The 138th annual Kentucky Derby will be run on Saturday at Churchill Downs in Louisville Kentucky at 5 p.m. Get your mint juleps and overly fashionable hats ready for your very own Kentucky Derby party.

Any successful derby party will need to know the post postions, odds and of course how to watch the Derby, so read on to be fully prepared for a full day of one of America's great pastimes.

Post positions and odds:

1. Daddy Long Legs 30/1
2. Optimizer 50/1
3. Take Charge Indy 15/1
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 50/1
10. Daddy Knows Best 15/1
11. Alpha 15/1
12. Prospective 30/1
13. Went The Day Well 20/1
14. Hansen 10/1
15. Gemologist 6/1
16. El Padrino 20/1
17. Done Talking 50/1
18. Sabercat 30/1
19. I'll Have Another 12/1
20. Liaison 50/1

Predictions: Bodemeister at 4/1 is the favorite over Union Rags at 9/2 and Gemologist at 6/1, but in the first race of the Triple Crown surprises can often happen. Horses like Optimizer at 50/1 and Hansen a pure white colt at 10/1 are making some noise as outsiders with lucrative odds.

The Derby's website tracks the odds in real time here for anyone seeking to place a bet.

Take Hansen, white horses look faster and a 10/1 payoff is something everyone can enjoy.

TV Listing: The undercard of races at Churchill Downs will be on the NBC Sports Network from 11 a.m. to 4 p.m. Saturday, followed by a red carpet and pre-race show from 4-5. The 138th derby itself and all its associated coverage will happen from 5 p.m. to 7 p.m.

If you are a total junkie, you can watch a live stream of all the races, including up to five at once here. Though it is a pay service, new members can sign up for free.