Odds makers have already seen heavy action in Pool 1 Wagering for the 138th Kentucky Derby this weekend, drawing in over $104K in Future Wagering on the first day. The gate closed at 6 p.m. last night and already over $270K layed on “The Field”, making him the early favorite. Field is essentially the unanimous favorite heading in with 6-to-5 odds, followed by early contenders Union Rags (8-1), Algorithms (9-1), Alpha (12-1),  and El Padrino (15-1) according to early 2012 Kentucky Derby betting odds.

The rivalry to keep your eye on is with Union Rags and Hanson. Union Rags was favored to capture the Breeder’s Cup after winning his last three races in 2011. But the 2-year old Dixie Union Colt was upended by Hanson, the son of Tapit. Hanson’s speed is something to keep your eye on, but Union Rags is still the favorite early on. Union Rags competed in four races in 2011, winning three times. Hansen is coming in at 14-1 odds, according to early Kentucky Derby Betting odds.

Creative Cause, which followed up that pair with a show at the Breeder’s Cup, also has three wins, a place and another show in five races in 2011. He’s in at 24-1, but a couple good showings at the Grade-2 San Vicente on February 19th, Grade-2 San Felipe and the Grade-1 Santa Anita before the Kentucky Derby could get him snapped up sooner than later. In 2011, Animal Kingdom grabbed the win despite 30-1 odds.

Remember, as much fanfare as the favorite’s get, the Kentucky Derby is on a four-year streak of having underdogs in the winner’s circle. The last time a favorite got the purse was in 2008 when Big Brown won.

Future Odds To Win The 2012 Kentucky Derby – by Bovada Racebook