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Horse Racing Wagering Information
Horse racing is different than other types of gambling in that horseplayers do not bet against the house. Instead, they bet against each other using a form of wagering called the Pari-Mutuel system. The track itself makes money by taking money out of each betting pool. This act of taxation is appropriately referred to as the takeout. The win odds for each horse in a race are set by the actual people betting on the race. After a race is run, the payout for each pool, and there are several, is distributed to those holding winning tickets net of the takeout.
Betting theory is a major part of horse racing. The successful horseplayers are those who have mastered both the handicapping and betting aspects of the game.
Straight Bets - Win, Place, and Show
Win, place and show betting are the most basic bets to make. At the track or simulcast facility, you will see win odds posted on the tote board. To estimate how much your selection will pay for a $2.00 win bet, just double the odds and add $2.00. For example, a horse going off at 2/1 win odds would pay 2 x 2 = $4.00 + $2.00 = $6.00 for a $2.00 wager.
Win - Win betting is the bread and butter of horse racing. Just as its name implies, win betting requires that you select the winner of a horse race in order to get paid.
Place - With a place bet, you are betting that your horse will finish either first or second.
Show - With a show bet, you are betting that your horse will finish in the top three.
The table below shows the approximate payoffs for $2.00 win wagers at different odds.
| Odds |
Returns |
Odds |
Returns |
| 1-9 |
$2.20 |
2-1 |
$6.00 |
| 1-5 |
$2.40 |
5-2 |
$7.00 |
| 2-5 |
$2.80 |
3-1 |
$8.00 |
| 1-2 |
$3.00 |
7-2 |
$9.00 |
| 3-5 |
$3.20 |
4-1 |
$10.00 |
| 4-5 |
$3.60 |
9-2 |
$11.00 |
| 1-1 |
$4.00 |
5-1 |
$12.00 |
| 6-5 |
$4.40 |
6-1 |
$14.00 |
| 7-5 |
$4.80 |
7-1 |
$16.00 |
| 3-2 |
$5.00 |
8-1 |
$18.00 |
| 8-5 |
$5.20 |
9-1 |
$20.00 |
| 9-5 |
$5.60 |
10-1 |
$22.00 |
Single Race Exotic Wagers
The Exacta - The exacta is a single race bet that requires a handicapper to call the first two finishers in a race in the correct order.
Click here to see a variety of Exacta betting strategies.
The Quinella - The quinella is a single race bet that requires a handicapper to call the first two finishers in a race in either order.
The Trifecta - The trifecta is a single race bet that requires a handicapper to call the first three finishers in a race in the correct order. Trifectas are perhaps the most important bet in horse racing. They often come with very large payoffs and can give huge overlays that straight bets and exactas do not. The downside of trifectas is that it is a blind bet, so you never know if you are getting an overlaid price.
Click here to see a variety of Trifecta betting strategies.
The Superfecta - The superfecta requires that you call the top four finishers in order. Horseplayers that accomplish this feat can be paid very, very well. The downside is that the bet is both difficult to hit and expensive to play. Because of this, it is imperative that you play the superfecta only when you expect a handsome payoff in exchange for your risk. A good payoff for a superfecta would be $1000 for a $1 bet.
Click here to see a variety of Superfecta betting strategies.
Multiple Race Exotic Wagers
The Daily Double - To win a Daily Double bet, a handicapper must pick the winners of two consecutive races. The Daily Double bet is normally available on the first two, and last two, races on the card, although some tracks have rolling daily doubles on all races.
Click here to see a variety of Daily Double betting strategies.
The Pick Three - To win a Pick Three bet, a handicapper must pick the winner of three consecutive races
Click here to see a variety of Pick Three betting strategies.
The Pick Four - To win a Pick Four bet, a handicapper must pick the winner of four consecutive races. The Pick Four is usually set for the final four races on a day's race card, although some tracks also feature an early Pick Four.
Click here to see a variety of Pick Four betting strategies
The Pick Six - To win a Pick Six bet, a handicapper must pick the winner of six consecutive races.
Click here to see a variety of Pick Six betting strategies
The Place Pick All - To win a Place Pick All bet, a handicapper must select either the win or place horse in all of the races on a card.
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