The 2018 Kentucky Derby took place on Saturday, May 5. Hopefully, online bookie agents made a bunch of profit on Derby betting action.
We’ll go over the Derby results as well as help agents prep for the Preakness Stakes on May 19.
Kentucky Derby Results:
Justify Wins the Run for the Roses
The race favorite, Justify, won the Kentucky Derby. Although Justify paid only around $7.00 to win, he keyed some massive payouts.
$2 Exacta: Justify and Good Magic $69.60
$1 Trifecta: Justify, Good Magic, and Audible $141.40
$1 Superfecta: Justify, Good Magic, Audible, and Instilled Regard $19,618.20
The Derby exacta and trifecta were easy to figure. A normal trifecta in a race at Thistledowns will often pay at least $140 for $1.
The $2 exacta isn’t nearly as high as it could have been. But, the superfecta is downright ridiculous.
That’s why it’s important for pay per head agents to set a total max to win on races like the Kentucky Derby. Most bookies couldn’t afford to pay out $19,618.20 to a single player.
By setting the max allowed to win on the Derby, bookmakers could have capped the superfecta winnings to around $5,000.
Keep that in mind as we move along in the Triple Crown.
Preakness Stakes: How Per Head Agents Can Prepare
The Preakness Stakes is a much different race than the Kentucky Derby. The key for the Preakness Stakes is to cap total winnings at around $5,000 just like online bookies did with the Derby.
Bookies should also cap how much players can wager on any single horse to win the Preakness Stakes. Justify is a huge favorite at around 1/2. At 1/2, it will take $200 to make $100 profit.
That’s like betting on the Washington Nationals when Max Scherzer pitches.
It’s fair, though. Just because a player wants to put $5,000 on Justify to win the Preakness Stakes, it doesn’t mean that you should allow the player to put $5,000 on Justify to win.
The other horses are going off at crazy odds. That doesn’t mean you shouldn’t set max betting limits at less than $200 on the other entrants.
What you should do is go ahead and set $200 as your max. Then, make sure to set a total win cap. Even if a 35 to 1 shot hits, the total payout won’t be more than the total win cap.