Mastering every type of horse racing bets sounds like a lot, but we’ve managed to make brief, no-fluff piece that will go through everything you need to know to be a master of the track. Let’s start!
Whether you’re a beginner starting with straight bets (or a veteran looking to spice things up), by the time we’re done you’ll know exactly which bet to pick on the next race. You’ll even know all the basics needed to develop your very own horse racing strat!
Horse Racing Bets We’ll Cover
We are about to cover straight, exotic, combination, boxed and wheel bets, so you can see how each works through real-world examples. We’ll even explore some of the different payout scenarios common to all of these horse racing bets to ensure you have practical, actionable knowledge on all of these bets. Let’s get a couple of common questions out of the way before we delve deeper into every horse racing bet.
Is There a Limit for Race Bets?
For horse races the limits for each bet can vary depending on the sportsbook or the racetrack. If you’re more of a casual horse race bettor, chances are you won’t bump into this limit, but it is there.
Most places have a minimum bet amount, like $2, especially for common bets like Win, Place, or Show. In the case of exotic bets like Exactas or Trifectas, the minimum might be lower, like $1 or even 50 cents.
There can also be maximum bet limits, and you’ll notice these vary wildly depending on the race, the type of bet, and the bookmaker. Some big races might allow for higher limits while smaller races might have stricter caps. The race’s Purse can almost tip you off to these limits.
What’s A Horse Race Purse (And What Does It Tell)?
Every single race that you’ll see will show details such as its Race Number, Distance, Track Condition and something known as its “Purse”. This last one is basically the total amount of prize money that’s up for grabs in a horse race.
- Think of it as the pot that gets divided among the top finishers (kind of like a reward for the horses that do the best).
The purse is usually split among the owners of the horses that finish in the top positions, with the biggest share going to the winner. The jockeys, trainers, and sometimes even the stable staff might get a cut of this money too, depending on their agreements.
So, if you’re betting on a race, the purse is like the big prize that everyone’s competing for, and it can give you an idea of how prestigious or competitive a race might be. Usually, the bigger the purse, the more intense the competition between the horses as they’re also of higher-quality.
Straight Bets
Straight bets like Win, Place, Show and Across the Board are pretty simple but nothing like some practical examples to get any horse racing bets explained. Let’s look at how each of these bets work by laying some hypothetical bets for each of them.
Win Bet
A win bet is the most straightforward type of bet in horse racing (and it’s the best kind of bet to learn the ropes, more on that below!). You’re simply betting on a horse to finish first in a race. If your chosen horse crosses the finish line first, you win the bet. If it doesn’t, you lose.
Race Scenario:
Let’s say you’re watching the Kentucky Derby, and you’ve got your eye on a horse named “Lightning Strike.” You decide to bet $50 on the horse winning the race (a win bet). Youre looking pretty much at a binary situation:
- If Lightning Strike wins the race, you’ll collect your winnings (based on the odds at the time you placed the win bet).
- Otherwise, if Lightning Strike finishes second or lower, you lose your 50 bucks.
How to Read a Horse Racing Card for a Win Bet
Depending on the sportsbook this is what you’ll probably see on a race card:
| Post Position | Horse Name | Jockey | Trainer | Morning Line Odds | Weight | Recent Performance |
|---|---|---|---|---|---|---|
| 1 | Lightning Strike | John Velazquez | Todd Pletcher | 5-1 | 126 lbs | 1st, 2nd, 3rd |
| 2 | Thunder Bolt | Mike Smith | Bob Baffert | 3-1 | 126 lbs | 2nd, 1st, 2nd |
| 3 | Stormy Skies | Irad Ortiz Jr. | Brad Cox | 10-1 | 126 lbs | 3rd, 4th, 1st |
| 4 | Speed Demon | Joel Rosario | Steve Asmussen | 7-2 | 126 lbs | 1st, 1st, 2nd |
| 5 | Wild Fire | Luis Saez | Chad Brown | 15-1 | 126 lbs | 5th, 3rd, 4th |
Let’s be a bit thorough when reading this card and see what means what:
| Category | Description |
|---|---|
| Post Position | The number assigned to the stall from which the horse will start. As in 1, 2, 3, etc. |
| Horse Name | The name of the horse running in the race. (Get used to seeing lots of catchy horse names) |
| Jockey | The rider of the horse. |
| Trainer | The person responsible for the horse’s preparation. |
| Morning Line Odds | The odds set by the track handicapper before betting begins. These can change based on the bets placed. (Key piece of data for your bets). |
| Weight | The total weight the horse will carry, including the jockey and gear. |
| Recent Performance | The horse’s placements in its last three races. (Another key metric for your bets). |
Types of Horse Racing Odds
At the most, you’re gonna come across three (3) types of odds for horse racing bets:
- Morning Line Odds give you an estimate of potential payouts based on a $1 bet.
- Lower odds tell that a horse is more favored (the payout is smaller if you bet on it).
- Higher odds tell that a horse is less favored (so the payout is larger if you bet on it).
How to Read the Odds Given by the Card?
Morning line odds are the odds set by the track handicapper before betting opens. They give you an idea of what the odds might look like before people start placing their bet, but keep in mind they can change as more people bet on the race.
The most important thing is that Morning line odds give you a good idea of which horses are considered favorites and which are underdogs.
- The lower the odds (like 3-1), the more likely the horse is expected to win.
- The higher the odds (like 15-1), the less likely it is to win, but if it does, the payout is bigger.
Let’s look at the morning line odds from our card and see what they mean payout-wise:
| Horse Name | Morning Line Odds |
What The Odd’s Numbers Mean |
|---|---|---|
| Lightning Strike | 5-1 | If you bet $1 on “Lightning Strike” and it wins, you’ll get $5 in profit. So, a $10 bet would return $50 in profit. Plus your $10 bet back, for a total of $60. |
| Thunder Bolt | 3-1 | If you bet $1 on “Thunder Bolt” and it wins, you’ll get $3 in profit. So, a $10 bet would return $30 in profit. Plus your $10 bet back, for a total of $40. |
| Stormy Skies | 10-1 | If you bet $1 on “Stormy Skies” and it wins, you’ll get $10 in profit. So, a $10 bet would return $100 in profit. Plus your $10 bet back, for a total of $110. |
| Speed Demon | 7-2 | This is a little different because it’s not a whole number. 7-2 means for every $2 you bet, you’ll win $7. So, if you bet $10, you’d divide $10 by 2 to get $5, then multiply $5 by 7 to get $35 in profit. (add your $10 bet back, and you’d have a total of $45). |
| Wild Fire | 15-1 | This one’s simple: If you bet $1 on “Wild Fire” and it wins, you’ll get $15 in profit. So, a $10 bet would return $150 in profit plus your $10 bet back, for a total of $160. |
Betting Strat for Beginners: Save Some $ And Have Some Fun!
This strategy is all about minimizing risks and costs while you learn the ropes. Betting on races in tracks you’re not intimately familiar with is generally a poor idea, so you’re better off picking winners and betting on them at first.
Paper bets will give you this valuable beginner experience without having to worry about losing money, and sticking to win bets will significantly reduce the thought and analysis process a more veteran bettor will go through.
Here’s a good step-by-step process you can use:
Stick to 1-2 Tracks Only
Pick just one or two tracks and get super familiar with them. Learn about the jockeys, trainers, how the track behaves in different weather, and any biases it might have. This will take a few weeks, but it’ll pay off.
Start with Paper Bets
Don’t dive in with real money just yet. Start by writing down your bets on paper. At the end of each day, go back and see where you went right or wrong. It’s a great way to learn without losing cash.
Focus on Picking Winners
Start simple by just picking which horse will win and betting on that. Forget about the fancier bets for now. Get good at this before moving on.
Gradually Expand Your Bets
Once you’re consistently making a profit from win bets, you can start exploring other types of wagers like exactas or trifectas.
Try a SHOW Parlay
You’ll probably get a kick out of this one: place a small bet on a horse to show (finish 1st, 2nd, or 3rd). If you win, take all the money (both what you won and your original bet) and place it on the next show bet. Do this for 3-5 races and see how much return you can get (youd be surprised with the results)
Place Bets
If you’re looking for a solid, moderate risk way to bet on horse racing, Place Bets might be your new best friend. Place Bets will earn you some cash if your horse finishes first or second, which sounds great, but does have some nuance to it.
I highly recommend you check out our piece on Place Bet Horse Racing Examples to understand how Place Bets work with some real-world examples and payout scenarios. Trust me, you’ll get the hang of it by the time you’re done with it.
Show Bets
Show bets allow you to pick a horse to finish in any of the top three spots and earn you a payout. It’s perfect for risk-adverse folk that want to make the race a bit more exciting, which is why we dug deeper in our how Bet Horse Racing Examples post. It’s a short and sweet read that will tell you when Show bets are the perfect play.
Across the Board
Betting across the board lets you bet on the horse to win, place, and show, all at the same time (and for a bigger payout too!). It’s a great move when you’re not sure if the horse will win, place, or show.
The bet offers multiple chances to cash in, but it does come at a price since this you’re rolling three bets in one. It goes like this: if your horse wins, you collect on all three bets. If your horse comes in second, you collect on the place and show bets. If it finishes third, you only collect on the show bet. As usual, let’s do a quick analysis of an example bet to get a good understanding:
You got your Race Card:
| Horse Race Number | Distance |
Track Condition |
Purse |
|---|---|---|---|
| 5 | 1 Mile | Fast | $50,000 |
And your Horse Racing Card:
| Post Position | Horse Name | Jockey | Trainer | Morning Line Odds |
|---|---|---|---|---|
| 1 | Thunder Strike | John Voitt | Jane Smith | 5-1 |
| 2 | Speedy Blitz | Mike Johnson | Sarah Lee | 3-1 |
| 3 | Fast Dash | Kevin Brown | Richard Roe | 8-1 |
| 4 | Midnight Rider | Chris Green | Steve Asmussen | 6-1 |
| 5 | Lightning Bolt | Lisa White | Tom Davis | 4-1 |
Lets say you’re betting on a horse named “Speedy Blitz” with odds of 3-1 as you see on your racing card. How would the payouts work if you bet $10 Across the Board bet on “Speedy Blitz”?
First off, since you’re placing three separate $10 bets (win, place, show), your total wager is $30. Depending on where “Speedy Blitz” finishes, your bet could yield the following:
Payout Scenarios for an Across-the-Board Bet
| Finish Position | Bet Result | Payout Calculation | Total Payout |
|---|---|---|---|
| 1st Place |
Win, Place, and Show |
Win: $10 x 3-1 = $30 Place: $10 x 2-1 = $20 Show: $10 x 1.2-1 = $12 |
$30 + $20 + $12= $62 (Win + Place + Show) |
| 2nd Place |
Place and Show |
Place: $10 x 2-1 = $20 Show: $10 x 1.2-1 = $12 |
$20 + $12= $32 (Place + Show) |
| 3rd Place |
Show Only | Show: $10 x 1.2-1 = $12 | $12 |
| No Win, No Place |
No Payout (Loss) |
– | $0 (You lose your $30 bet) |
Across-the-Board Bet Advantages:
If you’re wondering what’s the difference between placing an across the board bet vs placing the same set of bets individually, it basically comes down to four points:
- Instead of placing three separate bets, you get to do it all in one go which is more convenient and quicker (you don’t have to worry about juggling multiple tickets).
