How to bet Kentucky Derby 2024: Horses, odds, favorites, tips

The 150th Kentucky Derby is set for May 4 with 20 of the best horses in the world facing off in the Run for the Roses at Churchill Downs in Louisville, Kentucky. Each horse has been bred for speed and distance and for most of these horses, this moment is three years in the making. It's a chance to not only win the Derby, but possibly the Triple Crown. Ahead of this year's race, Churchill Downs invested $200 million to update the paddock and raised the purse to $5 million.

While sports betting continues to grow around the United States, wagering on horses, whether at the track or through off-track betting outlets has long been part of racing history.

Here's what you need to know to bet on the Kentucky Derby, plus some of the bets I like for Saturday:

The favorites

16. Fierceness (5-2) Trainer -- Todd Pletcher; Jockey -- John Velazquez