Want to 'bet the gray' in the 2025 Kentucky Derby? There are three options.

Jon Hale, Lexington Herald-Leader on Apr 29, 2025

By clicking submit, I authorize Arcamax and its affiliates to: (1) use, sell, and share my information for marketing purposes, including cross-context behavioral advertising, as described in our Privacy Policy , (2) add to information that I provide with other information like interests inferred from web page views, or data lawfully obtained from data brokers, such as past purchase or location data, or publicly available data, (3) contact me or enable others to contact me by email or other means with offers for different types of goods and services, and (4) retain my information while I am engaging with marketing messages that I receive and for a reasonable amount of time thereafter. I understand I can opt out at any time through an email that I receive, or by clicking here

LEXINGTON, Ky. — This is not the story for anyone looking for substantive handicapping advice for the 2025 Kentucky Derby.

You can find that advice from the Herald-Leader’s group of horse racing experts elsewhere. This is the story for anyone who is looking to make a Derby bet based on vibes rather than value.

Color is as good a reason as any for the casual Derby bettor, and gray horses have long held a special place in the hearts of that group. No gray or roan horse has won the Derby since Giacomo in 2005. The last gray horse to even finish in the money was Essential Quality, which needed a disqualification to finish third in 2021.

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.

There are three options in the 2024 Derby field for anyone looking to “bet the gray.” Here is what you need to know about those horses.

3. Final Gambit (30-1)

A Juddmonte Farm-homebred, Final Gambit is generating early buzz as a favorite long-shot pick. He is trained by Louisville native Brad Cox, the two-time Eclipse Award for Outstanding Trainer winner who won the 2021 Derby with Mandaloun via disqualification. After training multiple Derby horses in each of the last four years, Cox’s only chance to win in 2025 is Final Gambit. First-time Derby jockey Luan Machado has the mount. Final Gambit has won his last two starts, posting his best performance to date by winning the Jeff Ruby Steaks at Turfway Park in March.

17. Sandman (6-1)

After winning the Arkansas Derby, Sandman has the lowest odds of any of the gray horses in the 2025 Derby field. He previously raced three times as a 2-year-old at Churchill Downs but finished no better than third in those races. While Sandman’s trainer (Mark Casse) and jockey (Jose Ortiz) are still looking for their first Derby wins, he might have some luck on his side after an endorsement from Metallica, whose song “Enter Sandman” is referenced by the horse’s name. One of Sandman’s owners, Vincent Viola, also owns the NHL’s Florida Panthers, the current Stanley Cup holders who could clinch a first-round playoff series win with a victory Friday, May 2. Like legendary New York Yankees reliever Mariano Rivera, who entered games to “Enter Sandman,” Sandman is considered a strong closer on the track.

19. Chunk of Gold (30-1)

Chunk of Gold is a darker color than the other two horses on this list, but he still qualifies as a gray or roan. Purchased for just $2,500, Chunk of Gold might be a class below most of the horses in the 2025 Derby field, but he has never finished worse than second in four career starts. Chunk of Gold’s trainer, 32-year-old Ethan West, is a relative newcomer with just one career graded stakes win, and his jockey, Jareth Loveberry, is making just his second Derby start.