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horses betting

Artificial intelligence: Key to ​Kentucky Derby betting?

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Although several prominent industry leaders remain wary of artificial intelligence, and a recent high-profile experiment with it went awry, the technology could revolutionize everything from smartphones to automobiles. For comparison, none of the experts at Churchill Downs predicted the top four horses, let alone the top four horses in the correct order.

How does the system work? According to the company, the technology is built on a closed-loop system inspired by the insect swarm found in nature.

4. All Rights Reserved. Mohaymen

The artificial intelligence company Unanimous tested its new software platform, UNU, on last weekend’s Kentucky Derby, as reported by TechRepublic. Twenty participants, convened by the company, first used the software to narrow the field of 20 horses down to four top picks.

You probably didn’t consider basing your Kentucky Derby bets on artificial intelligence — but maybe you should have. The participants then used UNU to predict the winning order — and it turned out to be 100 percent correct.

1. Gun Runner

In a statement, Unanimous’ chief information officer David Baltaxe said the whole process took the company’s AI tool 20 minutes.

© 2016 CBS Interactive Inc. In a recent 60 Minutes/Vanity Fair poll, more than half of Americans (53 percent) called society’s quest to advance the field of artificial intelligence “important.”

3.

“I placed my $1 bet on the race at the Derby on Saturday and made $542.10 — the odds of winning the superfecta [the top 4 finishers in order] were 540-1,” TechRepublic reporter Hope Reese wrote. The idea is that “many minds are better than one,” therefore the act of pooling individual insights gives groups a better chance of reaching optimal decisions.

2. Exaggerator

How to Bet the Kentucky Derby: A Beginner’s Guide

He’s dominated all the races he’s run so far and all eyes will be on him. If you’re in it for the thrill of victory alone (and not the money), he’s a good bet.

Betting on Your Picks: “I’ll take $2 to win on the four horse, please.”

In horse racing, you need to bet on what place the horse will come in. If your horse comes in any of those positions, you’ll get money.

If you’re sure you’ve got the winner and you only want to place a simple bet for him to come in first, go ahead and bet your money that way. If you’re not going to be in Louisville for the big day, you can head to your local racetrack or off-track betting outlet and place a bet there.

You’ve got your mint julep and your fancy hat ready for the Kentucky Derby, but are you ready to place your bet on the horse you think will win?

Picking a Horse

There are 20 horses in the field for the Kentucky Derby, though as of now only 19 will be running Saturday (#11 Hopportunity was “scratched.”) All the horses are 3-year-old male thoroughbreds, which means they’re young horses with lots of talent that is still developing and not a ton of experience.

Many casual bettors will pick a horse based on name or looks, but there are better ways to judge the odds for whether a horse has a shot at winning. The words “first, second, and third,” are replaced by “win, place, and show.” If you think your horse is pretty good but not going to come in first, you can bet that he will “place,” — that is, come in first or second. Saturday. You can place your bet anytime up until about 20 minutes before the race goes off at 6:24 p.m. Each horse will have a record of recent races he’s run, what place he finished, and how far ahead of the other horses he was. Like it’s name implies, the superfecta pays out big bucks if you manage to get it right.

Now it’s off to the races. A horse that goes into the race with 50-1 odds but comes in first place will pay out the most money to the bettor. Good luck racing fans!

Like all sports, horse racing has its own language that can be confusing to casual watchers. Or you can bet that he will “show,” — that is, come in first, second, or third. Say, “I’ll bet $2 on (horse’s name or number) to win.”

If you’re done with the beginner stage of betting, you can up your odds of winning by doing more complicated bets that yield bigger payouts: exactas, trifectas, and superfectas. It looks something like this: Vicar’s In Trouble (20-1).

Horses with a high first number (like 20-1 or 50-1) are considered unlikely to win the race. Horses with lower first number (10 and down) are considered top contenders.

Betting on a horse with good odds will not pay out much money if they win. What’s a superfecta anyway, and how do you bet one?. You’re trying to hit the sweet spot: a horse with okay odds who you think has a shot at winning.

The favorite going into this weekend is California Chrome, with 5-2 odds. Conversely, betting on a horse with bad odds will pay out a lot of money if they do win. Here’s a quick guide:

Exacta: You pick the two horses you think will come in first and second, in that order.

Trifecta: Pick the three horses you think will come in first, second, and third – in the right order.

Superfecta: You guessed it. Give that a good look to see who’s done well recently.

Look for a horse that has won most of his races by a good length. The Kentucky Derby is one and a quarter miles long, longer than any race these horses have run before, so the winner will need stamina.

Odds and Favorites

When you look at a race form there will be a number in parentheses after each horse’s name.

Here’s our guide to making sense of the Run for the Roses. That number shows what the odds are that the horse will win. Therefore, betting on him won’t yield a big payout. For a superfecta you pick the top four finishers in the right order

A dream come true: World’s most incredible bets

The Italian rider got the record-breaking day underway with a win on the aptly named three-year-old colt, Wall Street.

