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2015 Kentucky Derby odds: American Pharoah is betting favorite as post time nears

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Five horses come in at odds shorter than 10-1.

With an hour to go before the 2015 Kentucky Derby, the latest betting odds suggest it's more or less a two-horse race.

American Pharoah currently sits as the betting favorite, getting 3-1 odds, while Dortmund is close behind at 4-1. No other horses are under 5-1, though Carpe Diem is third at 7-1, and Frosted and Firing Line come in at 9-1.

That could produce an unusual race in which the winner comes from either the extreme inside or the extreme outside. American Pharoah has the No. 18 post position, third-widest of the 21 assigned, while Carpe Diem will be in position No. 2, with only Ocho Ocho Ocho to his left. No horse has won from No. 2 since Affirmed in 1978, while Gato Del Sol was last to win from No. 18, way back in 1982.

Dortmund, however, got a bit more fortunate with the No. 8 position, which has yielded eight Derby champions, most recently Mine That Bird in 2009. The No. 10 position, which Firing Line enjoys this year, has produced nine Derby winners, the most of any post position (nine), but none since Giacomo in 2005.

As for the longest shot in this year's race: Frammento, starting way outside from the No. 21 post, would get you 70-1 odds.

Here are the full Kentucky Derby odds, as broadcast by NBC.