Kentucky Derby odds 2027
The 2027 Kentucky Derby runs Saturday, May 1, 2027 at Churchill Downs in Louisville. Here is how Derby odds work, from the long-range futures to the morning line and the price at post time, and the dates that set the field.
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Key dates
The Derby is always the first Saturday in May, which makes the 2027 race Saturday, May 1, 2027. Horses qualify through the Road to the Kentucky Derby, a series of points races that runs from the fall of a horse's two-year-old season into early spring. The field, capped at 20, is drawn for post positions earlier in Derby week, and that draw is when the morning line is published.
How Derby odds work
Most Derby betting is pari-mutuel: every bet goes into a pool and the odds are whatever the pool says when the gates open. The morning line is a track handicapper's forecast of those odds, not a price anyone can lock in. Final odds are only known at post time, which is why a horse's price can move a long way on race day.
Post positions and the field
With up to 20 horses breaking from one gate over a mile and a quarter, the draw matters. Inside posts can get pinned on the rail and wide posts cover extra ground into the first turn, so a horse's price often shifts the moment its post is drawn.
Reading the implied chance
Odds of 5-1 imply about a 17% chance; 20-1 about 5%. Add the field up and it runs over 100%, and the excess is the takeout the track keeps from the pool before paying winners.
FAQ
When is the 2027 Kentucky Derby?
Saturday, May 1, 2027, at Churchill Downs in Louisville, Kentucky. The Derby is run on the first Saturday in May every year.
What is the morning line?
The track handicapper's forecast of each horse's final odds, published after the post position draw. It is a guide, not a bet: the real odds are set by the betting pool at post time.
How many horses run in the Kentucky Derby?
Up to 20. Spots go to the horses with the most points from the Road to the Kentucky Derby qualifying races.