Kentucky Derby odds: American Pharoah the betting favorite at 5-2

American Pharoah was listed as a 5-2 favorite in the morning odds released by Churchill Downs oddsmaker Mike Battaglia Wednesday.

American Pharoah is a 5-2 favorite in this year's Kentucky Derby, according to the race's official odds on Thursday morning.

Before post positions were announced, American Pharoah had 9–4 odds, but the horse drew the No. 18 post position on Wednesday. Over the last five years, two winning horses -- Big Brown (2008) from the 20th and I'll Have Another (2012) from the 19th -- have started even further outside than American Pharoah will. 

Dortmund has the second-best odds as of Thursday morning at 3–1. Carpe Diem, at 8–1, has the third-best odds but drew gate No. 2 on Wednesday. No horse in the last 26 years has won the Derby from the No. 1 or 2 gate.

Last year's winner, California Chrome, had the No. 5 post position and went into the race with 5–2 odds to win.

Here are the complete odds, as of Thursday morning, from KentuckyDerby.com.

American Pharoah: 5–2

Dortmund: 3–1

Carpe Diem: 8–1

Firing Line: 12–1

Materiality: 12–1

Upstart: 15–1

Frosted: 15–1

Mubtaahij: 20–1

International Star: 20–1

El Kabeir: 30–1

Far Right: 30–1

Itsaknockout: 30–1

Bolo: 30–1

Danzig Moon: 30–1

Tencendur: 30–1

Stanford: 30–1

Mr. Z: 50–1

Ocho Ocho Ocho: 50–1

Keen Ice: 50–1

War Story: 50–1

Frammento: 50-1

Tale of Verve: 50-1