04/16/2014 09:25 am ET Updated Jun 16, 2014

Down 17 Percent in a Month, Kentucky Derby Tickets Likely to Drop to Lowest Average Price in Three Years

With under three weeks remaining until the Kentucky Derby, the horses and fans alike are making preparations for the biggest event in horse racing. Currently, California Chrome is the odds favorite with 3/1 odds, however, no betting favorite has won the race since Peace Rules got the job done in 2003. If California Chrome can buck the trend, the Art Sherman-trained, 3 year old, will take down the $1.4 million first place prize.

Currently, tickets for the Derby have an $800.60 average price on the secondary market. The price has dropped 17 percent since the middle of February when the average price was $966, but it is still pacing to be between the secondary market prices of 2012 and 2013. Last year, the average price was $763.54 and represented a big drop from 2012. That race, won by I'll Have Another, had an average price of $908.52, the highest price since TiqIQ has kept track of data. The price dropped 16 percent to 2013 and almost 12 percent from 2012 to this year.

Even with the lower average price last year, most general admission and infield tickets were sold before the race, leaving a $245 get-in price at race time. This year, there are still a large amount of general admission tickets available for a get-in price of just $54. The general admission tickets on the infield bring limited viewing of the race itself, though that's usually not a high concern for a majority of those patrons. The infield area is synonymous with a day-long party during the event with a much different atmosphere than the mint julep section of the crowd. Using that last two years as a base, the general admission tickets won't last long on the secondary market, leaving last minute ticket buyers to look to the Grandstands for the cheapest seats.

The Derby is still easily the most expensive of the Triple Crown horse races. The Preakness Stakes, to be held May 17, has an average secondary market price of $264.43. The Belmont Stakes, to be held June 7, has an average price of $229.16. Those events, more so than the Derby, will fluctuate in price. Last year, the average price of the Belmont dropped to just $87.81 with no chance of a Triple Crown winner.

Everything starts with the Kentucky Derby. Before they're off in Kentucky, every horse will still have a chance to win the Triple Crown. The Derby hopefuls are finishing up their prep races and the Road to the Kentucky Derby is now in the home stretch.

For more on Kentucky Derby ticket prices across each section of Churchill Downs , check out the TiqIQ blog.