Kentucky Derby Odds 2012: Overrated Horses to Avoid in Run for the Roses

The Kentucky Derby has a way of knocking off favorites, and even those with the best odds are far from a guaranteed win.

Only four horses currently have odds in the single digits, while 10 horses have odds of 30-1 or higher according to Sportsbook.com.

It wouldn't be at all surprising if a longshot were to find a way to the winners' circle come race day.

With that in mind, here's a look at some of the more overrated horses in the 138th running of the Kentucky Derby.

Bodemeister (9/2)

Trained by Bob Baffert, this horse comes into the race off an impressive win at the Arkansas Derby—9.5-length win—and has plenty of people talking.

He's currently one of the favorites to win the entire thing, but he could just as easily disappear on the big stage.

He doesn't offer a great price and isn't worth betting on unless you put him with someone else.

Dullahan (8/1)

The Dale Romans-trained horse started at 10-1 but has since moved to 8-1, and he could be steadily on the rise.

The problem with Dullahan is that he's 0-3 at Churchill Downs. If he lands a favorable post position, we could easily see his odds move again and, obviously, his payout go down with it.

Gemologist (7/1)

Currently undefeated coming into the Derby, and with Javier Castellano in the saddle, Gemologist is arguably the most talked-about horse in the field.

His odds will certainly move again by race day, and if you do want to play him, you'll need to do so now.

He's unbeaten, but he's also not thoroughly tested. He may not be ready to battle with the horses at Churchill Downs.