In the inaugural Kentucky Derby Betting Challenge on May 3, 2025, Frank Mustari secured a $170,958.80 total win by going “all in” on the final race, vaulting from behind to win the 173-entry TwinSpires tournament. The event exceeded its goals, highlighting a successful, accessible structure where players like Henry K. turned low-cost feeders into over $50,000 in winnings. You can view the full leaderboard and results on the TwinSpires website
Frank Mustari’s winning bets in Race 12 to obtain the KDBC victory:
Congratulations to the top 10 finishers of the inaugural Kentucky Derby Betting Challenge and to our winner of over $100k in cash and other prizes, Frank Mustari!
These results are unofficial pending audit and winners will be paid out within 10 days.… pic.twitter.com/xZLiBFFJuI
and welcome to a special edition of the In the Money Players podcast. This is our KDBC recap edition. I’m your host, Peter
0:09
9 secondsThomas Fornital. If you’re listening on the audio side, we’re going to have a trio of guests on YouTube, In the Money Media YouTube channel. You’re just going to get the one. So, make sure you go over to In the Money Players podcast,
0:19
19 secondswherever you get your shows, so you can hear the rest of it. Old expression like father like son. Well, in the case of
0:27
27 secondsthis particular uh family, it’s a little bit more like son like father in that it
0:34
34 secondswas Justin Mustari who won a major handicapping contest just a couple of years ago. And now adding his name to
0:42
42 secondsthe list of major winners for his big run in the KDBC. We have returning guest Frank Mustari. Frank, did the father-son
0:49
49 secondsangle occur to you with any point in this? It it occurred to me ever since he won the NHC and it even occurred to me
0:56
56 secondsyears before that when you guys did your um show tried to make it a TV thing and
1:03
1 minute, 3 secondsJustin Yeah. Justin ran a huge second there, right? And Jake, ever since then JK introduces me as Justin’s dad. So, um yeah, he he still lets me know about it.
1:14
1 minute, 14 secondsSo, yeah, I hear it about a lot of it in my own household about that, too. But that’s uh that’s totally fine. If I could if I lose to him, uh I couldn’t be
1:23
1 minute, 23 secondshappier. Well, now you’ve got something to brag about at the family barbecue.
1:27
1 minute, 27 secondsNot that you didn’t have huge accomplishments in contest before, but am I correct in saying that winning a major hits a little bit different even
1:35
1 minute, 35 secondsthan some of your other very big high-up finishes? Yeah, this is right up there.
1:39
1 minute, 39 secondsI mean, I I did I did win the Keeland Grade One Gamble a few years ago, too.
1:43
1 minute, 43 secondsUm, but you know, financially this was uh this was my biggest score uh you know to date and hopefully it’s not my
1:51
1 minute, 51 secondsbiggest score for life, but today this is my biggest one. We got to talk about the specifics of course. How did you do it? How did you build your bankroll?
1:59
1 minute, 59 secondsWhat was your strategy going in? How did it change? Just tell me all the things we’d talk about if we were doing this without recording it for a podcast.
