BETTING ON THE PONIES
The Kentucky Derby History and Wagering
Extracted from: http://www.betus.com/kentucky-derby/history
The Kentucky Derby was first run at 1.5 miles (2.4 km). In 1896, the distance was changed to its current 1.25 miles (2 km). On May 17, 1875, in front of an estimated crowd of 10,000 people, a field of 15 three-year-old horses contested the first Kentucky Derby.
Matt Winn led a syndicate that took the reins of the struggling facility in 1902. Eventually he brought the racetrack and its signature race to a level of international acclaim virtually unmatched by a U.S. sporting event. Winn was an innovator, promoter and champion of the sport who is credited with making the Kentucky Derby what it is today, in terms of action, entertainment and horse betting.
In 1908 pari-mutual betting was introduced at the Kentucky Derby. This would change the sport forever as states adopted this "legalized" form of betting in exchange for a percentage of the profits.