Omaha started second favorite for the Kentucky Derby, with his supporters including Damon Runyon, who tipped the colt despite describing him as "a big, leggy, green thing that seems to invariably get into a lot of trouble". Despite cold weather and heavy rain, the race attracted a crowd of 50,000 to Churchill Downs, and the filly Nellie Flag was made favorite. Saunders kept Omaha clear of early trouble before moving the colt into the lead in the backstretch. Omaha was never seriously challenged and won by a length and a half from Roman Soldier without Saunders ever using his whip. Whiskolo finished third ahead of Nellie Flag and Blackbirder.