Kentucky Derby: Giacomo became the second-longest priced winner of the Kentucky Derby when flying late to capture the prestigious race at Churchill Downs on Saturday night.

John Shirreffs's charge was well off the pace turning for home but stuck his head out and battled all the way to the line to land the 131st running of the Grade One contest at a massive 50 to 1 - the biggest priced winner since 1913.

Closing Argument looked booked for success heading to the wire but was cut down in the closing stages and finished second while Afleet Alex came from out of the pack to take third.

Nick Zito saddled a quarter of the the 20-runner field in his bid to capture the $853,958 first prize, but his horses failed to make the frame with principle hope Bellamy Road fading down the straight before eventually finishing seventh.

The mount of Javier Castellano was sent off favourite following his devastating performance when landing the Wood Memorial by 17 lengths.

However, despite making ground out of the far turn, he faded on the entrance to the home straight while Michael Tabor's Bandini also failed to land a blow and trailed home 19th.

Spanish Chestnut set a blistering pace through the early stages of the 10-furlong contest, setting up the race for a hold-up performer.

And the lead changed several times in the final two furlongs as horses came with their challenges but it was the mount of Mike Smith who stayed on best of all down the centre of the track.

Smith, winning the race for the first time, said: "He has redeemed his father (Holy Bull, who finished 12th in 1994) and I said the very first time that I sat on him as a two-year-old that he was a Derby horse, and I had to back it up, but he was dynamite .

"I cut the corner down the back stretch and then had to angle out but when I got into him he kept running and running, he could run all day."