Updated: May 4, 2013

Betting on the Kentucky Derby has most likely been around since the very first running of the race in 1875. Over the years, as with other aspects of the race, betting for it has evolved into a simple system that still manages to give gamblers a wide range of options when betting on the race. Today, it is easier than ever to place bets on the race - and win big depending on the type of bet you place.

There will be 20 horses in this year's race, meaning there are many different betting opportunities available. Doing research on horses and riders is advised for obvious reasons, but going with the contenders is not always advisable. No matter your betting strategy, there are rules you are going to have to follow as you place various types of bets. Keep reading to learn more.

Kentucky Derby Betting Rules

Depending on where and how you place your bets on the Kentucky Derby, the rules may vary a bit. Having said that, most times all bets must be made at least a few minutes before the race begins. This is why it's important to start doing your research about the 2013 Kentucky Derby now while you still have time. Knowing the specific rules for betting on the Kentucky Derby is important, so choosing how you are going to place your bets is also something you should do as soon as possible.

Types of Kentucky Derby Bets Available

Win - This is a bet for a single horse to win.

Place - This is a bet for a single horse to finish first or second.

Show - A bet the horse will place in the top three.

Across the Board (Win, Place & Show) - This is similar to a show bet, but if your horse wins second or first, the payout is much larger.

Exacta - This is a bet for the first and second places - in the exact order.

Exacta Box - This is like the exacta bet, except that the winners can be in any order.

Trifecta - This bet is for the top three finishers in a specific order.

Trifecta Box - Similar to the trifecta except the winners can be in any order.

Superfecta - This is the toughest bet but one with the biggest payout. It chooses the top four finishers in exact order.

Superfecta Box - This is the same as a superfecta except the order of the top four horses picked does not matter.

As you can see, there are quite a few options when it comes to horse races like the Kentucky Derby. Knowing the options and payouts is important for coming up with a good betting strategy to follow.

Betting Odds on the 2013 Kentucky Derby

If you are interested in placing some wagers on Kentucky Derby 2013, Of course, the big payouts this year will be for exacta, trifecta and superfecta bets. With twenty horses in this year's race, there is a lot of data and information that should be gone through to see who the real 2013 Kentucky Derby contenders are going to be as the race grows closer. Also important is paying attention to the exact odds for the 2013 Kentucky Derby. Keeping an eye on this data as the race grows closer is important when deciding which horses to bet on before the big race. With no clear winner picked yet, there is a lot of opportunity to have fun and make some money at the same time.

The Kentucky Derby is a lot of things to a lot of different people, but for those who like to wager, it is indeed two of the most exciting minutes in sports. The more research and thinking that is done before bets are made, the better chance of winning big. It's still a gamble, of course, but knowing about the horses and the riders can help give you an advantage when trying for an exacta, trifecta or superfecta bet on Kentucky Derby 2013.