Kentucky Derby Controversy: What's Next For Medina Spirit, Bob Baffert

Medina Spirit's Kentucky Derby victory is on the line after the horse tested over the legal limit for the anti-inflammatory drug betamethasone.

Now Medina Spirit's trainer Bob Baffert and owners are waiting to see the results of a second test, which will decide if Medina Spirit is stripped of the win.

If the Derby disqualifies Medina Spirit, owners will not receive the $1.86 million winner's share of the Derby purse money. Betters who won on May 1 get to keep their cash though.

"While horse owner would have to return prize money upon appeal if it's not reversed, bettors won't. In fact, you can still cash Medina Spirit tickets today," Darren Rovell, a reporter on the business of sports betting with The Action Network, said on Twitter.

The last time the Derby threw out a win for a banned substance was in 1968, when Dancer's Image also tested positive for an anti-inflammatory, the Louisville Courier Journal reported.

Churchill Downs currently suspended Baffert from entering horses in any races at the historic track. However, the focus is on if the 3-year-old colt will be allowed to race in the upcoming Preakness Stakes on May 15.

The Preakness postponed its Monday race draw to Tuesday as it decides what to do with Medina Spirit, the Associated Press reported.

Baffert is not traveling to Baltimore for the upcoming race and sent an assistant to saddle up the colt if it's allowed in the race.

The trainer is already considering legal action against Pimlico Race Course if Medina Spirit is booted from the Preakness, CBS Sports reported.