Betting on the Kentucky Derby is more popular than ever. So why is it so confusing?

On the first Saturday of May, 150,000 people will pack into Churchill Downs in Louisville wearing their finest hats. Tens of millions more will watch from home. In 2025, 17.7 million Americans tuned in—the largest Derby audience since 1989.

And bettors wagered a record $234.4 million on the race itself: $349 million on the full Derby Day program and $473.9 million across Derby Week, all records for the fourth consecutive year.

That’s a lot of betting for a single two-minute race.