2:06
2 minutes, 6 secondsYeah. Well, I didn’t build my bankroll at all. Um, I knew throughout the whole week, you know, uh, doing my
2:13
2 minutes, 13 secondshandicapping, starting when the stuff came out last Saturday or whatever it was, I started on Derby Day and Oak’s day and I was prepared a week ahead of
2:21
2 minutes, 21 secondstime. Um, I had one I really I really only had two races I was really going
2:27
2 minutes, 27 secondsafter. Um, the sprint, which when no balls and one timer scratched, uh, Boss
2:35
2 minutes, 35 secondsSully was my play there. It was 30 to1 morning line and I knew I was not getting 30 to1 but I still thought at
2:42
2 minutes, 42 secondsmaybe 15 to1 that would be a play for me but that horse wound up I think going off at 7 to1. So I I really backed off
2:49
2 minutes, 49 secondsthat race and the only other race I really liked is the Derby and if people who know me, people who follow me in
2:56
2 minutes, 56 secondscontest play know I don’t usually like to hang around real long. I usually like to get my stuff in on the cheaper races where other people aren’t necessarily in
3:05
3 minutes, 5 secondsthe contest in those pools and try to get to the lead, but I didn’t have many options in my opinion. So, I’m not a big show better and not because I don’t
3:14
3 minutes, 14 secondsthink I could do it, but whenever I lose a show bet, Pete, I emotionally am a wreck to be honest. I get so mad and annoyed like why am I doing this? That’s
3:22
3 minutes, 22 secondsridiculous betting the show. Too conservative, right? For the We got a lot of new people around here. So just explain to them for a hardcore such as yourself or myself. I’ll just put it
3:31
3 minutes, 31 secondsthis way. It feels a bit wimpy and then when you can’t even get that done, it can hurt a little. It that’s exactly what it is. You know, it’s it’s uh it’s
3:39
3 minutes, 39 secondssomething where you’re you feel like you’re giving it up an opportunity. So I didn’t make any show bets. I figured,
3:44
3 minutes, 44 secondshey, I still got a bunch of option or mandatory bets to make for 250. I know I’m going to hit one of those 12, right?
3:52
3 minutes, 52 secondsWell, I didn’t. I I I didn’t hit any of them. So, my goal all along for the whole week was if I could have $6,000 in
4:02
4 minutes, 2 secondsmy bankroll, whether it was $3,000 on one or on each of them or 6,000 total.
4:08
4 minutes, 8 secondsMy original plan was to just make a $3,000 exact box with uh Sovereignty and Journalism. I thought worst case
4:15
4 minutes, 15 secondsscenario, I’d get 20 to1 on that exact um and that would get me to 60,000 and I felt pretty comfortable at that. I think that would be the number. Yeah. So,
4:24
4 minutes, 24 secondsplaying in the Kentucky Derby uh betting challenge years ago, I knew the Kentucky Derby was going to be the race where people were just, you know, going to go
4:32
4 minutes, 32 secondscrazy and there was going to be some crazy scores put out there and it wasn’t even too far-fetched to think someone could cash for 100,000. You know, it’s a possibility depending on the outcomes.
4:42
4 minutes, 42 secondsBut, um I I I was comfortable with 60. I thought that would be where it would be at. Um, so when I got down short money,
4:49
4 minutes, 49 secondsI had to make I had to go to plan B,
4:52
4 minutes, 52 secondswhich was I made $1,000 exact on one ticket, eight 18 and then I made uh $200
4:59
4 minutes, 59 secondstries, eight with 18 with uh four horses, a final gambit um was in there.
5:07
5 minutes, 7 secondsBasa obviously was in there. Tastic was in there. And Burnham Square was my fourth one. And then my other ticket, I only
5:14
5 minutes, 14 secondshad$,750. Um, but I was getting a bigger price with sovereignty on top. So I made thousand exact Sovereignty over
5:21
5 minutes, 21 secondsjournalism. And then I made the try for $185 sovereignty over journalism with
5:28
5 minutes, 28 secondsthose same four horses. And to be honest, if someone would have let me pick um the top 10 finishers in the race
5:37
5 minutes, 37 secondsother than Tisttastic not running, I thought Tisastic would be fourth or fifth in the race, but other than that,
5:44
5 minutes, 44 secondsthe and Owen Mighty ran way better than I thought, but I probably could have hit the top 10 in pretty close to good order. So, if there was ever a bet bet
5:52
5 minutes, 52 secondsfor that, this was the one race in my life that I could have really uh really crushed it. The dececta, I don’t know. I don’t know what it is, but it’s it’s uh
6:00
6 minutesit’s out there. It’s out there somewhere. That’s amazing. So, in the end, you were How much money was on the tickets before that last race? You must
6:08
6 minutes, 8 secondshave hit something or your minimums would have you would have been completely bled out. Or did you just have one minimum? You Yeah, you had more than one minimum left. No, that’s all I
6:16
6 minutes, 16 secondshad. I I bet I think I bet on one ticket. I believe I bet 250 a race for six races if I’m doing my math right.