- If your horse wins, you collect on all three bets not just one (win, place, and show) giving you a decent return (especially if your horse has longer odds).
- You also spread out the risk a bit compared to just betting on a win since if your horse doesn’t win but finishes second or third, you still get some return on your bet.
- Last but not least (and this a bit more relative): Some people find it easier to manage their budget with an Across the Board bet since they’re locking in a total amount upfront, rather than having to calculate how much they want to bet separately on win, place, and show.
- Note: Obviously placing any or all of these bets separately gives you a lot more control. Individual bets let you decide exactly how much to put on each type (when you’re more confident on a specific outcome playing out), as well as choosing to avoid entire categories (win, place or show) if you feel they’re unnecessary.
What’s the Pari-Mutual System?
Alright, so this now that we’ve covered all of the straight bets, we can talk a bit about this betting system. The Pari-Mutuel system is all about pooling bets together. Rather than betting against the house, you’re actually betting against everyone else who’s placed money on the same race.
This system is used for the more straightforward horse racing bets (like Win, Place, and Show) but, that doesn’t mean it applies to the rest of them. For instance, exotic bets like Exacta, Trifecta, Superfecta, and Daily Double use pari-mutuel pools, but their payouts can be more complex due to multiple factors (like picking two or more horses to finish in specific positions).
Were gonna use a super generic way to explain it before using a race example since it’s easier to learn how this system works:
Let’s say there’s a horse race with four horses: Horse A, Horse B, Horse C, and Horse D. You and other people bet a combined total of $11,000 on these horses (as shown in the chart below), making the total pool worth $11,000.
Horse Bets in the Pari-Mutuel System
Now, the odds depend on how much money is bet on each horse. More people betting on one horse means lower payouts, while fewer bets mean higher payouts for that horse if it wins.
For Horse A, $5,000 were bet, so the odds would be
$11,000 ÷ $5,000 = 2.2
For Horse B, $3,000 were bet, so odds are $11,000 ÷ $3,000 = 3.67
For Horse C, $2,000 were bet, so odds are $11,000 ÷ $2,000 = 5.5
For Horse D, $1,000 were bet, so odds are $11,000 ÷ $1,000 = 11
You’ll notice that if you’d placed a bet on Horse D and ends up winning the race, you’d get a bigger payout because fewer people bet on it! The Pari- Mutuel system varies the payout based on how the crowd bets, and it also favors those who bet on the underdogs.
How Would the Pari-Mutuel System Work on Our Example Bets?
Lets use for instance this Race card:
| Post Position | Horse Name | Morning Line Odds |
Recent Performance |
|---|---|---|---|
| 1 | Lightning Strike | 5-1 | 1st, 2nd, 3rd |
| 2 | Thunder Bolt | 3-1 | 2nd, 1st, 2nd |
| 3 | Stormy Skies | 10-1 | 3rd, 4th, 1st |
| 4 | Speed Demon | 7-2 | 1st, 1st, 2nd |
| 5 | Wild Fire | 15-1 | 5th, 3rd, 4th |
Based on the odds, let’s say there’s a total of $4,500 bet on this race. The bets are spread across the horses as follows: $1,000 on Lightning Strike, $1,500 on Thunder Bolt, $500 on Stormy Skies, $1,200 on Speed Demon, and $300 on Wild Fire. The total betting pool is $4,500, and the payout depends on the amount bet on each horse.
Horse Bets in the Pari-Mutuel System
Here’s how the odds affect the pari-mutuel system:
- If Lightning Strike wins, you get $4,500 ÷ $1,000 = 4.5 times your bet.
- If Thunder Bolt wins, you get $4,500 ÷ $1,500 = 3.0 times your bet.
- If Stormy Skies wins, you get $4,500 ÷ $500 = 9.0 times your bet.
- If Speed Demon wins, you get $4,500 ÷ $1,200 = 3.75 times your bet.
- If Wild Fire wins, you get $4,500 ÷ $300 = 15.0 times your bet.
Youll notice that the payout is better for horses with fewer bets. If for instance Wild Fire wins, you’d make 15 times your money since only $300 was bet on it!
Exotic Bets
The best way to get this type of horse racing bets explained is by breaking them down with real-world examples (just like we did before). Exotic bets such as Exacta, Trifecta, Superfecta, Parlay and Head-to-Head can give you some big wins if you know what youre doing.
Wheel bets and Box Bets are sometimes considered exotic bets but since there’s so much to cover on them, we put it in their own subtype for you to check
Exacta Bets
This bet is a bit more specific than what we’ve covered so far. Exacta bets are all about picking the first and second place finishers in the right order. They’re pretty straightforward, but knowing when and how to place these bets requires strategy and analysis most beginners lack.
We’ve put together a quick piece with some real-world examples and their payout scenarios to help you get a better grasp on how they work. Go ahead and check our Exacta Horse Racing Bets piece, we promise to go straight to the important stuff!
Trifecta Bets
If you want trifecta horse racing bets explained, there’s nothing like using practical examples to do it. They work similarly to Exacta bets but we feel a dedicated piece for them is well worth it, which is why in our Trifecta Horse Racing Bets piece breaks down exactly what they are, how they work, and walk you through some real-world examples along with their payout scenarios.
Superfecta Bets
Superfectas require you to pick the top four finishers in the exact order. It certainly ups the ante when it comes to risk (compared to Exactas and Trifectas), but they offer some serious returns if you get them right. There’s a lot to unpack here, so just like with its previous sister bets we’ve put together a quick piece for you: Superfecta Horse Racing Bets post, which breaks down real-world examples and potential payout scenarios for each.
Parlay Bets
A good way to get Parlay Horse Racing Bets Explained is to think of a stair that lead you to a fancy, gold-filled chest at the top. However, missing a single step causes the chest to disappear into thin air. Each step is called a leg, and it’s an individual bet that you need to get right if you want the payout.
Our piece, Parlay Horse Racing Bets, breaks down as usual what parlay bets are, how they work, and why they’re so popular. There’s a lot of cool stuff to cover, so we hope you find it useful!
Head-to-Head Bets
Head-to-Head bets are a bit different to what we’ve seen so far. In this case you’re not betting on which horse outright wins the race or in what order they place. Instead, you’re betting on which one of two specific horses finishes ahead of the other.
The cool part of head-to-heads is that it doesn’t matter if either horse you picked wins the race or not, the only thing that matter is if one of them beats the other (regardless of their final standing). Let’s go through the motions with yet another practical example:
You Get This Racing Card:
| Horse | Morning Line Odds |
Jockey | Trainer |
|---|---|---|---|
| Thunder Bolt | 3-1 | M. Johnson | Jane Smith |
| Stormy Skies | 10-1 | S. Williams | Sarah Lee |
| Speed Demon | 7-2 | P. Brown | Richard Roe |
| Wild Fire | 15-1 | L. Jones | Steve Asmussen |
| Dark Thunder | 8-1 | K. Adams | Tom Davis |
Lets say you want to bet 10 bucks on Thunder Bolt finishing ahead of Speed Demon. Based on the odds, this would be the payout for your head-to-head bet:
Payout Scenarios for a Head-to-Head Bet
| Outcome | Winning Horse |
Payout Odds |
Potential Payout ($) |
|---|---|---|---|
| Thunder Bolt finishes ahead of Speed Demon |
Thunder Bolt |
3-1 | $40 (includes your $10 bet) |
Keep in mind though:
If for instance that Thunder Bolt finishes 2nd and Speed Demon finished 4th: awesome you win your bet. But, if Speed Demon ends up ahead of Thunder Bolt, you do lose your whole bet.
Just to be thorough: what if youd like to bet on the opposite (Speed Demon over Thunder Bolt)? Your payout for $10 would look like this then:
| Outcome | Winning Horse |
Payout Odds |
Potential Payout ($) |
|---|---|---|---|
| Speed Demon finishes ahead of Thunder Bolt |
Speed Demon |
7-2 | $35 (includes your $10 bet) |
Combination Bets
Keep in mind that there are more combination bets than then ones we’ve covered so far. Getting lesser-known horse racing bets explained like Quinellas, Daily Doubles, as well as Pick 3,4,5 and 6 will each take a dedicated piece to cover everything. We’ll explain each and every one of these with real-life examples to ensure you have all you need for your next visit to the track!
Quinella Bets
Quinella bets are like Exacta bets, only this time the order of the horses doesn’t matter. To get this type horse racing bets explained effectively, getting every little detail right in a dedicated piece is definitely the right move. Take a look at our Quinella Horse Racing Bets (and its bet example) and let the fun begin!
Daily Double
Daily Doubles work like a small parlay bet that only covers two races. In order to win, you need to pick the winning horses for two consecutive races, which sounds difficult, but the payout is more than worth it. The final payout is significantly higher than placing two separate bets for each race, but it does require you to get both predictions right. Just like we did for Quinellas, we go through real examples and payout possibilities in our dedicated piece: Daily Double Horse Racing Bets. It’s a great way to get the hang of this bet and know exactly when to take it.
Pick 3 Bets
These bets are all about picking winners in three consecutive races. Your winnings are automatically bet from one race to another (assuming you got the previous bet right) and it makes payouts really pop off! To get this type of horse racing bet explained we’ve together a quick piece with some real-world examples and payout scenarios that will give you the full picture. Here’s the link: Pick 3 Horse Racing Bets.
Pick 4 Bets
If you’re serious about making your horse betting game stronger, the Pick 4 is simply one of those you can’t ignore. Sure, it’s riskier than a Pick 3 (and by consequence than a Daily Double too) but the payout gets bigger than ever. We get straight to the important stuff for them in our Pick 4 Horse Racing Bet post, so feel free to check it out!
Pick 5 Bets
If you’re aiming for a serious payout in horse racing, the Pick 5 bet is where the actions at. Pick 5 bets are one of the more challenging bets because getting all five winners right isn’t easy. As usual with these type of combination bets, there’s a lot of cool stuff to cover. We put together a more specific post for it: Pick 5 Horse Racing Bet. We’ll focus on a real-world example and its potential payout scenarios to help you get the hang of it. Hope you like it!
Pick 6 Bets
Of all of the Horse Racing Pick Bets, the Pick 6 is the one that offers the juiciest payout. The more combinations there are in a horse racing bet (i.e. every time you go higher in the pick scale), the fewer possible winners there usually are. At the same time, the bigger the pool gets and sometimes the rewards get ridiculous as you’ll notice in our dedicated piece on Pick 6 Horse Racing Bets.
Box Bets
Box bets in horse racing allow you to predict which horses will finish in top positions. The interesting thing about these bets is that you don’t have to get the exact order right, you just need to predict which horses will place in the top X positions. The more horses you include, the more winning combinations you can cover, but it also makes the bet more expensive to place.
