Nyquist took the lead around the final bend to win the Kentucky Derby, becoming just the eighth unbeaten Derby winner in history.
Danzing Candy bolted out of the gate to the early lead, with Nyquist and Gun Runner close on his heels, but couldn't hold on. First Danzing Candy went by, and then Nyquist came around the outside, charging down the stretch to win the 142nd Kentucky Derby.
Nyquist, ridden by Mario Gutierrez, is the fourth straight favorite to come in and win the race.
The 3-year-old ran the 1 1/4 miles in 2:01.31. He paid $6.60, $4.80 and $3.60 as the 2-1 favorite in the full field of 20 horses.
"We got a beautiful trip from the start to the end," Gutierrez said.
It was the second Derby win for Gutierrez, trainer Doug O'Neill and owner J. Paul Reddam, who also won in 2012 with I'll Have Another. The team also won the Preakness that year, but could not complete the Triple Crown. I'll Have Another colt was scratched the day before the Belmont Stakes because of a career-ending tendon injury.
Exaggerator returned $5.40 and $4.20, while Gun Runner was another 3 1/4 lengths back in third and paid $6 to show.
"I thought I had it for a minute," said Florent Geroux, aboard Gun Runner. "He started pricking his ears back and forth at the top of the stretch."
But Gun Runner had barely taken the lead when Nyquist came charging around the outside and sped to the finish line, with Exaggerator closing but never threatening after coming from well back.
The Associated Press contributed to this report.