The 151st running of the Kentucky Derby this Saturday is not only one of the most anticipated sporting events of the year, but also one of the biggest events for sports betting. Bettors looking to get in on the action can use our FanDuel Racing promo code (no code required) when signing up to get up to $500 back in Racing Bonus if they lose their first bet.

FanDuel Racing promo code at a glance

*It’s worth noting that FanDuel Racing is available in some states where FanDuel Sportsbook and FanDuel Casino are not available. Users in these states can still claim this FanDuel Racing promo code.

FanDuel Racing promo code: How to claim your No Sweat First Bet up to $500

If you have never placed a wager with any other FanDuel products, and you meet the age and location requirements, then you are eligible to claim this FanDuel Racing welcome offer. It only takes a few minutes to sign up and activate this promotion. Here are the steps to follow:recent

1. Click any link for the FanDuel Racing promo code link or the “Get Bonus” button in the banners on this page, then click “Join Now.” No promo code is required if you use one of our links.
2. Enter the information required to create an account, including your full name, date of birth, contact information, and the last four digits of your social security number.
3. Make a deposit using any of FanDuel’s available payment methods. The minimum deposit is only $0.10, but you will likely want to deposit more than that to take full advantage of the first bet offer.
4. Place your first wager on any horse race, whether it’s the Kentucky Derby, the Kentucky Oaks, the other races at Churchill Downs, or races at any other tracks.
5. If you lose your first wager, you will get back the value of your wager as Racing Credit, up to $500.
6. If you win your first wager, you will receive your winnings but will not receive any Racing Credit.
7. Use your Racing Credit to place new bets within seven days (168 hours) so it doesn’t expire.

Racing Credit works just like sportsbook bonus bets. You can use it to place new bets, but you cannot withdraw it or transfer it. If you win those bets, you get only the winnings, without the original wager amount.

For example, if you use $100 of Racing Credit to wager on Derby favorite Journalism at 3/1 odds, you will receive $300 if you win that bet. If you had placed the same bet using $100 cash, then you would receive $400 since the payout includes the $100 stake.

FanDuel Racing existing user promos

After claiming the FanDuel Racing welcome offer, there are still other promos available. These promos are also relevant to any users who are not eligible for the FanDuel Racing sign-up bonus because they already have a FanDuel Sportsbook account.

Here are some of the FanDuel Racing existing user promos going on right now:

• Kentucky Derby $10 No Sweat Bet: Place a win bet on any single horse racing in the Kentucky Derby. If you lose your bet, get up to $10 in Racing Bonus.
• $10 Money Back Special: Place a win bet on any single horse in eligible races. If your pick places second or third, get up to $10 in Racing Bonus.
• $5 No Sweat Bet on the Race of the Day: Every weekday, FanDuel Racing designates one race as the “Race of the Day.” If you opt in to this promotion and place a bet on any single horse to win that race, then you will get your wager back (up to $5) as Racing Bonus if your pick finishes second or third.

How to use the FanDuel Racing promo code for the Kentucky Derby

While the FanDuel Racing sign-up bonus offers up to $500 in Racing Credit if you lose your first bet, the best outcome is still to win your bet. Since you don’t get the original wager back when you win a bet using Racing Credit, you will earn a better profit on an equivalent cash bet.

There are several factors to consider when betting on the ponies. A horse’s record, pedigree, speed ratings, trainer, jockey, running style, and post position all come into play.

Based on those factors, an appealing horse to bet on this year is Luxor Cafe. For starters, he has Triple Crown blood in him as the son of 2015 champion American Pharaoh. He also enters the Derby on a four-race winning streak.

All six of Luxor Cafe’s races have come in Japan, so there are no speed ratings available for him, but his most recent performances have been impressive. He likes to sit behind the early leaders before finishing strong to take the lead, which has been a successful strategy for several recent Derby winners.

He also has a favorable post position at post 7, which has produced two winners and three other top-three finishes over the last 12 years. Mid-pack posts have been the most advantageous starting positions in the Derby.

With 15-to-1 morning line odds, Luxor Cafe is middle of the pack in terms of odds, offer better value than the favorites while being more realistic than the longshots. Depending on where the final odds fall, a $5 show bet on Luxor Cafe should win around $24-34.