In a more detailed post, Box Bet Horse Racing Explained, we’ll be breaking down Boxed Exactas, Trifectas, and Superfectas, along with Pick 3, 4, 5, and even 6 Box bets. There’s a ton of interesting stuff to learn from going through each of these bet’s examples!
Wheel Bets
Wheel bets are perfect if you’re sure which horse will take the race, but you’re also confident in predicting which horses will place in the top positions. You don’t have to be sure on the exact order they’ll fill the podium, you just need to know or feel that they’ll make it there. On our in-depth piece, Wheel Bet Horse Racing in Detail, well show you how both Part Wheels and Full Wheels help you cover all sorts of outcomes to get those juicy payouts. We used some bet examples to really bring the point home, so we hope you enjoy it!
FAQs for Racing Bets Explained
What is the difference between Win, Place, and Show bets?
A Win bet pays if your horse finishes first. A Place bet pays if your horse finishes first or second. A Show bet pays if your horse finishes in the top three.
How do Exacta, Trifecta, and Superfecta bets work?
Exacta requires picking the first two finishers in order, Trifecta for the top three, and Superfecta for the top four, all in exact order.
Is Betting on Track Conditions Important?
Yes, track conditions can significantly impact a horse’s performance, making it essential to consider when placing bets.
How do Daily Double and Pick 3, 4, or 6 bets work?
Daily Double requires picking winners of two consecutive races. Pick 3, 4, and 6 involve selecting winners of three, four, or six consecutive races for a larger payout.
Does The Win Pool Figure into The Place Pool in Pari-Mutuel Betting, Or Are They Completely Separate?
In pari-mutuel betting, all wagers on a particular race are pooled together, no matter the bet type. All bettors who win their wagers share in the same overall prize pool.
The more common a particular bet is among those who place a pari-mutuel wager, the lower the payout for that winning bet will be. On the flip side, the more complicated (and therefore less common) a bet is, the higher the payout will be.
Mastering every type of horse racing bets sounds like a lot, but we’ve managed to make brief, no-fluff piece that will go through everything you need to know to be a master of the track. Let’s start!
Whether you’re a beginner starting with straight bets (or a veteran looking to spice things up), by the time we’re done you’ll know exactly which bet to pick on the next race. You’ll even know all the basics needed to develop your very own horse racing strat!
Horse Racing Bets We’ll Cover
We are about to cover straight, exotic, combination, boxed and wheel bets, so you can see how each works through real-world examples. We’ll even explore some of the different payout scenarios common to all of these horse racing bets to ensure you have practical, actionable knowledge on all of these bets. Let’s get a couple of common questions out of the way before we delve deeper into every horse racing bet.
Is There a Limit for Race Bets?
For horse races the limits for each bet can vary depending on the sportsbook or the racetrack. If you’re more of a casual horse race bettor, chances are you won’t bump into this limit, but it is there.
Most places have a minimum bet amount, like $2, especially for common bets like Win, Place, or Show. In the case of exotic bets like Exactas or Trifectas, the minimum might be lower, like $1 or even 50 cents.
There can also be maximum bet limits, and you’ll notice these vary wildly depending on the race, the type of bet, and the bookmaker. Some big races might allow for higher limits while smaller races might have stricter caps. The race’s Purse can almost tip you off to these limits.
What’s A Horse Race Purse (And What Does It Tell)?
Every single race that you’ll see will show details such as its Race Number, Distance, Track Condition and something known as its “Purse”. This last one is basically the total amount of prize money that’s up for grabs in a horse race.
- Think of it as the pot that gets divided among the top finishers (kind of like a reward for the horses that do the best).
The purse is usually split among the owners of the horses that finish in the top positions, with the biggest share going to the winner. The jockeys, trainers, and sometimes even the stable staff might get a cut of this money too, depending on their agreements.
So, if you’re betting on a race, the purse is like the big prize that everyone’s competing for, and it can give you an idea of how prestigious or competitive a race might be. Usually, the bigger the purse, the more intense the competition between the horses as they’re also of higher-quality.
Straight Bets
Straight bets like Win, Place, Show and Across the Board are pretty simple but nothing like some practical examples to get any horse racing bets explained. Let’s look at how each of these bets work by laying some hypothetical bets for each of them.
Win Bet
A win bet is the most straightforward type of bet in horse racing (and it’s the best kind of bet to learn the ropes, more on that below!). You’re simply betting on a horse to finish first in a race. If your chosen horse crosses the finish line first, you win the bet. If it doesn’t, you lose.
Race Scenario:
Let’s say you’re watching the Kentucky Derby, and you’ve got your eye on a horse named “Lightning Strike.” You decide to bet $50 on the horse winning the race (a win bet). Youre looking pretty much at a binary situation:
- If Lightning Strike wins the race, you’ll collect your winnings (based on the odds at the time you placed the win bet).
- Otherwise, if Lightning Strike finishes second or lower, you lose your 50 bucks.
How to Read a Horse Racing Card for a Win Bet
Depending on the sportsbook this is what you’ll probably see on a race card:
| Post Position | Horse Name | Jockey | Trainer | Morning Line Odds | Weight | Recent Performance |
|---|---|---|---|---|---|---|
| 1 | Lightning Strike | John Velazquez | Todd Pletcher | 5-1 | 126 lbs | 1st, 2nd, 3rd |
| 2 | Thunder Bolt | Mike Smith | Bob Baffert | 3-1 | 126 lbs | 2nd, 1st, 2nd |
| 3 | Stormy Skies | Irad Ortiz Jr. | Brad Cox | 10-1 | 126 lbs | 3rd, 4th, 1st |
| 4 | Speed Demon | Joel Rosario | Steve Asmussen | 7-2 | 126 lbs | 1st, 1st, 2nd |
| 5 | Wild Fire | Luis Saez | Chad Brown | 15-1 | 126 lbs | 5th, 3rd, 4th |
Let’s be a bit thorough when reading this card and see what means what:
| Category | Description |
|---|---|
| Post Position | The number assigned to the stall from which the horse will start. As in 1, 2, 3, etc. |
| Horse Name | The name of the horse running in the race. (Get used to seeing lots of catchy horse names) |
| Jockey | The rider of the horse. |
| Trainer | The person responsible for the horse’s preparation. |
| Morning Line Odds | The odds set by the track handicapper before betting begins. These can change based on the bets placed. (Key piece of data for your bets). |
| Weight | The total weight the horse will carry, including the jockey and gear. |
| Recent Performance | The horse’s placements in its last three races. (Another key metric for your bets). |
Types of Horse Racing Odds
At the most, you’re gonna come across three (3) types of odds for horse racing bets:
- Morning Line Odds give you an estimate of potential payouts based on a $1 bet.
- Lower odds tell that a horse is more favored (the payout is smaller if you bet on it).
- Higher odds tell that a horse is less favored (so the payout is larger if you bet on it).
How to Read the Odds Given by the Card?
Morning line odds are the odds set by the track handicapper before betting opens. They give you an idea of what the odds might look like before people start placing their bet, but keep in mind they can change as more people bet on the race.
The most important thing is that Morning line odds give you a good idea of which horses are considered favorites and which are underdogs.
- The lower the odds (like 3-1), the more likely the horse is expected to win.
- The higher the odds (like 15-1), the less likely it is to win, but if it does, the payout is bigger.
Let’s look at the morning line odds from our card and see what they mean payout-wise:
| Horse Name | Morning Line Odds |
What The Odd’s Numbers Mean |
|---|---|---|
| Lightning Strike | 5-1 | If you bet $1 on “Lightning Strike” and it wins, you’ll get $5 in profit. So, a $10 bet would return $50 in profit. Plus your $10 bet back, for a total of $60. |
| Thunder Bolt | 3-1 | If you bet $1 on “Thunder Bolt” and it wins, you’ll get $3 in profit. So, a $10 bet would return $30 in profit. Plus your $10 bet back, for a total of $40. |
| Stormy Skies | 10-1 | If you bet $1 on “Stormy Skies” and it wins, you’ll get $10 in profit. So, a $10 bet would return $100 in profit. Plus your $10 bet back, for a total of $110. |
| Speed Demon | 7-2 | This is a little different because it’s not a whole number. 7-2 means for every $2 you bet, you’ll win $7. So, if you bet $10, you’d divide $10 by 2 to get $5, then multiply $5 by 7 to get $35 in profit. (add your $10 bet back, and you’d have a total of $45). |
| Wild Fire | 15-1 | This one’s simple: If you bet $1 on “Wild Fire” and it wins, you’ll get $15 in profit. So, a $10 bet would return $150 in profit plus your $10 bet back, for a total of $160. |
Betting Strat for Beginners: Save Some $ And Have Some Fun!
This strategy is all about minimizing risks and costs while you learn the ropes. Betting on races in tracks you’re not intimately familiar with is generally a poor idea, so you’re better off picking winners and betting on them at first.
Paper bets will give you this valuable beginner experience without having to worry about losing money, and sticking to win bets will significantly reduce the thought and analysis process a more veteran bettor will go through. Here’s a good step-by-step process you can use:
Stick to 1-2 Tracks Only
Pick just one or two tracks and get super familiar with them. Learn about the jockeys, trainers, how the track behaves in different weather, and any biases it might have. This will take a few weeks, but it’ll pay off.
Start with Paper Bets
Don’t dive in with real money just yet. Start by writing down your bets on paper. At the end of each day, go back and see where you went right or wrong. It’s a great way to learn without losing cash.
Focus on Picking Winners
Start simple by just picking which horse will win and betting on that. Forget about the fancier bets for now. Get good at this before moving on.
Gradually Expand Your Bets
Once you’re consistently making a profit from win bets, you can start exploring other types of wagers like exactas or trifectas.
Try a SHOW Parlay
You’ll probably get a kick out of this one: place a small bet on a horse to show (finish 1st, 2nd, or 3rd). If you win, take all the money (both what you won and your original bet) and place it on the next show bet. Do this for 3-5 races and see how much return you can get (youd be surprised with the results)
Place Bets
If you’re looking for a solid, moderate risk way to bet on horse racing, Place Bets might be your new best friend. Place Bets will earn you some cash if your horse finishes first or second, which sounds great, but does have some nuance to it.
I highly recommend you check out our piece on Place Bet Horse Racing Examples to understand how Place Bets work with some real-world examples and payout scenarios. Trust me, you’ll get the hang of it by the time you’re done with it.
Show Bets
Show bets allow you to pick a horse to finish in any of the top three spots and earn you a payout. It’s perfect for risk-adverse folk that want to make the race a bit more exciting, which is why we dug deeper in our how Bet Horse Racing Examples post. It’s a short and sweet read that will tell you when Show bets are the perfect play.
Across the Board
Betting across the board lets you bet on the horse to win, place, and show, all at the same time (and for a bigger payout too!). It’s a great move when you’re not sure if the horse will win, place, or show.
