Kentucky Derby Picks 2012: Underrated Horses to Use in Exotic Bets

Even amateur horse racing fans that only watch major races like Saturday's Kentucky Derby know about basic bets like win, place and show. There are more complex options available as well, such as exactas, trifectas and even superfectas, that have a higher upside.

Here are three horses that have been overlooked so far that are worth working into some exotic selections. They probably don't have what it takes to emerge victorious, but that doesn't mean they don't have good value.

Alpha: 15-1

Alpha enters the derby after an impressive showing in the Grade 1 Wood Memorial. He finished in second place against an elite field, which included winner and fellow derby contender Gemologist. Therefore, he should be in good form.

In the two races prior, Alpha was able to pull away from weaker fields to win. Trainer Kiaran McLaughlin has been building him up at a steady pace and it appears Alpha should peak at the right time during triple crown season.

Switching jockeys from Ramon Dominguez, who will ride Hansen instead, to Rajiv Maragh shouldn't be a major issue. Maragh led Mucho Macho Man to a third-place finish last year.

El Padrino: 20-1

A descendant of the great Seattle Slew, El Padrino hasn't been getting much hype this week. That's mostly because of his poor showing in the Florida Derby in March, which was won by popular derby pick Take Charge Indy.

Even though it was a disappointing performance, it doesn't eliminate him from having a strong run on Saturday. He won three out of his previous four races and finished in the money every time before his final tune-up.

Just like humans, horses are entitled to a bad day. That's what the Florida Derby was for El Padrino. Look for a strong bounce-back performance at Churchill Downs.

Trinniberg: 50-1

Speed is the name of the game for Trinniberg. He's expected to break out of the gate quickly and make an attempt to gain the lead. Based on his past performances there's a pretty good chance that he'll be able to do exactly that.

Winning the Kentucky Derby by going wire-to-wire doesn't happen often because of the distance. However, if he's able to open up a big enough lead early on, he can still hang on to a top-four spot. What's more, his high odds will boost the value of any winning ticket.

If you're looking for a long shot, Trinniberg is your best option. At the very least, he'll be near the front for a while, and that's more than you can say about a lot of horses.