Kentucky Derby 2012: Wide-Open Field Makes Betting an Impossible Task

There was no clear-cut Kentucky Derby favorite prior to Wednesday's post drawing, and even afterward, there isn't a consensus pick.

Bodemeister has the best odds at 4-1, followed by Union Rags at 9-2 and Gemologist at 6-1. However, none of them have been dominant enough leading up to the race to firmly establish themselves as the favorite. Furthermore, since 1975, only seven favorites have escaped from Churchill Downs as the winner.

This year's wide-open field has left oddsmaker Mike Battaglia with a more difficult task than usual, and even after the odds have been set, he's still up in the air about whether Bodemeister really has the best shot.

Of determining the difference in odds between Bodemeister and Union Rags, he told the New York Times' Joe Drape: "[Bodemeister] ran such a big race. … But Union Rags has looked so good here. It’s tough to separate the two."

That's certainly not a ringing endorsement for the alleged favorite.

By Bodemeister's "big race," Battaglia means his performance at the Arkansas Derby, where he won by nine and a half lengths. Another mark in the horse's favor is that he's trained by Bob Baffert, who has won the Derby three times.

However, like so many of the other contenders, there are doubts about Bodemeister.

For one, if he wins, he'll be the first horse to do so since 1882 after going unraced as a two-year-old. There is history to contend with.

What's more, Baffert is less than two months removed from a heart attack, which he sustained in Dubai.

If Bodemeister isn't the clear-cut favorite, the second option would be Union Rags, who has emerged victorious in four of his last six races. Union Rags is trained by Michael Matz, who famously won at Churchill Downs six years ago with Barbaro.

To hear Matz tell it, Union Rags is just as spectacular as Barbaro. However, the problem with this horse is that he has trouble starting inside.

Then there's Gemologist, whose odds stand at 6-1 and who enters the race on a five-for-five winning streak. However, some claim that Gemologist has been untested in his wins and will crumble when faced with the immense challenges that the Derby presents. On top of that, his performance could be compromised by his No. 15 post position. 

In a field where no horse has proven to be conclusively dominant over the rest, this could shape up to be one of the most exciting Derbys in years.

It probably won't, however, make the heavy gamblers happy.

Post	Horse	Odds
1.	Daddy Long Legs	30/1
2.	Optimizer	20/1
3.	Take Charge Indy	16/1
4.	Union Rags	9/2
5.	Dullahan	8/1
6.	Bodemeister	9/2
7.	Rousing Sermon	40/1
8.	Creative Cause	11/1
9.	Trinniberg	45/1
10.	Daddy Nose Best	15/1
11.	Alpha	11/1
12.	Prospective	50/1
13.	Went The Day Well	18/1
14.	Hansen	14/1
15.	Gemologist	7/1
16.	El Padrino	16/1
17.	Done Talking	50/1
18.	Sabercat	35/1
19.	I'll Have Another	15/1
20.	Liaison	40/1