Louisville, Kentucky (CNN) -- I'll Have Another cut loose on the home stretch to run down Bodemeister and earn the first Kentucky Derby wins for his rider and trainer Saturday. 

I'll Have Another, with a finish of 2:01:83, earned nearly $1.5 million of the $2.2 million purse. 

That's quite a payoff for a horse that was purchased last year for the modest sum of $35,000. 

Jockey Mario Gutierrez, making his Derby debut, called I'll Have Another a steady competitor. 

"They didn't believe (I'll Have Another) could have made it this far," Gutierrez said. "But even if they wanted me to pick (any horse in the field), I would have stayed with him." 

The winner had 15-1 odds; Bodemeister was at 4-1, according to the Derby website. Dullahan, with 12-1 odds, also made a late run and finished third. 

I'll Have Another defeated Bodemeister by more than one length at the 1Â¼-mile classic, attended by a record Churchill Downs crowd. 

The 138th running was marked by a couple of other Derby firsts: It was the first victory for trainer Doug O'Neill and the first win from the No. 19 post position with a full field. 

O'Neill called Gutierrez "the man" for his own performance. 

"He was just so confident," O'Neill told NBC. "We had such a brilliant race." 

Bob Baffert, a Derby stalwart and the trainer of Bodemeister, said he was "really proud of the way" his horse ran. 

"He just came up a little tired," Baffert told NBC afterward. 

Having won all three races he's participated in this year, O'Neill said he was excited for the next leg of the Triple Crown -- the 137th edition of the Preakness, set for May 19 in Baltimore. "Maryland, here we come," he said. 
Who came in second?
I'll Have Another defeated Bodemeister