Bets for normal racing days can be placed the morning of raceday.
Bets for the Derby can be placed starting THURSDAY, after 12 noon.

In CC Philly, you can place your bets at:

The Turf Club Center City
1635 Market St., Phila, PA 19103
(215) 246-1556

THE CLUBHOUSE (Upstairs at the Turf Club)
There are minor dress restrictions. This is the “elegant” half of the operation, with a bar, several comfortable lounges and a restaurant with individual TV monitors set into the walls of each booth. The betting windows are nearby, where you may place your $2.00 minimum bet on simulcasts of races from several area tracks.

THE GRANDSTAND (aka “The Pit”)
Downstairs is where the masses go for more betting than drinking. Here the comfort from upstairs is replaced by concrete flooring, chain-link fencing and plastic cups. The air here is desperate. The noise level begins a gradual crescendo about three minutes before post time to peak just at the finish line, when it eventually dies down to a few scattered mutters and the sound of ripping tickets.

You can also place bets online using a site like:
www.bookmaker.com and www.twinspires.com

Or join (or start your own) Fantasy Kentucky Derby Game:
www.last2left.com/whatsinplay/kentucky-derby-2010
or on FACEBOOK:  apps.facebook.com/horse-racing-game