I don't really bet on the horses. This thread is about the Derby, so I'll speak on it.
Full disclosure: I prefer casinos for gambling, which Churchill Downs successfully lobbies against, time and time again...forcing me to drive an hour into Indiana to kick it at Horseshoe.
As a life long Louisvillian, I see the good things the Derby does and I'm happy for anyone I know who enjoys it. I'm pretty jaded about it, though.
Derby is more like a month plus long thing around here...starts with Thunder Over Louisville (largest fireworks display in America), the parade, the balloon glow/race, the steamboat race...it makes driving downtown a pain in the ass on multiple occasions
I don't really ever bet on horses, especially the Derby. The favorite almost always never wins. I'll go see my family and we'll cut out the horses from the newspaper, throw them in a hat, put 5 bucks in to pick them, and Win Place and Show get appropriate amounts of the pool. I've won a couple times in my younger days.
I'm definitely over it, lol...good luck to whoever bets tho.