The most famous horse race in the United States, the Kentucky Derby, is fast approaching, don't be caught out of the fun! A revered Louisville tradition is the Kentucky Derby party. Invite plenty of friends, pour some Mint Juleps and be prepared to serve plenty of pecan pie and fried chicken. But don't forget the fun factor! What's a Derby Party without the actual horse race? Have a big screen TV tuned in to the race. Remember that as fun as it is to watch, its even more fun when you and your guests can put a little money down on your favorite.

If you've never bet before, its important to familiarize yourself with the process before the day of the actual race. You don't need to make a trip to the track or the OTB to put a bet on, there are plenty of internet sportsbooks available. Some, such as http://sports.legendz.com even have a feature called fun money that lets you practice placing bets prior to the big race. If you think you, or any of your guests, would like to try any of the exotic bets on your Kentucky Derby favorites, such as Exactas, Trifectas or Daily Doubles, the ability to see how the bet is structured before you place your money is very educational. Log on a few days before the race and give it a whirl! While you're at it see if you need to bank a little money at that time too. Different websites have different rules regarding deposits.

When the First Saturday in May arrives, get ready to party! Its Kentucky Derby Day! Get your big floppy hat, and morning line and prepare to handicap your favorite. The Kentucky Derby only comes once a year, but its an event to remember until the next year's Kentucky Derby comes along.