Kentucky Derby 2018: A beginner's guide to betting the biggest horse race of the year

While these bets are harder to hit, they're where bettors can start to make big money on smaller investments.

An Exacta is a bet on two horses to come in first and second in the race in exact order. If you're confident in two horses racing, but aren't as sure on the order they'll come in, you can place an Exacta Box, which is essentially placing two bets — one exacta with one of your horses finishing first and the other second, and a second bet with their order reversed. Because both of these bets have multiple horses in play, they'll net you much more, but are also tougher to hit.

Taking this thinking to another level, gamblers can bet a Trifecta, picking three horses to finish first, second, and third (Win, Place, and Show) in order. These can deliver huge payouts to bettors, especially if a longshot that you have on your ticket sneaks into the top three — at the 2017 Kentucky Derby, a $2 winning trifecta bet on Always Dreaming, Looking at Lee, and Battle of Midway won bettors a whopping $8,207.20.

Since these bets are tough to hit, and worth so much money that you as a gambler would be extremely disappointed to have picked the correct top three horses in the incorrect order, many gamblers choose to bet a Trifecta Box. Like the exacta box, you're betting three horses as a trifecta in every possible order, technically resulting in six different bets. Thus, a $2 box trifecta will cost you $12 at the betting window.

And for the truly brave of heart, there is the Superfecta, which follows the same logic as the trifecta, but with the top four horses to finish. These feel all but impossible to hit, but if you have a vision on race-day morning, there's plenty of profit to be made.

Placing your bet at the betting window is not as complicated as the insider language of horse racing makes it sound. Follow a simple formula, and you'll be set to go. Lead with the racetrack you are betting and the race number you are betting on — in the case of the Kentucky Derby, you can say that, but when off-track betting parlors are showing numerous races on days other than Kentucky Derby Saturday, you would have to clarify.

Then, state the amount you want to bet, the type of bet you want to make, and the numbers of the horses you're picking.

Example: "Churchill Downs, Race 12. $1 trifecta box — 6-7-14."

You would then hand the person behind the counter $6 for your bet — remember, a trifecta box is actually six bets — and take your ticket once it was printed out.

Also, always remember to tip your ticket-taker — in the world of picking ponies you can use all of the good karma you can get.

In horse racing, as in any other form of gambling, there is no surefire strategy to winning. This is what makes it so difficult, but also what makes it so thrilling when you win (well, that and the money.)

But I like to think of picking horses as akin to filling out a bracket for March Madness — there's plenty of strategy and statistics you can throw in, but if you want to just pick your lucky numbers or horses with names you like, nothing is stopping you.

That said, for those that want to dive deep, there is all sorts of information on the horses, jockeys, trainers, and history of the race that you can use to form your favorite picks.

For novice bettors, betting on favorites to show is a simple way to get a little bit of action on a race without risking too much — your margins will be low, but as long as your horse finishes in the top three, you'll turn a profit.

Those looking to spread their money a bit more strategically can bet trifectas involving different horses, or place a few bets on longshots hoping one pays out big.

Personally, I like to pick a $1 box trifecta on a race, then put $5 on one horse to win. Including a $1 tip, my tickets will cost me $12, and I'm set for the race.

Sadly, same as you, I don't yet know the winner of the 2018 Kentucky Derby.

In a 20-horse field, it's tough to predict with any degree of certainty who will cross the finish line first to win the roses.

Favorites are on a Kentucky Derby-winning streak, having taken the first race of the Triple Crown for five straight years, so Justify is your bet if you want to ride that trend — but he's facing fierce competition.

Magnum Moon is also undefeated coming into the race, and Mendelssohn just won the UAE Derby by more than 17 lengths in what can only be described as a dominant performance. He could blow the field away again, but horses coming off of the UAE Derby have historically faired dreadfully in the Derby, never finishing higher than sixth. Also, it's tough to tell how he might react to the field, not being used to have to fight out of the pack.

Good Magic, Bolt d'Oro, and Audible are also both potential contenders, and I like My Boy Jack and Enticed as longer shots to show just on the strength of their names alone. Whoever you end up picking, there's no wrong way to bet.

Good luck!