It has been 36 years since a horse won the Triple Crown. California Chrome has a chance to make history today if he wins the Belmont Stakes, the last leg of the Triple Crown.
So how should you bet the race? California Chrome will be a prohibitive favorite, partly because he deserves to be based on past performances, and partly because it is fun and exciting to be able to say that you bet on the horse who won the Triple Crown. I can remember the specifics of very few horse races, but I still remember exactly where I was watching on TV when Secretariat won the Triple Crown because I had decided after the Preakness that he was my favorite horse. I was six years old. It's fun to feel a connection to a champion.
Most likely, way too much money will be bet to win on California Chrome, for the reasons above. The more money that is bet on him, the worse the odds. I doubt that it will be a smart bet to play California Chrome to win.