With Mario Gutierrez aboard, the chestnut colt stormed out of post No. 19 -- the first winner from that slot in 138 runnings of the Derby -- and bided his time back in mid-pack while Bodemeister set a blistering pace on a hot, muggy afternoon.
"He's an amazing horse," Gutierrez said. "I told everybody before the first time I rode him, I knew he was the one."
But a record crowd of 165,307 looking on didn't know I'll Have Another had the goods until the 20-horse field turned for home. That's when Gutierrez, who moved up between horses around the final turn, positioned his colt not far from the rail and set him down to run.
I'll Have Another overhauled a tiring Bodemeister to win by 1 1-2 lengths at 15-1 odds. He paid $32.60, $13.80 and $9.
Bodemeister, trained by three-time Derby winner Bob Baffert, was second and returned $6.20 and $5.60. Dullahan was a neck back in third and paid $7.20 to show.
Trainer Doug O'Neill didn't waste any time vowing that I'll Have Another will go on to the Preakness in two weeks.
"Maryland, here we come baby!" he said.
I'll Have Another made his way to the starting gate accompanied by his stable pony, Lava Man, another cheap purchase turned into a career winner of more than $5 million by O'Neill. The trainer has made his name predominantly in Southern California, although he's won three Breeders' Cup races.
One of his best horses, Steviewonderboy, was the winter favorite for the 2006 Derby before being sidelined by injuries early that year.