Teresa Hoy 
The Road to the Kentucky Derby is heating up, which means bettors will already be examining the picks that they will be looking to make at Churchill Downs on the first Saturday in May.
Many bettors would have been following the action leading up to the Derby intensely, but it is also an extremely popular betting race for newcomers to the sport.
Therefore, it is important to avoid making certain mistakes when making a wager on the Kentucky Derby. Some of the mistakes that you should avoid making for the Grade 1 at Churchill Downs can be found here.
Betting On The Favorites
Of course, the top selection in the betting will likely tick a lot of boxes when it comes to finding the winner between the Kentucky Derby futures by TwinSpires. However, newcomers to betting shouldn’t just favor the selection just because it is the preferred selection by the oddsmakers.
Bettors should do their own research and try and find holes in the form of the pre-race favorite. However, if you still believe that there is value in wagering on the short-priced selection, then you should make your wager.
Understand Markets
The win betting market is the most popular among newcomers when wagering on the Kentucky Derby. However, there are more different avenues to making selections than just placing your stake on the win market. If you are looking at an outsider, that could include looking at the place and show markets, as this could earn substantial returns even if your selection finishes second or third.
Exacta and Trifecta betting is also common when wagering on the Kentucky Derby, but you should ensure that you assess all possible speed angles before making a wager on these markets.
Bet At The Right Time
Newcomers to racing will likely just want to get their bet on right before the start of the race so that they have a selection that they can cheer home. However, preparing your bet for the Derby should be done in at least the week leading up to the off.
Here, you can then assess all odds changes for your selection and ensure that you can get the best possible price for the horse that you wish to wager on. For more experienced bettors, this will likely include making an ante-post wager, as you can get better odds for your selection up to six months before the field for the Derby is confirmed.
Research
Newcomers to betting, especially around major races like the Kentucky Derby, will likely focus on the name of the runner instead of the key factors that could enhance their chances of winning. Under no circumstances should bettors wager on a horse just because they like the name of the horse or the colors that it is wearing.
Instead, you should read up on the latest form of the runners, assessing whether it has won recently or stayed the trip over the extended distances that it has covered. Meanwhile, bettors should also look into the records of trainers and jockeys in the Kentucky Derby and whether any of the runners have any previous course form at Churchill Downs.
Wager What You’re Willing To Lose
Bankroll management is an important factor in sports betting, regardless of the sport that you are wagering on. Bettors should never over exceed what they are planning to bet on a race and only bet with a stake that they are prepared to lose. Newcomers should also remember that betting isn’t a long-term financial plan and shouldn’t be treated as though the selection is destined to return a profit.
