Updated MAY 03, 2014 7:07p ET  Let’s say you like the favorite in the Kentucky Derby, but you don’t think you can make serious money with a small bankroll. Well, let’s take a look at some ways to tackle some bets.  You don’t have to bet big to win big. Especially with the exotic bets that are available in horse racing like the exactas, trifectas and daily doubles. I’m not a win/place/show bettor unless my horse is at least 8-1 or above. The Kentucky Derby is not only difficult to handicap, it’s difficult for any horse to win because of the factors of having to overcome their post position, the big field, and the overall trip of the race. That is why with a small bankroll, I recommend playing an exacta.  Let’s say you have a total bankroll of $20; and let’s say you like this year’s favorite: No. 5 California Chrome.  Now, let’s say his off odds are 3-1 and you bet $20 win California Chrome.  Let’s say he wins and for every $2 he pays $8 to win.  In that scenario, you would get a total of $80 back.  If you are so sure about one horse and are just going to play to win, then how about you try an exacta. All you have to worry about is your favorite horse winning (same as a win bet) but you have a chance at a nice score if a longshot gets second.  $1 exacta: No. 5 California Chrome with ALL.  That will make it a $19 play given the 19 horses that you are using for second.  I recommend doubling your bankroll and playing a second exacta.  $1 Exacta: ALL with No. 5 California Chrome.  This is a good “saver bet.” It allows you to still cash a winning bet if your favorite gets beat. If that happens, let’s hope a huge longshot is the one that beats us. Playing both of these exactas is like playing a win and place bet. It’s horse racing and the best horse doesn't always win. A troubled trip, a bad start, or many other things can happen.  Let’s look at what would have happened if you liked the Kentucky Derby favorite the past two years.  The 2013 Kentucky Derby favorite was No. 18 Orb at odds of 5-1.  You bet $20 win and place on Orb. Orb won and paid $17.80 to win and $7.40 to place. Your $20 win and place bet returned $252  What would have happened if instead you would have bet two exactas?  $1 exacta ($18): No. 18 Orb with ALL  $1 exacta ($18): ALL with No. 18 Orb  No. 4 Golden Soul finished second at odds of 35-1.  Your Orb with ALL exacta hit and it paid $490.80 for $1!  The 2012 Kentucky Derby favorite was No. 6 Bodemeister at odds of 4-1.  You bet $20 win and place on Bodemeister.  *By clicking "SUBSCRIBE", you have read and agreed to the Fox Sports Privacy Policy and Terms of Use.  Bodemeister ran a good race but got beat at the end and finished second.  No. 19 I’ll Have Another won at odds of 15-to-1.  I'LL HAVE ANOTHER UPSET BODEMEISTER IN THE 2012 KENTUCKY DERBY  Bodemeister paid $6.20 to place. Your $20 win bet lost, your $20 place bet returned $62.  What would have happened if instead you would have bet two exactas?  $1 exacta ($19): No. 6 Bodemeister with ALL  $1 exacta ($19): ALL with Bodemeister  Your Bodemeister with ALL exacta lost.  Your ALL with Bodemeister exacta hit and it paid $153.30 for $1!
California Chrome is the favorite in the Kentucky Derby. That doesn't mean you have to play him straight to win if you are looking for better odds. Check out the different ways to hit a ticket on a Derby winner that is the chalk