Kentucky Derby 2012: New York man gets $100K Derby bet

A 68-year-old man from New York has won the chance to place a $100,000 win bet on the Kentucky Derby on May 5 at Churchill Downs, Churchill announced on Thursday.

The man, Joel Einhorn, won the chance through a contest sponsored by Churchill, NBC Sports, and CNBC. He said that he has been a racing fan since 1960, when he saw Kelso win an allowance race at Aqueduct.

"I've been an owner, a spectator, and a handicapper for over 50 years," Einhorn said in a statement distributed by Churchill. "This is the fruition of a lifetime dream."

This is the third consecutive year that Churchill has offered the promotion giving a contest winner a $100,000 win bet on the Derby. Last year, contest winner Dave Flores selected third-place finisher Mucho Macho Man. In 2010, contest winner Glen Fullerton cashed the bet when he placed the wager on Super Saver, who was 8-1.