. Similarly, beginners can’t go too far wrong betting on any of the favorites. If you’re new to horse racing, don’t overthink it.
• As you become more experienced, you’ll discover that there are practically endless ways to research and analyze the sport. Trainers, jockeys, weather, form, analytics, age of the horses, even the month they were born - you can go as deep as you want. 
• Bet early with the pools of the future. Sites like TwinSpires let you bet on the Derby with their futures pools months in advance. You should be all over these if you’re on the ball early and have already identified your pick well in advance. The odds are considerably better since so many variables exist before the race rolls around. 
• If you’re watching with friends and betting on multiple races, consider pooling your money into a group bet, like a Show Parlay. The concept is simple: you pool your money and bet on a horse to Show. If it finishes in top 3, you place another Show bet on the next race with the proceeds, and so on. The process continues until you either lose or decide to cash out and share the prizes between yourself. It’s a fun and sociable way to bet.

Gamble Responsibly

If you decide to gamble on the Kentucky Derby, there are a couple of things you should always keep in mind.

For one, betting on horse racing and other sports is, first and foremost, a form of entertainment. You should never turn to gambling to make money, and you should only ever bet with money you are happy to lose.

The simple fact is that sportsbooks and racebooks exist to make money, which they do at the expense of bettors. It doesn’t mean you can’t win in the short term, but it’s a fact the house always wins in the long run.

If you feel like you are developing a problem with gambling, there are organizations out there to help. Gamblers Anonymous and National Council on Problem Gambling (NCPG) both offer free advice and support. The betting sites offer support via their customer service departments, and you can temporarily block your account if you need a break. 

Kentucky Derby 2023 FAQs - Your questions answered!