Kentucky Derby 2025: Live Odds & Expert Picks

Odds for horses running in the Kentucky Derby refer to how much money the public is placing on a horse to win the race. The more money that a horse takes, the more the odds decrease. This is why a horse can be declared a favorite in a race, as the opinions of the betting public determine the preference. Odds will help reflect payout return potential as well as offer insight into possible talent or form of an equine athlete.

The Morning Line Odds offer a reference point for how an odds maker perceives the form, talent, and shape of a race. This applies to how the betting public might perceive the value of each horse entry that participates in a horse race.

Learn more about horse racing odds and the Kentucky Derby by navigating Derby 101 factors and Betting Guides.

The odds-on or betting favorite in a race does not always reflect that they are the best horse and/or will win a race. The best horse does not always win each race. Longshot winners like Rich Strike and Mine That Bird show how the Kentucky Derby can offer twists in the handicapping process. A big part of the excitement is not always betting the favorite or other logical contenders, but placing value on longshots or good horses at lucrative prices. The Kentucky Derby has a team of highly respected horse racing analysts who provide over 100 years of combined lifetime coverage experience. These experts help digest and present information to consider when handicapping your picks. The team spans across the spectrums of Churchill Downs racetrack, TwinSpires betting platform, and, of course, the Kentucky Derby itself.

This is where handicapping prowess shines. Handicapping and making selections involve gathering data and information from trusted sources of authority for analysis. You can then determine how a horse may perform through the progression of a horse race. Truly, this is where the ‘game of skill’ portion of horse racing can shine and what draws in many horseplayers. Listen to our experts during Kentucky Derby week as they have committed a year to following the leading contenders and their connections to form their analysis.

Learn more about handicapping winners in the Kentucky Derby with our tips for handicapping winners and TwinSpires' 2025 Kentucky Derby handicapping & expert picks..

Parisian businessman Pierre Oller is credited with introducing pari-mutuel wagering in France in 1870. A wagering method that arrived for the 1875 Kentucky Derby with advocacy by Meriwether Lewis Clark, Jr., through the innovative totalizator machines of Paris, France. This first iteration of pari-mutuel betting allowed the pooling of funds, but with a form of auction betting by horseplayers. This betting system challenged the dominant influence of bookmakers, who successfully brought a pause to the process between 1882 and 1908. However, tote machines and parimutuel-style betting have not looked back since their official 1908 implementation as a streamlined betting process.

Learn more about Kentucky Derby betting traditions and how they changed over time as well as Matt Winns' impact on Kentucky racing.

TwinSpires does have a process that presents the ability to create a style of parlay betting for horse racing, but there are also ways to create forms of parlays outside of the exciting TwinSpires technology. One type of betting game to play on Kentucky Derby day is the ‘Show Parlay.’

The Show Parlay: One key that makes the show parlay easy to play is that nobody in the group needs to be an expert to participate. Here is how it works: All participants (two or more people) put up a share, whether it’s $1, $5, or more, and the group designates an order for making a show bet in each race. If the show wager wins, you roll the money into each new bet entered. More details on the show parlay are available here, along with information on betting parlays. Additionally TwinSpires has ideas on a fun group bet and other betting games for parties.