MetaChat - Ask Mecha: How Do You Bet on The Kentucky Derby?

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04 May 2006

Ask Mecha: How Do You Bet on The Kentucky Derby? And, which horse do you pick? →[More:]So, my brother gave me some money for my birthday - with the caveat that it must be placed on a horse. This is, of course, probably illegal in NC but I have heard rumors of this intarwebs thingy with which one might possibly place a small and sporting wager on the sport of kings. In fact a couple of years ago I kind of tried to do it but it was very complicated and weird and I gave up, then got creepy spam for ages afterwards for my troubles. Hope me, bunnies! Which horse & how do I bet? I am leaning towards the one called Steppenwolfer, because, you know, hey, he's called Steppenwolf, dude, and I used to have one of their 8-tracks. But I admit that this "like the name" strategy has never worked before.

post by: mygothlaundry at: 15:43 | 14 comments

I'm not sure if you can use OTB, however, a trust-worthy NYC MeChatter might be able to help you if you can paypal them the money or something.

Sometimes I miss living in Louisville! I'd take you to the Derby for your birthday.

posted by Eideteker 04 May | 15:49

I would go for the one with the funniest name, or the longest odds.

So for name: "Deputy Glitters" or "Showing Up" or, as you suggest "Steppenwolfer"

posted by Capn 04 May | 15:51

I'd choose based on the odds, not the name.

posted by cmonkey 04 May | 15:51

Here's some reading, birthday girl (and everyone else).

And your brother totally gave you the money for you to enjoy yourself. That said: personally, I'd pick good odds to win, a longshot to place, and the best name to show.

posted by Eideteker 04 May | 16:02

I'd spend the money on, y'know, something else, and, if my brother ever asked, I'd tell him that I put all the money on Steppenwolfer and he didn't win. Or I'd tell him the truth. It's hard to say, because I don't have a brother.

posted by box 04 May | 16:25

I go by names/colour/looks. I haven't bet on horses in a long time, but I was up $60 the last time I did.

posted by deborah 04 May | 16:37

I'd choose based on the odds, not the name.

That's the way to go, except for two things. If you bet with the odds and put money on the favorite, your payout will be much smaller if the favorite wins.

Also, the odds will change up until several minutes before the post. Never know what'll happen in a week.

If I were betting, I'd start reading the racing forms (here's one) just so you can get a feel for what people are saying. Then go with a middle-odds horse that feels good. Place your bet as late as possible, too, so you can see how the odds change.

[I only come by this info because I spent 3 days stranded in Reno this winter and sat for hours and hours in the Hilton's sports book. Got quite an education. It was much fun.]

posted by mudpuppie 04 May | 17:12

Um, when I said "here's one," I meant here's one.

posted by mudpuppie 04 May | 17:13

mudpuppie, I love you, because I love the ponies too.

I'm all about the sports betting. Actually, The three gambling things you can learn to get an edge on are: Sports betting, Blackjack, and poker.

MGL, yes, see if you have OTB in NC.

Also, I'll ask my brother, who is precognizant. He picked that long shot last year.

posted by rainbaby 04 May | 17:20

I just wanted to say that I used to live on Kentucky Derby Drive.

posted by mike9322 04 May | 17:34

Dr William T. Ziemba, Alumni Professor of Financial Modeling and Stochastic Optimization, Emeritus in the Sauder School of Business, has the answer

posted by warbaby 04 May | 18:04

*looks around for wolfdaddy*

posted by warbaby 04 May | 18:12

Thank you! And now I know how to pick the horse - how do I place a bet? Without OTB? Email me if you can't post it but please, help me gamble recklessly.

posted by mygothlaundry 04 May | 22:40

Wish I could tell you how, MGL. Parimutuel betting is illegal in NC, but here's a list of states that offer OTB.

Googling "online horse betting" brings up a bunch of websites that allow you to place bets. Personally, I wouldn't go near one without someone I trust vouching for it. Can't imagine what kind of cut they take, but I bet it's big. Besides which, betting from NC is, well, illegal. If they accept an account from you with a NC zip code, they're up to no good.

My suggestion is, if you can't drive to an OTB, as a NY or LV person to place the bet for you. Seems much safer to me.

Of course, someone else might have a better idea.

posted by mudpuppie 04 May | 23:16

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