No.1 - Wagering Weekend

With the 133rd Kentucky Derby and the much-hyped fight between Floyd Mayweather and Oscar De La Hoya taking place Saturday, America's love of gambling is at fever pitch.

Last year's Derby smashed the North American record for betting on a single race, with total wagering soaring nearly 14%, to more than $118 million.

And forget Tyson-Holyfield. The bout between Pretty Boy Floyd and the Golden Boy could see the most betting in boxing history, according to MGM Mirage (MGM).

The most anticipated fight in 5 years could also capture a record 2 million pay-per-view buys.

How do you trade the biggest betting week-end of the year?

Jeff Macke says the trade is Time Warner (TWX) because the fight’s pay-per-view buys are going to be huge.

Eric Bolling recommends Penn National Gaming (PENN) as a Kentucky Derby trade because they own racetracks.

Guy Adami likes International Game Technology (IGT) as a takeover candidate.

Tim Strazzini adds that casinos have a high correlation to the economies of Asia, because so many Asian tourists come to America to gamble.

Questions? Comments?

Trader disclosure:
On May 4, 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders: Macke Owns (JWN), Strazzini Owns (MPEL), (NWS-A), (YHOO) Bolling Owns (NMX), (DIS), (MPEL), Gold, Silver, S&P Futures, S&P Options, Nasdaq Futures, Nasdaq Options

Pali Capital Acts As An Underwriter In The Public Offering Of Securities And Structured Products, Strazzini's Statements Are Not An Endorsement Of Such Securities Or Structured Products.

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