6:25
6 minutes, 25 secondsAnd I think the other ticket I bet one race for 500. So that was actually my seventh bet I made. I did not cash one
6:34
6 minutes, 34 secondsticket on either entry going into the derby. And uh you know I said to somebody in the morning I said you know what I got $7,000 on my two entries.
6:46
6 minutes, 46 secondsI’ll give away a thousand. Can I keep 6,000 for the derby? You know that’s what I would have wanted to do. But uh the mandator in these contests which is which is a good thing by the way. Yeah.
6:56
6 minutes, 56 secondsThe mandatories make it interesting because that’s you know that’s significant money you’re giving away and how to keep those uh um that that money
7:04
7 minutes, 4 secondsyou’re you know how to keep your equity alive for the races you really like. You know sometimes it’s difficult and it was for me this this Saturday obviously.
7:12
7 minutes, 12 secondsYeah. Normally there is an art to that preserving bankroll going with your plan A. You didn’t have that and you just coldcocked the thing. Where did the two
7:19
7 minutes, 19 secondsentries end up? respectively in terms of dollar amounts and what did you cut out of this prize pool? Well, yeah, the one of them went broke because I was that
7:26
7 minutes, 26 secondsthat was the key with uh um journalism on top. So, that entry went broke and my second Yeah. Yeah. So, I played my two
7:34
7 minutes, 34 secondsentries Yeah. I played my two entries against each other obviously. Um and then my first entry, you know, had the
7:41
7 minutes, 41 secondshad only had $1,750 on it. Cashed for 67,000 and change. And uh and then with
7:49
7 minutes, 49 secondsall the prize money and the other stuff that goes with it and you know my live betting on the side to have the superfecta also you know several many
7:57
7 minutes, 57 secondstimes um it was a phenomenal weekend and my wife sometime about 3:00 on Saturday snuck in my office and said well it’s
8:06
8 minutes, 6 secondsbeen it’s been nice talking to you for the last two days you know and again I just kind of closed the door and I was short with her again and then after the
8:14
8 minutes, 14 secondsderby ran and when we saw the final results else. Uh uh she said, “Well,
8:18
8 minutes, 18 secondsmaybe it was worth it that you I didn’t have to talk to you for two days.” So,
8:21
8 minutes, 21 secondsum your laconic uh couple of days were were easily forgiven. I you don’t have to share what you took in your pocket
8:30
8 minutes, 30 secondsfinancially, but it is important for folks interested in playing in these Twin Spires contests going forward.
8:35
8 minutes, 35 secondsEstimate how much you took out of the prize pool.
