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Step 1
Take a look at the tote board, or video screen, and note the odds of the horse on which you want to bet. Odds are listed next to the horse's number and are generally written as X to 1, though you might also see odds such as X to 3 or 5. If there is only one number next to the horse's number, use a ratio of that number to one. Odds are determined by the percentage of all bets placed on that race that were wagered on that particular horse. Therefore, those horses with the highest percentage of wagers will have the lowest odds.
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Step 2
Learn what the posted odds mean in terms of the amount you can win. Odds are simple to understand if you remember that the first number represents the potential winnings and the second number represents the multiplier. For example, 6 to 5 odds mean you will win $6 for every $5 bet and 2 to 1 odds means you will win $2 for every $1 spent.
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Step 3
Make note of the odds at the start of the Kentucky Derby, but remember that odds can change quickly and dramatically in the minutes before a race, depending on the bets made. Tracks calculate payoffs based on the final odds, which are locked just before post time. This is why some people wait until the last minute to bet.
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Step 4
Calculate the approximate payoff by multiplying the amount of the bet by the odds. Then add the amount of the original bet. (The minimum bet is $2, though you can bet more. For the Kentucky Derby, the maximum net profit allowed on a single race is $100,000.) For example, if you bet $5 and the odds are 20 to 1, the payoff is about $105. Payoffs will decline proportionately for place and show.
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Step 5
Watch the tote board and TV screens near the track for payoff information on other bets besides a straight win wager. It is often scrolled on these screens. It may be shown as a simple list for place and show bets or as matrices for exacta and quinella bets.
