If you're headed to the Downs this weekend for the Kentucky Derby, you'll be able to partake in several centuries-old traditions — fancy hats, mint juleps, and wagering on race results, to name a few. When it comes to betting on the fastest two minutes in sports, you have two main options:

Betting windows

For the classic, in-person betting experience, head to the windows. You'll need to tell the clerk which horse you're betting on, how much you're wagering, and what kind of bet you want to place. There are three types of straight bets:

Win — You win only if your chosen horse wins the race. This is the highest payout bet.
Place — You'll get a slightly lower payout for this type of bet, but you'll win money if your horse places first or second.
Show — This is similar to a Place bet, but you'll get paid if your horse places first, second, or third.

You can also use automated betting machines, and place more complicated "exotic" bets like exacta and trifecta bets.

Pro tip: Make more informed bets with this guide from Churchill Downs on to read a racing flyer.

Online betting

Churchill Downs has its own online betting platform called Twin Spires. You can wager from the browser or download the app.