The bet offers multiple chances to cash in, but it does come at a price since this you’re rolling three bets in one. It goes like this: if your horse wins, you collect on all three bets. If your horse comes in second, you collect on the place and show bets. If it finishes third, you only collect on the show bet. As usual, let’s do a quick analysis of an example bet to get a good understanding:
You got your Race Card:
| Horse Race Number | Distance |
Track Condition |
Purse |
|---|---|---|---|
| 5 | 1 Mile | Fast | $50,000 |
And your Horse Racing Card:
| Post Position | Horse Name | Jockey | Trainer | Morning Line Odds |
|---|---|---|---|---|
| 1 | Thunder Strike | John Voitt | Jane Smith | 5-1 |
| 2 | Speedy Blitz | Mike Johnson | Sarah Lee | 3-1 |
| 3 | Fast Dash | Kevin Brown | Richard Roe | 8-1 |
| 4 | Midnight Rider | Chris Green | Steve Asmussen | 6-1 |
| 5 | Lightning Bolt | Lisa White | Tom Davis | 4-1 |
Lets say you’re betting on a horse named “Speedy Blitz” with odds of 3-1 as you see on your racing card. How would the payouts work if you bet $10 Across the Board bet on “Speedy Blitz”?
First off, since you’re placing three separate $10 bets (win, place, show), your total wager is $30. Depending on where “Speedy Blitz” finishes, your bet could yield the following:
Payout Scenarios for an Across-the-Board Bet
| Finish Position | Bet Result | Payout Calculation | Total Payout |
|---|---|---|---|
| 1st Place |
Win, Place, and Show |
Win: $10 x 3-1 = $30 Place: $10 x 2-1 = $20 Show: $10 x 1.2-1 = $12 |
$30 + $20 + $12= $62 (Win + Place + Show) |
| 2nd Place |
Place and Show |
Place: $10 x 2-1 = $20 Show: $10 x 1.2-1 = $12 |
$20 + $12= $32 (Place + Show) |
| 3rd Place |
Show Only | Show: $10 x 1.2-1 = $12 | $12 |
| No Win, No Place |
No Payout (Loss) |
– | $0 (You lose your $30 bet) |
Across-the-Board Bet Advantages:
If you’re wondering what’s the difference between placing an across the board bet vs placing the same set of bets individually, it basically comes down to four points:
- Instead of placing three separate bets, you get to do it all in one go which is more convenient and quicker (you don’t have to worry about juggling multiple tickets).
- If your horse wins, you collect on all three bets not just one (win, place, and show) giving you a decent return (especially if your horse has longer odds).
- You also spread out the risk a bit compared to just betting on a win since if your horse doesn’t win but finishes second or third, you still get some return on your bet.
- Last but not least (and this a bit more relative): Some people find it easier to manage their budget with an Across the Board bet since they’re locking in a total amount upfront, rather than having to calculate how much they want to bet separately on win, place, and show.
- Note: Obviously placing any or all of these bets separately gives you a lot more control. Individual bets let you decide exactly how much to put on each type (when you’re more confident on a specific outcome playing out), as well as choosing to avoid entire categories (win, place or show) if you feel they’re unnecessary.
What’s the Pari-Mutual System?
Alright, so this now that we’ve covered all of the straight bets, we can talk a bit about this betting system. The Pari-Mutuel system is all about pooling bets together. Rather than betting against the house, you’re actually betting against everyone else who’s placed money on the same race.
This system is used for the more straightforward horse racing bets (like Win, Place, and Show) but, that doesn’t mean it applies to the rest of them. For instance, exotic bets like Exacta, Trifecta, Superfecta, and Daily Double use pari-mutuel pools, but their payouts can be more complex due to multiple factors (like picking two or more horses to finish in specific positions).
Were gonna use a super generic way to explain it before using a race example since it’s easier to learn how this system works:
Let’s say there’s a horse race with four horses: Horse A, Horse B, Horse C, and Horse D. You and other people bet a combined total of $11,000 on these horses (as shown in the chart below), making the total pool worth $11,000.
Horse Bets in the Pari-Mutuel System
Now, the odds depend on how much money is bet on each horse. More people betting on one horse means lower payouts, while fewer bets mean higher payouts for that horse if it wins.
For Horse A, $5,000 were bet, so the odds would be
$11,000 ÷ $5,000 = 2.2
For Horse B, $3,000 were bet, so odds are $11,000 ÷ $3,000 = 3.67
For Horse C, $2,000 were bet, so odds are $11,000 ÷ $2,000 = 5.5
For Horse D, $1,000 were bet, so odds are $11,000 ÷ $1,000 = 11
You’ll notice that if you’d placed a bet on Horse D and ends up winning the race, you’d get a bigger payout because fewer people bet on it! The Pari- Mutuel system varies the payout based on how the crowd bets, and it also favors those who bet on the underdogs.
How Would the Pari-Mutuel System Work on Our Example Bets?
Lets use for instance this Race card:
| Post Position | Horse Name | Morning Line Odds |
Recent Performance |
|---|---|---|---|
| 1 | Lightning Strike | 5-1 | 1st, 2nd, 3rd |
| 2 | Thunder Bolt | 3-1 | 2nd, 1st, 2nd |
| 3 | Stormy Skies | 10-1 | 3rd, 4th, 1st |
| 4 | Speed Demon | 7-2 | 1st, 1st, 2nd |
| 5 | Wild Fire | 15-1 | 5th, 3rd, 4th |
Based on the odds, let’s say there’s a total of $4,500 bet on this race. The bets are spread across the horses as follows: $1,000 on Lightning Strike, $1,500 on Thunder Bolt, $500 on Stormy Skies, $1,200 on Speed Demon, and $300 on Wild Fire. The total betting pool is $4,500, and the payout depends on the amount bet on each horse.
Horse Bets in the Pari-Mutuel System
Here’s how the odds affect the pari-mutuel system:
- If Lightning Strike wins, you get $4,500 ÷ $1,000 = 4.5 times your bet.
- If Thunder Bolt wins, you get $4,500 ÷ $1,500 = 3.0 times your bet.
- If Stormy Skies wins, you get $4,500 ÷ $500 = 9.0 times your bet.
- If Speed Demon wins, you get $4,500 ÷ $1,200 = 3.75 times your bet.
- If Wild Fire wins, you get $4,500 ÷ $300 = 15.0 times your bet.
Youll notice that the payout is better for horses with fewer bets. If for instance Wild Fire wins, you’d make 15 times your money since only $300 was bet on it!
Exotic Bets
The best way to get this type of horse racing bets explained is by breaking them down with real-world examples (just like we did before). Exotic bets such as Exacta, Trifecta, Superfecta, Parlay and Head-to-Head can give you some big wins if you know what youre doing.
Wheel bets and Box Bets are sometimes considered exotic bets but since there’s so much to cover on them, we put it in their own subtype for you to check
Exacta Bets
This bet is a bit more specific than what we’ve covered so far. Exacta bets are all about picking the first and second place finishers in the right order. They’re pretty straightforward, but knowing when and how to place these bets requires strategy and analysis most beginners lack.
We’ve put together a quick piece with some real-world examples and their payout scenarios to help you get a better grasp on how they work. Go ahead and check our Exacta Horse Racing Bets piece, we promise to go straight to the important stuff!
Trifecta Bets
If you want trifecta horse racing bets explained, there’s nothing like using practical examples to do it. They work similarly to Exacta bets but we feel a dedicated piece for them is well worth it, which is why in our Trifecta Horse Racing Bets piece breaks down exactly what they are, how they work, and walk you through some real-world examples along with their payout scenarios.
Superfecta Bets
Superfectas require you to pick the top four finishers in the exact order. It certainly ups the ante when it comes to risk (compared to Exactas and Trifectas), but they offer some serious returns if you get them right. There’s a lot to unpack here, so just like with its previous sister bets we’ve put together a quick piece for you: Superfecta Horse Racing Bets post, which breaks down real-world examples and potential payout scenarios for each.
Parlay Bets
A good way to get Parlay Horse Racing Bets Explained is to think of a stair that lead you to a fancy, gold-filled chest at the top. However, missing a single step causes the chest to disappear into thin air. Each step is called a leg, and it’s an individual bet that you need to get right if you want the payout.
Our piece, Parlay Horse Racing Bets, breaks down as usual what parlay bets are, how they work, and why they’re so popular. There’s a lot of cool stuff to cover, so we hope you find it useful!
Head-to-Head Bets
Head-to-Head bets are a bit different to what we’ve seen so far. In this case you’re not betting on which horse outright wins the race or in what order they place. Instead, you’re betting on which one of two specific horses finishes ahead of the other.
The cool part of head-to-heads is that it doesn’t matter if either horse you picked wins the race or not, the only thing that matter is if one of them beats the other (regardless of their final standing). Let’s go through the motions with yet another practical example:
You Get This Racing Card:
| Horse | Morning Line Odds |
Jockey | Trainer |
|---|---|---|---|
| Thunder Bolt | 3-1 | M. Johnson | Jane Smith |
| Stormy Skies | 10-1 | S. Williams | Sarah Lee |
| Speed Demon | 7-2 | P. Brown | Richard Roe |
| Wild Fire | 15-1 | L. Jones | Steve Asmussen |
| Dark Thunder | 8-1 | K. Adams | Tom Davis |
Lets say you want to bet 10 bucks on Thunder Bolt finishing ahead of Speed Demon. Based on the odds, this would be the payout for your head-to-head bet:
Payout Scenarios for a Head-to-Head Bet
| Outcome | Winning Horse |
Payout Odds |
Potential Payout ($) |
|---|---|---|---|
| Thunder Bolt finishes ahead of Speed Demon |
Thunder Bolt |
3-1 | $40 (includes your $10 bet) |
Keep in mind though:
If for instance that Thunder Bolt finishes 2nd and Speed Demon finished 4th: awesome you win your bet. But, if Speed Demon ends up ahead of Thunder Bolt, you do lose your whole bet.
Just to be thorough: what if youd like to bet on the opposite (Speed Demon over Thunder Bolt)? Your payout for $10 would look like this then:
| Outcome | Winning Horse |
Payout Odds |
Potential Payout ($) |
|---|---|---|---|
| Speed Demon finishes ahead of Thunder Bolt |
Speed Demon |
7-2 | $35 (includes your $10 bet) |
Combination Bets
Keep in mind that there are more combination bets than then ones we’ve covered so far. Getting lesser-known horse racing bets explained like Quinellas, Daily Doubles, as well as Pick 3,4,5 and 6 will each take a dedicated piece to cover everything. We’ll explain each and every one of these with real-life examples to ensure you have all you need for your next visit to the track!
Quinella Bets
Quinella bets are like Exacta bets, only this time the order of the horses doesn’t matter. To get this type horse racing bets explained effectively, getting every little detail right in a dedicated piece is definitely the right move. Take a look at our Quinella Horse Racing Bets (and its bet example) and let the fun begin!
Daily Double
Daily Doubles work like a small parlay bet that only covers two races. In order to win, you need to pick the winning horses for two consecutive races, which sounds difficult, but the payout is more than worth it. The final payout is significantly higher than placing two separate bets for each race, but it does require you to get both predictions right. Just like we did for Quinellas, we go through real examples and payout possibilities in our dedicated piece: Daily Double Horse Racing Bets. It’s a great way to get the hang of this bet and know exactly when to take it.
