Gray horses: Gray horses look different, so they generate some excitement from people who might not care about a horse’s pedigree or speed rating. No gray horse has won the Kentucky Derby since 2005. There are three grays running this year: Sandman, Final Gambit, and Chunk of Gold.

It's Kentucky Derby betting season. Read our guide on how and where to bet on the 2025 Derby and get exclusive promo codes to bet on the race on Saturday, May 3.

This year’s race is shaping up to be a bettor’s dream, especially if you’re willing to discount morning-line favorite Journalism.