As defined by the Kentucky Derby’s official glossary, they all require a minimum $2 wager and include the following: Win: A bet you win if your horse finishes first. Place: A bet you win if your horse finishes first or second. Show: A bet you win if your horse finishes first, second or third.

Journalism is considered one of the early favorites to win the Kentucky Derby, but betting on the horse alone may not provide the payout you seek. You can always feature the favorite as a part of an exacta or a trifecta, or explore other races within the Churchill Downs program on that day to piece together a daily double or a pick-6.

As more states legalize online sports betting, more people than ever may be considering a wager on the famed race.