Pick 3 Bets
These bets are all about picking winners in three consecutive races. Your winnings are automatically bet from one race to another (assuming you got the previous bet right) and it makes payouts really pop off! To get this type of horse racing bet explained we’ve together a quick piece with some real-world examples and payout scenarios that will give you the full picture. Here’s the link: Pick 3 Horse Racing Bets.
Pick 4 Bets
If you’re serious about making your horse betting game stronger, the Pick 4 is simply one of those you can’t ignore. Sure, it’s riskier than a Pick 3 (and by consequence than a Daily Double too) but the payout gets bigger than ever. We get straight to the important stuff for them in our Pick 4 Horse Racing Bet post, so feel free to check it out!
Pick 5 Bets
If you’re aiming for a serious payout in horse racing, the Pick 5 bet is where the actions at. Pick 5 bets are one of the more challenging bets because getting all five winners right isn’t easy. As usual with these type of combination bets, there’s a lot of cool stuff to cover. We put together a more specific post for it: Pick 5 Horse Racing Bet. We’ll focus on a real-world example and its potential payout scenarios to help you get the hang of it. Hope you like it!
Pick 6 Bets
Of all of the Horse Racing Pick Bets, the Pick 6 is the one that offers the juiciest payout. The more combinations there are in a horse racing bet (i.e. every time you go higher in the pick scale), the fewer possible winners there usually are. At the same time, the bigger the pool gets and sometimes the rewards get ridiculous as you’ll notice in our dedicated piece on Pick 6 Horse Racing Bets.
Box Bets
Box bets in horse racing allow you to predict which horses will finish in top positions. The interesting thing about these bets is that you don’t have to get the exact order right, you just need to predict which horses will place in the top X positions. The more horses you include, the more winning combinations you can cover, but it also makes the bet more expensive to place.
In a more detailed post, Box Bet Horse Racing Explained, we’ll be breaking down Boxed Exactas, Trifectas, and Superfectas, along with Pick 3, 4, 5, and even 6 Box bets. There’s a ton of interesting stuff to learn from going through each of these bet’s examples!
Wheel Bets
Wheel bets are perfect if you’re sure which horse will take the race, but you’re also confident in predicting which horses will place in the top positions. You don’t have to be sure on the exact order they’ll fill the podium, you just need to know or feel that they’ll make it there. On our in-depth piece, Wheel Bet Horse Racing in Detail, well show you how both Part Wheels and Full Wheels help you cover all sorts of outcomes to get those juicy payouts. We used some bet examples to really bring the point home, so we hope you enjoy it!
FAQs for Racing Bets Explained
What is the difference between Win, Place, and Show bets?
A Win bet pays if your horse finishes first. A Place bet pays if your horse finishes first or second. A Show bet pays if your horse finishes in the top three.
How do Exacta, Trifecta, and Superfecta bets work?
Exacta requires picking the first two finishers in order, Trifecta for the top three, and Superfecta for the top four, all in exact order.
Is Betting on Track Conditions Important?
Yes, track conditions can significantly impact a horse’s performance, making it essential to consider when placing bets.
How do Daily Double and Pick 3, 4, or 6 bets work?
Daily Double requires picking winners of two consecutive races. Pick 3, 4, and 6 involve selecting winners of three, four, or six consecutive races for a larger payout.
Does The Win Pool Figure into The Place Pool in Pari-Mutuel Betting, Or Are They Completely Separate?
In pari-mutuel betting, all wagers on a particular race are pooled together, no matter the bet type. All bettors who win their wagers share in the same overall prize pool.
The more common a particular bet is among those who place a pari-mutuel wager, the lower the payout for that winning bet will be. On the flip side, the more complicated (and therefore less common) a bet is, the higher the payout will be.
Mastering every type of horse racing bets sounds like a lot, but we’ve managed to make brief, no-fluff piece that will go through everything you need to know to be a master of the track. Let’s start!
Whether you’re a beginner starting with straight bets (or a veteran looking to spice things up), by the time we’re done you’ll know exactly which bet to pick on the next race. You’ll even know all the basics needed to develop your very own horse racing strat!
Horse Racing Bets We’ll Cover
We are about to cover straight, exotic, combination, boxed and wheel bets, so you can see how each works through real-world examples. We’ll even explore some of the different payout scenarios common to all of these horse racing bets to ensure you have practical, actionable knowledge on all of these bets. Let’s get a couple of common questions out of the way before we delve deeper into every horse racing bet.
Is There a Limit for Race Bets?
For horse races the limits for each bet can vary depending on the sportsbook or the racetrack. If you’re more of a casual horse race bettor, chances are you won’t bump into this limit, but it is there.
Most places have a minimum bet amount, like $2, especially for common bets like Win, Place, or Show. In the case of exotic bets like Exactas or Trifectas, the minimum might be lower, like $1 or even 50 cents.
There can also be maximum bet limits, and you’ll notice these vary wildly depending on the race, the type of bet, and the bookmaker. Some big races might allow for higher limits while smaller races might have stricter caps. The race’s Purse can almost tip you off to these limits.
What’s A Horse Race Purse (And What Does It Tell)?
Every single race that you’ll see will show details such as its Race Number, Distance, Track Condition and something known as its “Purse”. This last one is basically the total amount of prize money that’s up for grabs in a horse race.
- Think of it as the pot that gets divided among the top finishers (kind of like a reward for the horses that do the best).
The purse is usually split among the owners of the horses that finish in the top positions, with the biggest share going to the winner. The jockeys, trainers, and sometimes even the stable staff might get a cut of this money too, depending on their agreements.
So, if you’re betting on a race, the purse is like the big prize that everyone’s competing for, and it can give you an idea of how prestigious or competitive a race might be. Usually, the bigger the purse, the more intense the competition between the horses as they’re also of higher-quality.
Straight Bets
Straight bets like Win, Place, Show and Across the Board are pretty simple but nothing like some practical examples to get any horse racing bets explained. Let’s look at how each of these bets work by laying some hypothetical bets for each of them.
Win Bet
A win bet is the most straightforward type of bet in horse racing (and it’s the best kind of bet to learn the ropes, more on that below!). You’re simply betting on a horse to finish first in a race. If your chosen horse crosses the finish line first, you win the bet. If it doesn’t, you lose.
Race Scenario:
Let’s say you’re watching the Kentucky Derby, and you’ve got your eye on a horse named “Lightning Strike.” You decide to bet $50 on the horse winning the race (a win bet). Youre looking pretty much at a binary situation:
- If Lightning Strike wins the race, you’ll collect your winnings (based on the odds at the time you placed the win bet).
- Otherwise, if Lightning Strike finishes second or lower, you lose your 50 bucks.
How to Read a Horse Racing Card for a Win Bet
Depending on the sportsbook this is what you’ll probably see on a race card:
| Post Position | Horse Name | Jockey | Trainer | Morning Line Odds | Weight | Recent Performance |
|---|---|---|---|---|---|---|
| 1 | Lightning Strike | John Velazquez | Todd Pletcher | 5-1 | 126 lbs | 1st, 2nd, 3rd |
| 2 | Thunder Bolt | Mike Smith | Bob Baffert | 3-1 | 126 lbs | 2nd, 1st, 2nd |
| 3 | Stormy Skies | Irad Ortiz Jr. | Brad Cox | 10-1 | 126 lbs | 3rd, 4th, 1st |
| 4 | Speed Demon | Joel Rosario | Steve Asmussen | 7-2 | 126 lbs | 1st, 1st, 2nd |
| 5 | Wild Fire | Luis Saez | Chad Brown | 15-1 | 126 lbs | 5th, 3rd, 4th |
Let’s be a bit thorough when reading this card and see what means what:
| Category | Description |
|---|---|
| Post Position | The number assigned to the stall from which the horse will start. As in 1, 2, 3, etc. |
| Horse Name | The name of the horse running in the race. (Get used to seeing lots of catchy horse names) |
| Jockey | The rider of the horse. |
| Trainer | The person responsible for the horse’s preparation. |
| Morning Line Odds | The odds set by the track handicapper before betting begins. These can change based on the bets placed. (Key piece of data for your bets). |
| Weight | The total weight the horse will carry, including the jockey and gear. |
| Recent Performance | The horse’s placements in its last three races. (Another key metric for your bets). |
Types of Horse Racing Odds
At the most, you’re gonna come across three (3) types of odds for horse racing bets:
- Morning Line Odds give you an estimate of potential payouts based on a $1 bet.
- Lower odds tell that a horse is more favored (the payout is smaller if you bet on it).
- Higher odds tell that a horse is less favored (so the payout is larger if you bet on it).
How to Read the Odds Given by the Card?
Morning line odds are the odds set by the track handicapper before betting opens. They give you an idea of what the odds might look like before people start placing their bet, but keep in mind they can change as more people bet on the race.
The most important thing is that Morning line odds give you a good idea of which horses are considered favorites and which are underdogs.
- The lower the odds (like 3-1), the more likely the horse is expected to win.
- The higher the odds (like 15-1), the less likely it is to win, but if it does, the payout is bigger.
Let’s look at the morning line odds from our card and see what they mean payout-wise:
| Horse Name | Morning Line Odds |
What The Odd’s Numbers Mean |
|---|---|---|
| Lightning Strike | 5-1 | If you bet $1 on “Lightning Strike” and it wins, you’ll get $5 in profit. So, a $10 bet would return $50 in profit. Plus your $10 bet back, for a total of $60. |
| Thunder Bolt | 3-1 | If you bet $1 on “Thunder Bolt” and it wins, you’ll get $3 in profit. So, a $10 bet would return $30 in profit. Plus your $10 bet back, for a total of $40. |
| Stormy Skies | 10-1 | If you bet $1 on “Stormy Skies” and it wins, you’ll get $10 in profit. So, a $10 bet would return $100 in profit. Plus your $10 bet back, for a total of $110. |
| Speed Demon | 7-2 | This is a little different because it’s not a whole number. 7-2 means for every $2 you bet, you’ll win $7. So, if you bet $10, you’d divide $10 by 2 to get $5, then multiply $5 by 7 to get $35 in profit. (add your $10 bet back, and you’d have a total of $45). |
| Wild Fire | 15-1 | This one’s simple: If you bet $1 on “Wild Fire” and it wins, you’ll get $15 in profit. So, a $10 bet would return $150 in profit plus your $10 bet back, for a total of $160. |
Betting Strat for Beginners: Save Some $ And Have Some Fun!
This strategy is all about minimizing risks and costs while you learn the ropes. Betting on races in tracks you’re not intimately familiar with is generally a poor idea, so you’re better off picking winners and betting on them at first.
Paper bets will give you this valuable beginner experience without having to worry about losing money, and sticking to win bets will significantly reduce the thought and analysis process a more veteran bettor will go through. Here’s a good step-by-step process you can use:
Stick to 1-2 Tracks Only
Pick just one or two tracks and get super familiar with them. Learn about the jockeys, trainers, how the track behaves in different weather, and any biases it might have. This will take a few weeks, but it’ll pay off.
Start with Paper Bets
Don’t dive in with real money just yet. Start by writing down your bets on paper. At the end of each day, go back and see where you went right or wrong. It’s a great way to learn without losing cash.
Focus on Picking Winners
Start simple by just picking which horse will win and betting on that. Forget about the fancier bets for now. Get good at this before moving on.
