Betting the Free $10 with Refer a Friend

There's nothing like free money and TwinSpires.com is forking out the dough just in time for Kentucky Derby 144.

Every time a friend registers for a wagering account on TwinSpires.com with the invitation code you send, and places their first bet, both of you will receive $10 for FREE to wager with.

But what's the best use of this free cash? How can you turn that $10 into even more? Well, there are a number of different wagers out there in this day and time, but with $10 it might be best to keep it simple.

Win bets are the easiest way to go and allows you to spread your dollars around a bit. Picking some of your favorite runners and placing $2 Win bets on them will give you more opportunities to make a score. The same goes for Place and Show bets. Tabbing certain runners to Place (finish second or better) or Show (finish third or better) at $2 each offers more rooting chances throughout the day.

For example, say you like Justify, Magnum Moon and Mendelssohn in the Kentucky Derby, but also think Firenze Fire and Bravazo have a shot to finish good. You can place $2 Win bets on Justify, Magnum Moon and Mendelssohn ($6 total), then bet Firenze Fire to Place ($2) and Bravazo to Show ($2). Thus your dollars are spread around and you have multiple horses to cheer on in the stretch drive.

You can also make what are called exotic bets. These are bets determined by the finishing positions of two or more runners, such as Exacta, Trifecta and Superfecta wagers. Think Justify and Magnum Moon are going to finish 1-2? You can make a $2 Exacta bet on them to finish in that order. Same thing goes for Trifecta (top three finishers) and Superfecta (top four finishers) bets.

One other option you can use is called a Box wager. Can't make up your mind who you like best? Then consider "Boxing" your favorite horses. This means that your runners can finish in whatever order in that particular exotic wager.

For example, say you believe Justify, Magnum Moon and Mendelssohn all have a shot at victory in the Kentucky Derby. You can Box them in a Trifecta so that, as long as they finish in the top three, you win. Doesn't matter what order they run in -- Justify can be first, second or third, and the same goes for the other two -- as long as they cross under the wire in the top three.

And a $1 Trifecta Box with three horses will only cost you $6, meaning you still have $4 to play around with!

These are just a few illustrations of wagers you can make with your free $10. And the more you win, the more fun you can have wagering.

Good luck on Kentucky Derby and Oaks Days!