Horse racing is one of the most unpredictable sports to bet on, which makes tentpole events like the Kentucky Derby fascinating for seasoned bettors on the sport and casuals who only tune in once a year alike.We'll get to the odds for this year's race and a few picks we recommend later in this piece, but first, let's explain where and how you can bet on the Kentucky Derby and other horse races.The winner of this year's will take home $3.1 million, with second-place taking $1 million, third place $500,000, fourth place $250,000 and fifth place $150,000.Is Kentucky Derby Betting Available on Top Sportsbook Apps?No.Unlike most sporting events across the world, horse racing markets are not offered by top sportsbooks like FanDuel Sportsbook*, DraftKings**, bet365 and BetMGM.Fortunately, that doesn't mean you can't get bet on today's race -- it just means you'll have to download a horse racing-specific online sportsbook or two. Some of your options include Twin Spires and FanDuel Racing (separate from FanDuel Sportsbook).*You can wager on horse races including the Kentucky Derby at FanDuel, but you'll need to set up an FD Racing account.**DK Horse offers horse racing betting, but it is a separate app from DraftKings.How Does Betting on the Kentucky Derby Work?Once you've downloaded the horse racing app of your choice, navigate over to the Kentucky Derby to see the odds for the race.You'll be able to bet on the horse you think will win, and choosing a specific place for any of the horses that will be in action is another popular option.It's important to keep in mind that unlike in most -- if not all -- other sports, your odds and the payouts you'd receive will not be locked in once you've placed your bet.Because the wagers you make on horse racing apps go into a pool, both your odds and your payout will fluctuate until the race gets underway. An interesting wrinkle that comes with bets not being locked in is that you're able to cancel your bet before the race starts if the odds have changed in a way that changes your mind about a bet you've made.For example, say you bet on the current favorite, Journalism, at 3-to-1 odds to win the Kentucy Derby at TwinSpires. If you're only interested in this wager at these odds -- but not at shorter odds (say 2-to-1) -- you could cancel your bet right before the Kentucky Derby starts if Journalism's odds improve (and the potential payout decreases).Kentucky Derby Betting Odds: WinnerBelow are the odds for the top five favorites to win the 151st Kentucky Derby, courtesy of Churchill Downs, Inc.-owned TwinSpires.Remember, these odds can change between now and the start of the race. As of Saturday morning, there are 19 runners in this year's Kentucky Derby field. Journalism (7-to-2) Sandman (9-to-2) Sovereignty (9-to-1) Luxor Cafe (10-to-1) American Promise (12-to-1) Keep in mind that you can also bet on a horse to place (second-place finish or better) or show (third-place finish or better). Additional markets include exacta (picking the top two finishers), trifecta (top three finishers) and superfecta (top four finishers).Kentucky Derby Best Bets, PicksThe favorite, Journalism, is a popular choice after winning the Santa Anita Derby, and he is widely viewed as the best horse in the race. But the last four editions of the Kentucky Derby all saw a longshot win, including Mystik Dan at 18-to-1 in 2024.So, a couple longshots worth considering include Sovereignty, whose trainer, Bill Mott, won the Kentucky Derby with Country House in 2019. It's worth noting that he won that race via DQ, though.The best story, and the best bet, is on Baeza at 17-to-1. This horse is a last-minute inclusion in the field after Rodriguez was scratched due to a foot injury. Baeza nearly beat Journalism in the Santa Anita Derby, a race the colt led at one point before finishing second.Newsweek may earn an affiliate commission if you sign up through the links in this article. See the sportsbook operator's terms and conditions for important details. Sports betting operators have no influence over newsroom coverage.