Of the 118 gray or roan horses to enter the Derby since 1930, only eight have won the race. Three gray horses won the Derby between 1997 and 2005 but only one has finished better than third in the last 20 years. Of the 42 gray or roan horses to enter the Derby in that span, five have finished in the money.

Although horses may be the stars of the Kentucky Derby, hats take center stage at the 151-year old horse race in the American heartland. In Kentucky, hats—the wilder the bettera

Selecting the perfect headpiece for the Kentucky Derby can be as daunting as betting on the winner. Here are three must-know tips to help you pick.