Las Vegas, NV -- The favorite to win the 137th running of the Kentucky Derby on Saturday, May 5, right now is the Mike Matz-trained Union Rags. If the horse wins the $1 million Florida Derby on March 31 at Gulfstream Park, then there is little doubt he will go off as the Kentucky Derby betting favorite.

Kentucky Derby Favorites

Union Rags was the best 2-year-old last year but lost in the Breeders' Cup Juvenile to Hansen as he went wide on both turns. In his first race this year, Union Rags won the Fountain of Youth at Gulfstream Park in dominating fashion under jockey Julien Leparoux. It is worth noting, however, that morning line favorite Algorithms was scratched from that race with a leg fracture, and Algorithms is now off the Triple Crown trail.

Off Track Betting odds may favor Union Rags in Kentucky Derby

Union Rags is trained by Mike Matz, who won the Kentucky Derby with Barbaro six years ago. And yes, Union Rags is being favorably compared to Barbaro. There are some distance questions surrounding the pedigree of Union Rags but in recent Kentucky Derby history, things like pedigree, long layoffs, Dosage Index and other factors have not been as important as they used to be.

One of the horses that could be a threat to Union Rags in the Kentucky Derby is El Padrino. The horse is trained by Todd Pletcher, who also trains Algorithms. El Padrino is coming off a win in the Risen Star under jockey Javier Castellano. There are no distance concerns for El Padrino but whether he is in the same class as Union Rags is debatable.

Kentucky Derby Contenders

Pletcher also has another possible contender in Gemologist, who is prepping for the Rebel at Oaklawn Park. "We are still in a good position, just not as strong as we were before we lost Algorithms," Pletcher said. "He had all the right tools for the Derby, the pedigree and the talent. It was a major blow. At the same time, we still have El Padrino, who had a big win over the weekend and is moving forward and is another horse who will get the Derby distance."

Other horses that could get into the mix as Kentucky Derby contenders include I'll Have Another, who is getting set for the Santa Anita Derby; Fed Biz, who goes next in the San Felipe Stakes; Out of Bounds, Alpha, Creative Cause, Hansen, Empire Way, Exothermic, Mark Valeski, Secret Circle and Liaison.