Unless you buy grandstand seats from Churchill Downs--which most people can't do--you can spend a LOT more than $150 and STILL not see anything. Our seats in 2006 cost us $495 through a broker and we were virtually at ground level on the apron. Add in the infield corporate tents and all we saw was a flash of horses going by in the stretch (if we were lucky and the people in front of us weren't too tall). We also had NO cover from rain. So the infield idea doesn't sound all that bad.
Frankly if I go again I'm going to spend the money for decent seats on Oaks day and then go to the Keeneland OT for Derby day.
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