Gradually Expand Your Bets
Once you’re consistently making a profit from win bets, you can start exploring other types of wagers like exactas or trifectas.
Try a SHOW Parlay
You’ll probably get a kick out of this one: place a small bet on a horse to show (finish 1st, 2nd, or 3rd). If you win, take all the money (both what you won and your original bet) and place it on the next show bet. Do this for 3-5 races and see how much return you can get (youd be surprised with the results)
Place Bets
If you’re looking for a solid, moderate risk way to bet on horse racing, Place Bets might be your new best friend. Place Bets will earn you some cash if your horse finishes first or second, which sounds great, but does have some nuance to it.
I highly recommend you check out our piece on Place Bet Horse Racing Examples to understand how Place Bets work with some real-world examples and payout scenarios. Trust me, you’ll get the hang of it by the time you’re done with it.
Show Bets
Show bets allow you to pick a horse to finish in any of the top three spots and earn you a payout. It’s perfect for risk-adverse folk that want to make the race a bit more exciting, which is why we dug deeper in our how Bet Horse Racing Examples post. It’s a short and sweet read that will tell you when Show bets are the perfect play.
Across the Board
Betting across the board lets you bet on the horse to win, place, and show, all at the same time (and for a bigger payout too!). It’s a great move when you’re not sure if the horse will win, place, or show.
The bet offers multiple chances to cash in, but it does come at a price since this you’re rolling three bets in one. It goes like this: if your horse wins, you collect on all three bets. If your horse comes in second, you collect on the place and show bets. If it finishes third, you only collect on the show bet. As usual, let’s do a quick analysis of an example bet to get a good understanding:
You got your Race Card:
| Horse Race Number | Distance |
Track Condition |
Purse |
|---|---|---|---|
| 5 | 1 Mile | Fast | $50,000 |
And your Horse Racing Card:
| Post Position | Horse Name | Jockey | Trainer | Morning Line Odds |
|---|---|---|---|---|
| 1 | Thunder Strike | John Voitt | Jane Smith | 5-1 |
| 2 | Speedy Blitz | Mike Johnson | Sarah Lee | 3-1 |
| 3 | Fast Dash | Kevin Brown | Richard Roe | 8-1 |
| 4 | Midnight Rider | Chris Green | Steve Asmussen | 6-1 |
| 5 | Lightning Bolt | Lisa White | Tom Davis | 4-1 |
Lets say you’re betting on a horse named “Speedy Blitz” with odds of 3-1 as you see on your racing card. How would the payouts work if you bet $10 Across the Board bet on “Speedy Blitz”?
First off, since you’re placing three separate $10 bets (win, place, show), your total wager is $30. Depending on where “Speedy Blitz” finishes, your bet could yield the following:
Payout Scenarios for an Across-the-Board Bet
| Finish Position | Bet Result | Payout Calculation | Total Payout |
|---|---|---|---|
| 1st Place |
Win, Place, and Show |
Win: $10 x 3-1 = $30 Place: $10 x 2-1 = $20 Show: $10 x 1.2-1 = $12 |
$30 + $20 + $12= $62 (Win + Place + Show) |
| 2nd Place |
Place and Show |
Place: $10 x 2-1 = $20 Show: $10 x 1.2-1 = $12 |
$20 + $12= $32 (Place + Show) |
| 3rd Place |
Show Only | Show: $10 x 1.2-1 = $12 | $12 |
| No Win, No Place |
No Payout (Loss) |
– | $0 (You lose your $30 bet) |
Across-the-Board Bet Advantages:
If you’re wondering what’s the difference between placing an across the board bet vs placing the same set of bets individually, it basically comes down to four points:
- Instead of placing three separate bets, you get to do it all in one go which is more convenient and quicker (you don’t have to worry about juggling multiple tickets).
- If your horse wins, you collect on all three bets not just one (win, place, and show) giving you a decent return (especially if your horse has longer odds).
- You also spread out the risk a bit compared to just betting on a win since if your horse doesn’t win but finishes second or third, you still get some return on your bet.
- Last but not least (and this a bit more relative): Some people find it easier to manage their budget with an Across the Board bet since they’re locking in a total amount upfront, rather than having to calculate how much they want to bet separately on win, place, and show.
- Note: Obviously placing any or all of these bets separately gives you a lot more control. Individual bets let you decide exactly how much to put on each type (when you’re more confident on a specific outcome playing out), as well as choosing to avoid entire categories (win, place or show) if you feel they’re unnecessary.
What’s the Pari-Mutual System?
Alright, so this now that we’ve covered all of the straight bets, we can talk a bit about this betting system. The Pari-Mutuel system is all about pooling bets together. Rather than betting against the house, you’re actually betting against everyone else who’s placed money on the same race.
This system is used for the more straightforward horse racing bets (like Win, Place, and Show) but, that doesn’t mean it applies to the rest of them. For instance, exotic bets like Exacta, Trifecta, Superfecta, and Daily Double use pari-mutuel pools, but their payouts can be more complex due to multiple factors (like picking two or more horses to finish in specific positions).
Were gonna use a super generic way to explain it before using a race example since it’s easier to learn how this system works:
Let’s say there’s a horse race with four horses: Horse A, Horse B, Horse C, and Horse D. You and other people bet a combined total of $11,000 on these horses (as shown in the chart below), making the total pool worth $11,000.
Horse Bets in the Pari-Mutuel System
Now, the odds depend on how much money is bet on each horse. More people betting on one horse means lower payouts, while fewer bets mean higher payouts for that horse if it wins.
For Horse A, $5,000 were bet, so the odds would be
$11,000 ÷ $5,000 = 2.2
For Horse B, $3,000 were bet, so odds are $11,000 ÷ $3,000 = 3.67
For Horse C, $2,000 were bet, so odds are $11,000 ÷ $2,000 = 5.5
For Horse D, $1,000 were bet, so odds are $11,000 ÷ $1,000 = 11
You’ll notice that if you’d placed a bet on Horse D and ends up winning the race, you’d get a bigger payout because fewer people bet on it! The Pari- Mutuel system varies the payout based on how the crowd bets, and it also favors those who bet on the underdogs.
How Would the Pari-Mutuel System Work on Our Example Bets?
Lets use for instance this Race card:
| Post Position | Horse Name | Morning Line Odds |
Recent Performance |
|---|---|---|---|
| 1 | Lightning Strike | 5-1 | 1st, 2nd, 3rd |
| 2 | Thunder Bolt | 3-1 | 2nd, 1st, 2nd |
| 3 | Stormy Skies | 10-1 | 3rd, 4th, 1st |
| 4 | Speed Demon | 7-2 | 1st, 1st, 2nd |
| 5 | Wild Fire | 15-1 | 5th, 3rd, 4th |
Based on the odds, let’s say there’s a total of $4,500 bet on this race. The bets are spread across the horses as follows: $1,000 on Lightning Strike, $1,500 on Thunder Bolt, $500 on Stormy Skies, $1,200 on Speed Demon, and $300 on Wild Fire. The total betting pool is $4,500, and the payout depends on the amount bet on each horse.
Horse Bets in the Pari-Mutuel System
Here’s how the odds affect the pari-mutuel system:
- If Lightning Strike wins, you get $4,500 ÷ $1,000 = 4.5 times your bet.
- If Thunder Bolt wins, you get $4,500 ÷ $1,500 = 3.0 times your bet.
- If Stormy Skies wins, you get $4,500 ÷ $500 = 9.0 times your bet.
- If Speed Demon wins, you get $4,500 ÷ $1,200 = 3.75 times your bet.
- If Wild Fire wins, you get $4,500 ÷ $300 = 15.0 times your bet.
Youll notice that the payout is better for horses with fewer bets. If for instance Wild Fire wins, you’d make 15 times your money since only $300 was bet on it!
Exotic Bets
The best way to get this type of horse racing bets explained is by breaking them down with real-world examples (just like we did before). Exotic bets such as Exacta, Trifecta, Superfecta, Parlay and Head-to-Head can give you some big wins if you know what youre doing.
Wheel bets and Box Bets are sometimes considered exotic bets but since there’s so much to cover on them, we put it in their own subtype for you to check
Exacta Bets
This bet is a bit more specific than what we’ve covered so far. Exacta bets are all about picking the first and second place finishers in the right order. They’re pretty straightforward, but knowing when and how to place these bets requires strategy and analysis most beginners lack.
We’ve put together a quick piece with some real-world examples and their payout scenarios to help you get a better grasp on how they work. Go ahead and check our Exacta Horse Racing Bets piece, we promise to go straight to the important stuff!
Trifecta Bets
If you want trifecta horse racing bets explained, there’s nothing like using practical examples to do it. They work similarly to Exacta bets but we feel a dedicated piece for them is well worth it, which is why in our Trifecta Horse Racing Bets piece breaks down exactly what they are, how they work, and walk you through some real-world examples along with their payout scenarios.
Superfecta Bets
Superfectas require you to pick the top four finishers in the exact order. It certainly ups the ante when it comes to risk (compared to Exactas and Trifectas), but they offer some serious returns if you get them right. There’s a lot to unpack here, so just like with its previous sister bets we’ve put together a quick piece for you: Superfecta Horse Racing Bets post, which breaks down real-world examples and potential payout scenarios for each.
Parlay Bets
A good way to get Parlay Horse Racing Bets Explained is to think of a stair that lead you to a fancy, gold-filled chest at the top. However, missing a single step causes the chest to disappear into thin air. Each step is called a leg, and it’s an individual bet that you need to get right if you want the payout.
Our piece, Parlay Horse Racing Bets, breaks down as usual what parlay bets are, how they work, and why they’re so popular. There’s a lot of cool stuff to cover, so we hope you find it useful!
Head-to-Head Bets
Head-to-Head bets are a bit different to what we’ve seen so far. In this case you’re not betting on which horse outright wins the race or in what order they place. Instead, you’re betting on which one of two specific horses finishes ahead of the other.
The cool part of head-to-heads is that it doesn’t matter if either horse you picked wins the race or not, the only thing that matter is if one of them beats the other (regardless of their final standing). Let’s go through the motions with yet another practical example:
You Get This Racing Card:
| Horse | Morning Line Odds |
Jockey | Trainer |
|---|---|---|---|
| Thunder Bolt | 3-1 | M. Johnson | Jane Smith |
| Stormy Skies | 10-1 | S. Williams | Sarah Lee |
| Speed Demon | 7-2 | P. Brown | Richard Roe |
| Wild Fire | 15-1 | L. Jones | Steve Asmussen |
| Dark Thunder | 8-1 | K. Adams | Tom Davis |
Lets say you want to bet 10 bucks on Thunder Bolt finishing ahead of Speed Demon. Based on the odds, this would be the payout for your head-to-head bet:
Payout Scenarios for a Head-to-Head Bet
| Outcome | Winning Horse |
Payout Odds |
Potential Payout ($) |
|---|---|---|---|
| Thunder Bolt finishes ahead of Speed Demon |
Thunder Bolt |
3-1 | $40 (includes your $10 bet) |
Keep in mind though:
If for instance that Thunder Bolt finishes 2nd and Speed Demon finished 4th: awesome you win your bet. But, if Speed Demon ends up ahead of Thunder Bolt, you do lose your whole bet.
