LOUISVILLE, Ky. — Only one horse will be named the winner of the 148th Kentucky Derby, but anyone can be a big winner at the wagering windows.

Churchill Downs said more than $150 million is won by bettors wagering on the Kentucky Derby each year.

The gates at Churchill Downs opened at 11:30 a.m. on Tuesday, and so did wagering windows. 

Chuck Fauble said to him, betting on horse races is as easy as one, two, three. 

“It’s just math, all of this is just math,” he said.

The retired engineer and Marine Corps pilot enjoys working with numbers. 

“I’m a small bettor. I don’t bet a lot. I do OK, I win usually."

One time, though, he won big time. 

“I put a straight dollar trifecta on 189, he came in at $11,000 for a dollar bet,” says Fauble.

Winning money is just a bonus. The real prize for Fauble is cracking the challenge of picking the right horse.

He says examining your horses before placing bets is the way to winning wagers.  

“I always look at the horses and the paddock and make sure they are sound, they’re walking on all four feet and they’re not sore anywhere and I look for the best jockey,” says Fauble. “Horse records count a lot.”

Fifth-grader Hadley Hardin uses a different technique to place her bets. 

“I win the money by I go off the names whichever name sounds the cutest and the best and whichever color I like best,” said Hardin. 

This year, she’s putting her money on Margarita Time and any horse wearing red or blue.  

She said if she wins big, she'll save the prize money. 

If you’re new to horse race betting, you’ll want to remember to pick up a daily racing program.

They include each horse’s past races and workout performances to help you pick which one to put your money on. 

For more tips and information on betting, click here.