LOS ANGELES (CBSLA.com) — The 2016 Kentucky Derby will be held on Saturday at Churchill Downs at 3:43 pm PT.

Last year, American Pharoah won the Derby before going on to win the Triple Crown.

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For those who are unclear on what these odds mean, here’s a simple explanation.

Nyquist, the favorite, has the “best” odds at 3-1. This means that if you were to wager one dollar, if Nyquist were to win, you would win three dollars (plus your original $1 bet back).

The same goes for the underdogs, Trojan Nation, Oscar Nominated, and Laoban, if you were to wager one dollar on them, you would win $50 (plus your original $1 bet) if they won the race.

As of 2:30 pm PT on May 6th, a total of $694,679.000 has been wagered on the Derby so far.

Here are the betting odds for this year’s Kentucky Derby field (Note: the odds change often, click here for the updated live odds) :

Nyquist (Favorite): 3-1

Exaggerator: 8-1

Mohaymen: 10-1

Gun Runner: 10-1

Creator: 10-1

Brody’s Cause: 12-1

Mor Spirit: 12-1

Destin: 15-1

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Outwork: 15-1

Danzing Candy: 15-1

Mo Tom: 20-1

Suddenbreakingnews: 20-1

Whitmore: 20-1

My Man Sam: 20-1

Shagaf: 20-1

Lani: 30-1

Cherry Wine: 30-1* (Scratched)

Majesto: 30-1

Tom’s Ready: 30-1

Trojan Nation: 50-1

Oscar Nominated: 50-1

Laoban: 50-1* (Scratched)

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*** Additional note: Victor Espinosa, the jockey who has ridden the previous 2 Kentucky Derby winners, will be aboard Whitmore (20-1) this year.