Just to be thorough: what if youd like to bet on the opposite (Speed Demon over Thunder Bolt)? Your payout for $10 would look like this then:
| Outcome | Winning Horse |
Payout Odds |
Potential Payout ($) |
|---|---|---|---|
| Speed Demon finishes ahead of Thunder Bolt |
Speed Demon |
7-2 | $35 (includes your $10 bet) |
Combination Bets
Keep in mind that there are more combination bets than then ones we’ve covered so far. Getting lesser-known horse racing bets explained like Quinellas, Daily Doubles, as well as Pick 3,4,5 and 6 will each take a dedicated piece to cover everything. We’ll explain each and every one of these with real-life examples to ensure you have all you need for your next visit to the track!
Quinella Bets
Quinella bets are like Exacta bets, only this time the order of the horses doesn’t matter. To get this type horse racing bets explained effectively, getting every little detail right in a dedicated piece is definitely the right move. Take a look at our Quinella Horse Racing Bets (and its bet example) and let the fun begin!
Daily Double
Daily Doubles work like a small parlay bet that only covers two races. In order to win, you need to pick the winning horses for two consecutive races, which sounds difficult, but the payout is more than worth it. The final payout is significantly higher than placing two separate bets for each race, but it does require you to get both predictions right. Just like we did for Quinellas, we go through real examples and payout possibilities in our dedicated piece: Daily Double Horse Racing Bets. It’s a great way to get the hang of this bet and know exactly when to take it.
Pick 3 Bets
These bets are all about picking winners in three consecutive races. Your winnings are automatically bet from one race to another (assuming you got the previous bet right) and it makes payouts really pop off! To get this type of horse racing bet explained we’ve together a quick piece with some real-world examples and payout scenarios that will give you the full picture. Here’s the link: Pick 3 Horse Racing Bets.
Pick 4 Bets
If you’re serious about making your horse betting game stronger, the Pick 4 is simply one of those you can’t ignore. Sure, it’s riskier than a Pick 3 (and by consequence than a Daily Double too) but the payout gets bigger than ever. We get straight to the important stuff for them in our Pick 4 Horse Racing Bet post, so feel free to check it out!
Pick 5 Bets
If you’re aiming for a serious payout in horse racing, the Pick 5 bet is where the actions at. Pick 5 bets are one of the more challenging bets because getting all five winners right isn’t easy. As usual with these type of combination bets, there’s a lot of cool stuff to cover. We put together a more specific post for it: Pick 5 Horse Racing Bet. We’ll focus on a real-world example and its potential payout scenarios to help you get the hang of it. Hope you like it!
Pick 6 Bets
Of all of the Horse Racing Pick Bets, the Pick 6 is the one that offers the juiciest payout. The more combinations there are in a horse racing bet (i.e. every time you go higher in the pick scale), the fewer possible winners there usually are. At the same time, the bigger the pool gets and sometimes the rewards get ridiculous as you’ll notice in our dedicated piece on Pick 6 Horse Racing Bets.
Box Bets
Box bets in horse racing allow you to predict which horses will finish in top positions. The interesting thing about these bets is that you don’t have to get the exact order right, you just need to predict which horses will place in the top X positions. The more horses you include, the more winning combinations you can cover, but it also makes the bet more expensive to place.
In a more detailed post, Box Bet Horse Racing Explained, we’ll be breaking down Boxed Exactas, Trifectas, and Superfectas, along with Pick 3, 4, 5, and even 6 Box bets. There’s a ton of interesting stuff to learn from going through each of these bet’s examples!
Wheel Bets
Wheel bets are perfect if you’re sure which horse will take the race, but you’re also confident in predicting which horses will place in the top positions. You don’t have to be sure on the exact order they’ll fill the podium, you just need to know or feel that they’ll make it there. On our in-depth piece, Wheel Bet Horse Racing in Detail, well show you how both Part Wheels and Full Wheels help you cover all sorts of outcomes to get those juicy payouts. We used some bet examples to really bring the point home, so we hope you enjoy it!
FAQs for Racing Bets Explained
What is the difference between Win, Place, and Show bets?
A Win bet pays if your horse finishes first. A Place bet pays if your horse finishes first or second. A Show bet pays if your horse finishes in the top three.
How do Exacta, Trifecta, and Superfecta bets work?
Exacta requires picking the first two finishers in order, Trifecta for the top three, and Superfecta for the top four, all in exact order.
Is Betting on Track Conditions Important?
Yes, track conditions can significantly impact a horse’s performance, making it essential to consider when placing bets.
How do Daily Double and Pick 3, 4, or 6 bets work?
Daily Double requires picking winners of two consecutive races. Pick 3, 4, and 6 involve selecting winners of three, four, or six consecutive races for a larger payout.
Does The Win Pool Figure into The Place Pool in Pari-Mutuel Betting, Or Are They Completely Separate?
In pari-mutuel betting, all wagers on a particular race are pooled together, no matter the bet type. All bettors who win their wagers share in the same overall prize pool.
The more common a particular bet is among those who place a pari-mutuel wager, the lower the payout for that winning bet will be. On the flip side, the more complicated (and therefore less common) a bet is, the higher the payout will be.
Related Posts
Mastering every type of horse racing bets sounds like a lot, but we’ve managed to make brief, no-fluff piece that will go through everything you need to know to be a master of the track. Let’s start!
Whether you’re a beginner starting with straight bets (or a veteran looking to spice things up), by the time we’re done you’ll know exactly which bet to pick on the next race. You’ll even know all the basics needed to develop your very own horse racing strat!
Horse Racing Bets We’ll Cover
We are about to cover straight, exotic, combination, boxed and wheel bets, so you can see how each works through real-world examples. We’ll even explore some of the different payout scenarios common to all of these horse racing bets to ensure you have practical, actionable knowledge on all of these bets. Let’s get a couple of common questions out of the way before we delve deeper into every horse racing bet.
Is There a Limit for Race Bets?
For horse races the limits for each bet can vary depending on the sportsbook or the racetrack. If you’re more of a casual horse race bettor, chances are you won’t bump into this limit, but it is there.
Most places have a minimum bet amount, like $2, especially for common bets like Win, Place, or Show. In the case of exotic bets like Exactas or Trifectas, the minimum might be lower, like $1 or even 50 cents.
There can also be maximum bet limits, and you’ll notice these vary wildly depending on the race, the type of bet, and the bookmaker. Some big races might allow for higher limits while smaller races might have stricter caps. The race’s Purse can almost tip you off to these limits.
What’s A Horse Race Purse (And What Does It Tell)?
Every single race that you’ll see will show details such as its Race Number, Distance, Track Condition and something known as its “Purse”. This last one is basically the total amount of prize money that’s up for grabs in a horse race.
- Think of it as the pot that gets divided among the top finishers (kind of like a reward for the horses that do the best).
The purse is usually split among the owners of the horses that finish in the top positions, with the biggest share going to the winner. The jockeys, trainers, and sometimes even the stable staff might get a cut of this money too, depending on their agreements.
So, if you’re betting on a race, the purse is like the big prize that everyone’s competing for, and it can give you an idea of how prestigious or competitive a race might be. Usually, the bigger the purse, the more intense the competition between the horses as they’re also of higher-quality.
Straight Bets
Straight bets like Win, Place, Show and Across the Board are pretty simple but nothing like some practical examples to get any horse racing bets explained. Let’s look at how each of these bets work by laying some hypothetical bets for each of them.
Win Bet
A win bet is the most straightforward type of bet in horse racing (and it’s the best kind of bet to learn the ropes, more on that below!). You’re simply betting on a horse to finish first in a race. If your chosen horse crosses the finish line first, you win the bet. If it doesn’t, you lose.
Race Scenario:
Let’s say you’re watching the Kentucky Derby, and you’ve got your eye on a horse named “Lightning Strike.” You decide to bet $50 on the horse winning the race (a win bet). Youre looking pretty much at a binary situation:
- If Lightning Strike wins the race, you’ll collect your winnings (based on the odds at the time you placed the win bet).
- Otherwise, if Lightning Strike finishes second or lower, you lose your 50 bucks.
How to Read a Horse Racing Card for a Win Bet
Depending on the sportsbook this is what you’ll probably see on a race card:
| Post Position | Horse Name | Jockey | Trainer | Morning Line Odds | Weight | Recent Performance |
|---|---|---|---|---|---|---|
| 1 | Lightning Strike | John Velazquez | Todd Pletcher | 5-1 | 126 lbs | 1st, 2nd, 3rd |
| 2 | Thunder Bolt | Mike Smith | Bob Baffert | 3-1 | 126 lbs | 2nd, 1st, 2nd |
| 3 | Stormy Skies | Irad Ortiz Jr. | Brad Cox | 10-1 | 126 lbs | 3rd, 4th, 1st |
| 4 | Speed Demon | Joel Rosario | Steve Asmussen | 7-2 | 126 lbs | 1st, 1st, 2nd |
| 5 | Wild Fire | Luis Saez | Chad Brown | 15-1 | 126 lbs | 5th, 3rd, 4th |
Let’s be a bit thorough when reading this card and see what means what:
| Category | Description |
|---|---|
| Post Position | The number assigned to the stall from which the horse will start. As in 1, 2, 3, etc. |
| Horse Name | The name of the horse running in the race. (Get used to seeing lots of catchy horse names) |
| Jockey | The rider of the horse. |
| Trainer | The person responsible for the horse’s preparation. |
| Morning Line Odds | The odds set by the track handicapper before betting begins. These can change based on the bets placed. (Key piece of data for your bets). |
| Weight | The total weight the horse will carry, including the jockey and gear. |
| Recent Performance | The horse’s placements in its last three races. (Another key metric for your bets). |
Types of Horse Racing Odds
At the most, you’re gonna come across three (3) types of odds for horse racing bets:
- Morning Line Odds give you an estimate of potential payouts based on a $1 bet.
- Lower odds tell that a horse is more favored (the payout is smaller if you bet on it).
- Higher odds tell that a horse is less favored (so the payout is larger if you bet on it).
How to Read the Odds Given by the Card?
Morning line odds are the odds set by the track handicapper before betting opens. They give you an idea of what the odds might look like before people start placing their bet, but keep in mind they can change as more people bet on the race.
The most important thing is that Morning line odds give you a good idea of which horses are considered favorites and which are underdogs.
- The lower the odds (like 3-1), the more likely the horse is expected to win.
- The higher the odds (like 15-1), the less likely it is to win, but if it does, the payout is bigger.
