The Kentucky Derby is one of the most prestigious and thrilling horse races in the world, attracting tens of thousands of visitors each year to Churchill Downs in Louisville, Kentucky.

The 149th running of the Kentucky Derby promises to be just as exciting this year, with a field of talented horses competing for the chance to be proclaimed the winner.

This is also the race that attracts most horse racing bettors. From casual fans of the sport to die-hard handicappers, the Kentucky Derby is where all people gather to place some bets on their favorite.

But hold your horses! Horse racing betting is not that simple, and before you browse the odds you need to consider some things.

If you're going to the race or betting from home, here are some expert tips and betting advice to help you get the most out of your experience.

Expert Tips on Kentucky Derby 2023 Betting

Do Your Research

When it comes to betting on the Kentucky Derby, knowledge is power. Before you place your bets, be sure to do your homework and research the horses, jockeys, and trainers in the race.

Check out their stats, past performances, and track records, and don't be afraid to ask for advice from experts in the industry.

Even though horse racing is considered an unpredictable sport where anything can happen, the data you acquire might point you in the right direction when it comes to placing a winning bet.

Don't Always Bet on the Favorite

Did you know that before the big event, “which horse is favorite at the Kentucky Derby” is one of the most searched terms on Google?

But, it is evident that betting on the favorite is not always the best decision, especially considering the last couple of races.

Yes, the favorite horse appears to be a safe bet, but where's the excitement in that?

Instead, consider betting on an underdog with attractive odds and a proven track record. You never know, you might hit the jackpot and win more money than if you had placed on the favorite.

Check the contenders list as it stands now: twinspires.com/kentuckyderby/contenders

Manage Your Bankroll

One of the things that separates professionals from amateur bettors in horse racing is the ability to control their emotions and finances.

It is critical to properly manage your bankroll and avoid wagering more than you can afford to lose. Establish a betting budget and stick to it, even if you're tempted to place additional wagers throughout the day.

Avoid chasing losses by betting additional money to recuperate your losses, as this can quickly spin out of control and result in larger losses.

Consider Exotic Bets

Exotic bets, such as exactas, trifectas, and superfectas, can provide a higher payout than a simple win bet. These bets require you to pick the horses that will finish in first, second, and third (and sometimes fourth) place in the correct order.

While these bets can be more challenging to win, they can provide a substantial payout if you do get lucky.

On top of that, they will make the process more fun and exciting and give you a chance to win more money by wagering a smaller amount.

Consider the Weather Conditions

Weather conditions can have a significant impact on a horse's performance, so it's important to check the weather forecast before placing your bet.

Wet or muddy track conditions, for example, can favor certain horses over others, depending on their running style and track experience. If the forecast is for rain, you may want to look for horses with a strong record on a wet track.

Watch the Pre-Race Warm-ups

Pre-race warm-ups can reveal important information about a horse's present form and fitness. Look for symptoms of weariness or anxiousness in the horses throughout their warm-up activities.

If a horse is sweating profusely or appears to be laboring to settle down, this could indicate that they are not in peak condition for the race. A horse who appears comfortable and attentive throughout the warm-up, on the other hand, could be a smart option.