For the 138th year, the Kentucky Derby will take place this Saturday at Churchill Downs.

Twenty horses and jockeys will begin their quest for the Triple Crown with the fastest two minutes in sports. There hasn't been a Triple Crown winner since 1978 when Affirmed, led by jockey Steve Cauthen won the Kentucky Derby, Preakness Stakes Belmont Stakes in succession.

Bodemeister, led by jockey Mike Smith, has been named as the favorite in this year's race. He drew the number six post, from which six horses have won the race.

This year's race is set to get underway at 6:24 p.m. ET on NBC. Animal Kingdom won the race last year in two minutes and two seconds.

Below are the betting odds for the 2012 Kentucky Derby, which takes place on May 5.

1. Daddy Long Legs 30/1

2. Optimizer 45/1

3. Take Charge Indy 12/1

4. Union Rags 9/2

5. Dullahan 8/1

6. Bodemeister 4/1

7. Rousing Sermon 50/1

8. Creative Cause 12/1

9. Trinniberg 40/1

10. Daddy Nose Best 16/1

11. Alpha 14/1

12. Prospective 30/1

13. Went The Day Well 25/1

14. Hansen 10/1

15. Gemologist 6/1

16. El Padrino 22/1

17. Done Talking 40/1

18. Sabercat 35/1

19. I'll Have Another 14/1

20. Liaison 50/1

You don't only have to bet on who will win the race. Here are some of the more interesting prop bets, according to the online sportsbook Bovada.

How long will it take Mary J Blige to sing the national anthem at the 138th Kentucky Derby?

Over 1 minute 55 second (-130)

Under 1 minute 55 seconds (even)

Official Winning Time

Over 2:02 (-115)

Under 2:02 (-115)

How many lengths will the winner of the 138th Kentucky Derby win by?

More than or equal to 1 length (-225)

Less than 1 length (+185)

Will a horse that Raced in the 2011 Breeders Cup win the 2012 Kentucky Derby?

Yes (-125)

No (-105)

Will the crowd attendance exceed that of the 164,858 of 2011?

Yes (+110)

No (-140)

Will the winner of the 2012 Kentucky Derby win the 2012 Triple Crown?

Yes (+575)

No (-950)

How Many Words Will Be in The Name of the Derby Winner?

1 (-275)

2 (+190)

3 (+333)

4 (+2000)

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