8:38
8 minutes, 38 secondsYeah, I I think uh you know it was 103,000 for first place plus the BCBC 10,000 BCBC and I guess I get tickets uh
8:48
8 minutes, 48 secondsum next year to the derby with hotel for the derby. So that’s a nice little added bonus that Darren Zakali uh told me
8:56
8 minutes, 56 secondscomes with this. So you know it it was upwards of a you know a quarter million dollar weekend for me. So or Saturday or
9:03
9 minutes, 3 secondsactually one race for me. So, it still didn’t I’m still not the leader in the family with Justin’s 725, but uh I’m sure he’ll remind you of that. He Yeah,
9:13
9 minutes, 13 secondshe has reminded me that a lot. So, but I’m grinding my way up there on a bunch of other contests trying to hit, you
9:20
9 minutes, 20 secondsknow, small amounts at a time, but this one was a significant one and a few other ones the last few years that I’ve cashed in were were significant. And
9:28
9 minutes, 28 secondsthat’s why the contests to me are just uh you know, it keeps me in the game to be honest. That really does because there that added money that you get uh
9:36
9 minutes, 36 secondsyou know when you when you do hit something and then you can you know basically you worked out I cash for 67,000 and I’m going to wind up getting
9:46
9 minutes, 46 secondstwice that amount in prize money you know. So it’s it’s it is incredible and these contests are uh you know are a thing I think everybody should play in
9:54
9 minutes, 54 secondsat some level. Even if you’re a small player play the smaller ones and uh you know it’s added value to what you’re playing. Couple of things I need to
10:02
10 minutes, 2 secondspiggyback off that one is, yeah, if you’re betting that money, why not bet it in the context of the contest and get to benefit from that huge bonus you get
10:11
10 minutes, 11 secondsfrom the prize pool. Talk about a takeout reducer. You talk about playing in smaller contests. That’s a great news. That’s great news about the Twinspires.com platform. We’re going to
10:20
10 minutes, 20 secondshave Darren on on the audio side in this show to talk about this new tour concept they’ve developed. But if you just go on
10:27
10 minutes, 27 secondsto twinspireers.com and navigate over to the tournaments tab, you’re going to see all manner of opportunities. On a Monday, you might have a feeder into a a
10:35
10 minutes, 35 secondsSaturday qualifier. Don’t feel priced out. No matter what your bankroll level,
10:39
10 minutes, 39 secondsthere’s a twinspires.com contest for you. What about you? Did you try to win your way in here or were you happy to just put up the money and play that way?
10:47
10 minutes, 47 secondsBoth good options. Just curious which one you chose. Yeah, that’s a sore subject, Pete, to be honest. the you know when when this KDBC was announced
10:56
10 minutes, 56 secondslast year I was doing back flips because I figured you know these are all my tracks it’s twin spires I play the
11:04
11 minutes, 4 secondsKentucky circuit full-time now so between Turfway and Keeland and Churchill, you know, at the beginning of
11:12
11 minutes, 12 secondsthis thing I felt I got to at least get two, three, four of these things. I didn’t have any. I didn’t win any. It
11:19
11 minutes, 19 secondswas terrible. Um, I was so disappointed in myself. I said to Mike Mulahill in the morning, I said, “Now I gotta buy two entries for this thing.” And, you
11:28
11 minutes, 28 secondsknow, I said, “I’m gonna struggle through the day, get my mandatories out of the way.” And so, I was I was whining Saturday morning. But, uh, by Saturday
11:37
11 minutes, 37 secondsat, you know, six o’clock or 7 o’clock my time, I changed my tune. I was, uh,
11:42
11 minutes, 42 secondsyou know, a lot different feeling after that. Frank, let me speak for all horse players when I break out the world’s smallest violin for your uh travailes on
11:52
11 minutes, 52 secondsthe twinspires.com platform up to now. I imagine you’ll be dipping in uh continuing to think about the next one and paying attention to everything else
12:00
12 minutesthat goes on on the platform though because it sounds like on the qualifying side, despite this big score, you’re due. Yeah, definitely. Yeah, that’s for
12:07
12 minutes, 7 secondssure. I hope that’s true. But yeah, I’ll definitely be playing in a lot of the Twin Spire stuff uh um that they offer.
12:14
12 minutes, 14 secondsYou know, mostly the Kentucky circuit because that’s what I play all the time.
12:18
12 minutes, 18 secondsBut if there’s, you know, a major one or semi- major one on on a Saturday at a different track, I jump into those being
12:25
12 minutes, 25 secondslive money. Also, you’ve made a huge strategic blunder letting me know how much you’re playing the Kentucky circuit because, you know, around here, no good
12:32
12 minutes, 32 secondsdeed goes unpunished. And we’ve got a lot of content for twinspires.com coming up. KTDF, Kentucky thoroughbred development fund. Before long, it’s
12:40
12 minutes, 40 secondsgoing to be you and me on here handicapping Ellis and Turfway and and Churchill. So, if you’re willing, I I’d love it, man. Yeah, I look forward to
12:48
12 minutes, 48 secondsTurfway. Um, you know, Sean Borman, who who I was referred to through other people, you know, like yourself, he
12:56
12 minutes, 56 secondshelped me out greatly when I switched over to Kentucky. He sent me I reached out to him and he was nice enough to share some of his info with me on on
13:04
13 minutes, 4 secondspars and that kind of thing and that you know that saved me a lot of time from going back and trying to figure out everything myself for guys like us who
13:12
13 minutes, 12 secondsmake our own numbers and uh and he was one of the many guys who uh text me after the win uh to congratulate me too.