In 1996, jockey Frankie Dettori left bookmakers in tears after defying 25,000-1 odds of winning all seven races at Britain’s Ascot Festival.

In the late 1980s a consortium of Sydney bookmakers joined forces to accept Packer’s awesome bets, which could be around $5 million on a single race.

But the bookmakers were rubbing their hands at Sydney’s Golden Slipper Stakes in 1987 when Packer lost around $7 million throughout the day — including $2 million on his own horse, called Christmas Tree — reported Melbourne newspaper The Age.

Dettori’s magnificent seven

The Irishman could have been accused of letting his heart rule his head when he bet $75 on all five of his boss’s horses winning.

But Murphy happily proved the skeptics wrong, scooping $1.5 million in an accumulator — a single bet which relies on all horses winning.

Story highlightsLegendary billionaire gambler JP McManus big player at CheltenhamMore than $820m bet at four-day British horse racing festivalTop betting stories include stable boy turned millionaireLucky punter who won $1.5m on horse called A Dream Come True

For a legendary gambler who thinks nothing of betting a million dollars on one horse, Irish businessman JP McManus is by all accounts a surprisingly reserved man.

It was a rare victory for the thoroughbred, who won just 10 of his 62 races.

Nicknamed the “Sundance Kid” for his bold gambling, McManus famously won $1.3 million in just one day at Cheltenham in 2006, in series of wagers with similarly daring bookmaker “Fearless” Freddie Williams.

As Cheltenham wraps up for another year on Friday, CNN’s Winning Post takes a look at five of the most incredible horse racing betting stories of all time.

Stable boy-turned-millionaire.

Despite the 2,000,000-1 odds, every horse won, granting the gambler a whopping $1.5 million windfall.

This time last year, 29-year-old Conor Murphy was a stable boy — until one lucky bet at Cheltenham changed his life forever.

If ever there was an opportunity to step back in time and place a bet, it would surely be on the Kentucky Derby’s 1913 winner Donerail.

The three-year-old colt remains the highest odds winner in the history of the race, placed at 91-1, said the Kentucky Derby Museum.

One hundred years ago, those putting $2 on Donerail would have collected $184.90 in winnings. “He’s one of those faces that when he walks into a betting ring, everyone is wondering what he’s going to do.

“But you’d never believe he’s such a big, brazen better — he’s very polite, very unassuming, a real gentlemen.”

He became the first person in Britain to win £1 million ($1.5 million) in a betting shop.

One lucky punter, Darren Yeats, placed a £59 ($89) accumulator bet on all of Dettori’s races — despite being warned off by his wife.

Surprise winner Donerail pulled away at the last stretch, setting a new track record with a time of two minutes and four seconds, beating his nearest rival by half-a-length. He’s got balls of steel when it comes to placing bets,” says Barry Orr, spokesman for Betfair, the world’s biggest online betting exchange.Now worth an estimated $1 billion, the 62-year-old property mogul and horse owner was a big player at this week’s Cheltenham Festival — one of the biggest betting events in the Britain.

Described as the “Olympics of jumps racing,” more than $820 million is bet during the four-day festival, with many punters taking their lead from the almost-mythical McManus.

“McManus is a legendary figure because of how brave he is,” Ladbrokes bookmaker David Williams says.

A Dream Come True

It started with a horse called Isn’t That Lucky and ended with one called A Dream Come True, for one lucky punter from Yorkshire in Britain.

In 2008, the unnamed man placed just 75 cents on eight horses winning in an accumulator bet, said the BBC. By today’s standards, it’s roughly the equivalent of placing a $46 bet and getting $4,300 back.

Five years later, Ascot erected a lifesize bronze statue of the jockey at the entrance of the famous racecourse, in honor of his historic wins.

But the bold gamble paid off and Yeats left the track £550,000 ($830,000) richer.

“The atmosphere in the winners’ enclosure was amazing,” Nick Smith, head of public relations at Ascot, told CNN.

“We actually had champagne for him after the sixth win, and then after the seventh the whole place just erupted.”

It’s become one of the fabled wins in horse racing history — and the elusive dream that lingers in the back of every punter’s mind.

Packer, who had an estimated fortune of $6.7 billion at the time of his death in 2005, was a legendary figure on the track who struggled to find individual bookmakers with enough money to take him on.

Australian media tycoon Kerry Packer wasn’t known as “The Big Fella” of gambling for nothing, famously halving betting odds in a matter of minutes with his million-dollar wagers.

Murphy placed the wager online three months before the race, giving him greater odds — and greater returns — than those betting on the day.

The huge windfall helped finance his lifelong ambition of working as a trainer in Louisville, home of the prestigious Kentucky Derby, he told British newspaper The Telegraph.

Against the odds

The biggest loser

From humble beginnings as a bookmaker, McManus earned a reputation as the fearless man on the track who would take on any wager — no matter how big.

“He’s an absolute legend