13:19
13 minutes, 19 secondsSo great thanks uh to him for the help and uh getting me going on the Kentucky circuit. We always love a shout out for Breeders Cup Betting Challenge champion,
13:28
13 minutes, 28 secondsrecord setting winner Shawn Borman. Had it were lucky to have him on last week.
13:32
13 minutes, 32 secondsI still haven’t I haven’t talked to him about how he did in the derby. I’ll reach out after this. But Frank, this was fantastic. Really appreciate having you on. What a welldeserved win for one of the most respected players out there.
13:43
13 minutes, 43 secondsAnd yeah, don’t let Justin give you too much cuff. I mean, this is the Kentucky Derby after all, right? No problem. And uh you know I thought JK was going to be
13:51
13 minutes, 51 secondson here too, but you know a little shout out to him for his fourth place finish.
13:55
13 minutes, 55 secondsHe did call me afterwards uh to congratulate me, but he didn’t start out by congratulating me. He gave me some
14:02
14 minutes, 2 secondschoice words at first, you know, uh for for passing him, but uh congratulations to him. And uh I knew he wasn’t going home with either he was going home with
14:11
14 minutes, 11 secondsa bigger score or going home broke. And I had a I had to think about that when I was making my last bet as what the players were going to do on this, you know, in the because that’s a key too.
14:20
14 minutes, 20 secondsWhat players are gonna make moves and not and that gets to be part of the strategy also. For sure. Playing your opponent almost like a poker table. Just
14:28
14 minutes, 28 secondsanother great element. Yeah, I was the knucklehead who told Jonathan I thought 45 had a chance to do it. Your your math uh heading in was a lot more sound than
14:37
14 minutes, 37 secondsmine was. Frank, great work. Really appreciate having you on here. We’ll do it again soon. Great. Thanks, Pete.
The National Horseplayers Championship (NHC) precedes the Kentucky Derby Betting Championship (KDBC) and is the Biggest Betting Event of the Year.
The Road to the Kentucky Derby may be in full stride with 16 Derby prep races completed and the biggest races coming in March with the Championship Series. But this weekend in Las Vegas is the horse handicapper’s largest event of the year. THE “Super Bowl” of horse racing where horse players participate in the NTRA National Horseplayers Championship (NHC) Feb. 9-11, before taking on the Kentucky Derby Betting Championship in May.
The NHC is the world’s richest and most prestigious handicapping tournament of the year for horseplayers. The event culminates following a year-long series of NTRA-sanctioned local tournaments conducted by racetracks, casino race books, off-track betting facilities, and horse racing handicapping websites. Each of which sends top qualifiers to the national finals in Vegas. There are no “buy-in” entries at the NHC, but getting into the field through qualifying events is a big accomplishment.
Tournament play has been the fastest growing segment in the horse racing industry. The NHC was first held in 2000 at the MGM Grand and has been held in Las Vegas every year since. And big money is played for during the NHC at the Treasure Island (TI) Hotel in Casino on the Las Vegas strip. In 2016, the NHC purse was $2.77 million with a first place prize of $800,000 going to Paul Matties. In 2017, the 18th Daily Racing Form/NTRA National Handicapping Championship (NHC) boasted a record field of 654 entries who competed for the largest purse in horse handicapping tournament history – $2,900,600 in cash and awards. First place was again $800,000 and Canadian Roy Arsenault, a 64-year-old transportation broker, was the winner and awarded horse racing’s official title of “Horseplayer of the Year.”
I was on site at the 2017 NHC in Las Vegas, following and listening to the excitement as the ballrooms were buzzing. By Sunday, the field had been paired down to the top-10 percent of the field, and the top 66 players earned a minimum cash prize of $5,000 with 50 players earning $10,000 or more.
But in talking with horse players and other handicappers including Las Vegas-based Richard Eng, who writes and reports on horse racing for various publications and online outlets, it’s clear that tournament play is a skill set far different from playing the races daily. It requires a strategy in which the tote board is your friend. The higher the odds on a horse you like, the more likely you are to play it.
You can’t rely on $6 and $8 horses as you might in real life. You need $20 winners and up to compete with the best tournament players. Thus, playing it safe in a tournament is playing to lose. Even the best horse players and handicappers can struggle with that concept.
The 2018 NHC will be another superb success as the horse players watch their horses storm down the stretch on numerous TV’s and video screens at the Treasure Island.
“We are delighted to once again host many of the pre-eminent horseplayers, and coolest people, in the world,” said NTRA Chief Operating Officer and NHC Tournament Director Keith Chamblin. “It is only through the support of so many horseplayers and participating organizations that we are able to realize another record year of growth for the NHC – by far the single largest promotional program in Thoroughbred racing.”
A full scoreboard will be updated regularly at NTRA.com, where fans and players can also find each day’s contest race menu and news updates. Additional news and exclusive content will be shared on Twitter via the official NTRA account, @NTRA.
News updates also will be available throughout the contest on At the Races with Steve Byk, who will broadcast live on Sirius XM satellite radio from Treasure Island during the show’s regular hours, 9 a.m.-12 p.m. EST, beginning Friday morning.
Many of the NHC bettors will appear again during the biggest weekend in Thoroughbred Racing. The next tournament on player’s radars is the Kentucky Derby Betting Championship (KDBC) presented by TwinSpires, which encapsulates Kentucky Oaks and Kentucky Derby days. With a real money handicapping contest that awards prizes, including the chance for seats at the Breeders’ Cup Betting Challenge (BCBC) in the fall, the opportunity to wager big on an already pool friendly card is enticing. Find more information on the TwinSpires Tournaments website.
Dan Shugar has learned quite a big in eight years playing horse racing tournaments, which included a victory in the Wynn Handicap event a few years ago.
He leaned on that experience when choosing a conservative strategy for the Kentucky Derby Betting Championship on March 26.
“With only 20 entries, I looked for low priced horses in most events,” Shugar said.
He got to the last race in a good position, but wasn’t sure how he was going when his selection, Edwards Going Left, crossed the finish line second at Santa Anita Park. But he benefitted when the winner, Passed By Paul, was disqualified and placed second for interference with Edwards Going Left.
“The last race was tough because of the DQ,” Shugar said. “I was in the lead and not sure who the second place participant had. But when they put my number up, I knew I was Derby-bound for the first time!”
The Kentucky Derby Betting Championship runs on Kentucky Oaks and Kentucky Derby day, May 5-6. Contestants – apart from those who win qualification – put forward $12,000, of which $8,000 is their betting bankroll and $4,000 goes into the prize pool.
The prizemoney will depend on the number of entries. If there are 75 players entered, the winner receives $140,000, the runner-up $80,000, and the third-place finisher $30,000. All three, plus the fourth- and fifth-place finishers, also receive entry to the Breeders’ Cup Betting Challenge, which is worth $10,000.
All players get to keep their remaining bankroll at the end of the tournament.
Shugar, who says he loves wagering on TwinSpires.com because of how easy it is to use, says earning a place in the KDBC is one of his biggest moments in racing, but there’s one other highlight that’s special to him.
“My most memorable moment was being on track at Saratoga to watch my horse break its maiden on the turf!”
Learn about more betting options for the Kentucky Derby.