Let’s look at the morning line odds from our card and see what they mean payout-wise:
| Horse Name | Morning Line Odds |
What The Odd’s Numbers Mean |
|---|---|---|
| Lightning Strike | 5-1 | If you bet $1 on “Lightning Strike” and it wins, you’ll get $5 in profit. So, a $10 bet would return $50 in profit. Plus your $10 bet back, for a total of $60. |
| Thunder Bolt | 3-1 | If you bet $1 on “Thunder Bolt” and it wins, you’ll get $3 in profit. So, a $10 bet would return $30 in profit. Plus your $10 bet back, for a total of $40. |
| Stormy Skies | 10-1 | If you bet $1 on “Stormy Skies” and it wins, you’ll get $10 in profit. So, a $10 bet would return $100 in profit. Plus your $10 bet back, for a total of $110. |
| Speed Demon | 7-2 | This is a little different because it’s not a whole number. 7-2 means for every $2 you bet, you’ll win $7. So, if you bet $10, you’d divide $10 by 2 to get $5, then multiply $5 by 7 to get $35 in profit. (add your $10 bet back, and you’d have a total of $45). |
| Wild Fire | 15-1 | This one’s simple: If you bet $1 on “Wild Fire” and it wins, you’ll get $15 in profit. So, a $10 bet would return $150 in profit plus your $10 bet back, for a total of $160. |
Betting Strat for Beginners: Save Some $ And Have Some Fun!
This strategy is all about minimizing risks and costs while you learn the ropes. Betting on races in tracks you’re not intimately familiar with is generally a poor idea, so you’re better off picking winners and betting on them at first.
Paper bets will give you this valuable beginner experience without having to worry about losing money, and sticking to win bets will significantly reduce the thought and analysis process a more veteran bettor will go through.
Here’s a good step-by-step process you can use:
Stick to 1-2 Tracks Only
Pick just one or two tracks and get super familiar with them. Learn about the jockeys, trainers, how the track behaves in different weather, and any biases it might have. This will take a few weeks, but it’ll pay off.
Start with Paper Bets
Don’t dive in with real money just yet. Start by writing down your bets on paper. At the end of each day, go back and see where you went right or wrong. It’s a great way to learn without losing cash.
Focus on Picking Winners
Start simple by just picking which horse will win and betting on that. Forget about the fancier bets for now. Get good at this before moving on.
Gradually Expand Your Bets
Once you’re consistently making a profit from win bets, you can start exploring other types of wagers like exactas or trifectas.
Try a SHOW Parlay
You’ll probably get a kick out of this one: place a small bet on a horse to show (finish 1st, 2nd, or 3rd). If you win, take all the money (both what you won and your original bet) and place it on the next show bet. Do this for 3-5 races and see how much return you can get (youd be surprised with the results)
Place Bets
If you’re looking for a solid, moderate risk way to bet on horse racing, Place Bets might be your new best friend. Place Bets will earn you some cash if your horse finishes first or second, which sounds great, but does have some nuance to it.
I highly recommend you check out our piece on Place Bet Horse Racing Examples to understand how Place Bets work with some real-world examples and payout scenarios. Trust me, you’ll get the hang of it by the time you’re done with it.
Show Bets
Show bets allow you to pick a horse to finish in any of the top three spots and earn you a payout. It’s perfect for risk-adverse folk that want to make the race a bit more exciting, which is why we dug deeper in our how Bet Horse Racing Examples post. It’s a short and sweet read that will tell you when Show bets are the perfect play.
Across the Board
Betting across the board lets you bet on the horse to win, place, and show, all at the same time (and for a bigger payout too!). It’s a great move when you’re not sure if the horse will win, place, or show.
The bet offers multiple chances to cash in, but it does come at a price since this you’re rolling three bets in one. It goes like this: if your horse wins, you collect on all three bets. If your horse comes in second, you collect on the place and show bets. If it finishes third, you only collect on the show bet. As usual, let’s do a quick analysis of an example bet to get a good understanding:
You got your Race Card:
| Horse Race Number | Distance |
Track Condition |
Purse |
|---|---|---|---|
| 5 | 1 Mile | Fast | $50,000 |
And your Horse Racing Card:
| Post Position | Horse Name | Jockey | Trainer | Morning Line Odds |
|---|---|---|---|---|
| 1 | Thunder Strike | John Voitt | Jane Smith | 5-1 |
| 2 | Speedy Blitz | Mike Johnson | Sarah Lee | 3-1 |
| 3 | Fast Dash | Kevin Brown | Richard Roe | 8-1 |
| 4 | Midnight Rider | Chris Green | Steve Asmussen | 6-1 |
| 5 | Lightning Bolt | Lisa White | Tom Davis | 4-1 |
Lets say you’re betting on a horse named “Speedy Blitz” with odds of 3-1 as you see on your racing card. How would the payouts work if you bet $10 Across the Board bet on “Speedy Blitz”?
First off, since you’re placing three separate $10 bets (win, place, show), your total wager is $30. Depending on where “Speedy Blitz” finishes, your bet could yield the following:
Payout Scenarios for an Across-the-Board Bet
| Finish Position | Bet Result | Payout Calculation | Total Payout |
|---|---|---|---|
| 1st Place |
Win, Place, and Show |
Win: $10 x 3-1 = $30 Place: $10 x 2-1 = $20 Show: $10 x 1.2-1 = $12 |
$30 + $20 + $12= $62 (Win + Place + Show) |
| 2nd Place |
Place and Show |
Place: $10 x 2-1 = $20 Show: $10 x 1.2-1 = $12 |
$20 + $12= $32 (Place + Show) |
| 3rd Place |
Show Only | Show: $10 x 1.2-1 = $12 | $12 |
| No Win, No Place |
No Payout (Loss) |
– | $0 (You lose your $30 bet) |
Across-the-Board Bet Advantages:
If you’re wondering what’s the difference between placing an across the board bet vs placing the same set of bets individually, it basically comes down to four points:
- Instead of placing three separate bets, you get to do it all in one go which is more convenient and quicker (you don’t have to worry about juggling multiple tickets).
- If your horse wins, you collect on all three bets not just one (win, place, and show) giving you a decent return (especially if your horse has longer odds).
- You also spread out the risk a bit compared to just betting on a win since if your horse doesn’t win but finishes second or third, you still get some return on your bet.
- Last but not least (and this a bit more relative): Some people find it easier to manage their budget with an Across the Board bet since they’re locking in a total amount upfront, rather than having to calculate how much they want to bet separately on win, place, and show.
- Note: Obviously placing any or all of these bets separately gives you a lot more control. Individual bets let you decide exactly how much to put on each type (when you’re more confident on a specific outcome playing out), as well as choosing to avoid entire categories (win, place or show) if you feel they’re unnecessary.
What’s the Pari-Mutual System?
Alright, so this now that we’ve covered all of the straight bets, we can talk a bit about this betting system. The Pari-Mutuel system is all about pooling bets together. Rather than betting against the house, you’re actually betting against everyone else who’s placed money on the same race.
This system is used for the more straightforward horse racing bets (like Win, Place, and Show) but, that doesn’t mean it applies to the rest of them. For instance, exotic bets like Exacta, Trifecta, Superfecta, and Daily Double use pari-mutuel pools, but their payouts can be more complex due to multiple factors (like picking two or more horses to finish in specific positions).
Were gonna use a super generic way to explain it before using a race example since it’s easier to learn how this system works:
Let’s say there’s a horse race with four horses: Horse A, Horse B, Horse C, and Horse D. You and other people bet a combined total of $11,000 on these horses (as shown in the chart below), making the total pool worth $11,000.
Horse Bets in the Pari-Mutuel System
Now, the odds depend on how much money is bet on each horse. More people betting on one horse means lower payouts, while fewer bets mean higher payouts for that horse if it wins.
For Horse A, $5,000 were bet, so the odds would be
$11,000 ÷ $5,000 = 2.2
For Horse B, $3,000 were bet, so odds are $11,000 ÷ $3,000 = 3.67
For Horse C, $2,000 were bet, so odds are $11,000 ÷ $2,000 = 5.5
For Horse D, $1,000 were bet, so odds are $11,000 ÷ $1,000 = 11
You’ll notice that if you’d placed a bet on Horse D and ends up winning the race, you’d get a bigger payout because fewer people bet on it! The Pari- Mutuel system varies the payout based on how the crowd bets, and it also favors those who bet on the underdogs.
How Would the Pari-Mutuel System Work on Our Example Bets?
Lets use for instance this Race card:
| Post Position | Horse Name | Morning Line Odds |
Recent Performance |
|---|---|---|---|
| 1 | Lightning Strike | 5-1 | 1st, 2nd, 3rd |
| 2 | Thunder Bolt | 3-1 | 2nd, 1st, 2nd |
| 3 | Stormy Skies | 10-1 | 3rd, 4th, 1st |
| 4 | Speed Demon | 7-2 | 1st, 1st, 2nd |
| 5 | Wild Fire | 15-1 | 5th, 3rd, 4th |
Based on the odds, let’s say there’s a total of $4,500 bet on this race. The bets are spread across the horses as follows: $1,000 on Lightning Strike, $1,500 on Thunder Bolt, $500 on Stormy Skies, $1,200 on Speed Demon, and $300 on Wild Fire. The total betting pool is $4,500, and the payout depends on the amount bet on each horse.
Horse Bets in the Pari-Mutuel System
Here’s how the odds affect the pari-mutuel system:
- If Lightning Strike wins, you get $4,500 ÷ $1,000 = 4.5 times your bet.
- If Thunder Bolt wins, you get $4,500 ÷ $1,500 = 3.0 times your bet.
- If Stormy Skies wins, you get $4,500 ÷ $500 = 9.0 times your bet.
- If Speed Demon wins, you get $4,500 ÷ $1,200 = 3.75 times your bet.
- If Wild Fire wins, you get $4,500 ÷ $300 = 15.0 times your bet.
Youll notice that the payout is better for horses with fewer bets. If for instance Wild Fire wins, you’d make 15 times your money since only $300 was bet on it!
Exotic Bets
The best way to get this type of horse racing bets explained is by breaking them down with real-world examples (just like we did before). Exotic bets such as Exacta, Trifecta, Superfecta, Parlay and Head-to-Head can give you some big wins if you know what youre doing.
Wheel bets and Box Bets are sometimes considered exotic bets but since there’s so much to cover on them, we put it in their own subtype for you to check
Exacta Bets
This bet is a bit more specific than what we’ve covered so far. Exacta bets are all about picking the first and second place finishers in the right order. They’re pretty straightforward, but knowing when and how to place these bets requires strategy and analysis most beginners lack.
We’ve put together a quick piece with some real-world examples and their payout scenarios to help you get a better grasp on how they work. Go ahead and check our Exacta Horse Racing Bets piece, we promise to go straight to the important stuff!
Trifecta Bets
If you want trifecta horse racing bets explained, there’s nothing like using practical examples to do it. They work similarly to Exacta bets but we feel a dedicated piece for them is well worth it, which is why in our Trifecta Horse Racing Bets piece breaks down exactly what they are, how they work, and walk you through some real-world examples along with their payout scenarios.
Superfecta Bets
Superfectas require you to pick the top four finishers in the exact order. It certainly ups the ante when it comes to risk (compared to Exactas and Trifectas), but they offer some serious returns if you get them right. There’s a lot to unpack here, so just like with its previous sister bets we’ve put together a quick piece for you: Superfecta Horse Racing Bets post, which breaks down real-world examples and potential payout scenarios for each.
Parlay Bets
A good way to get Parlay Horse Racing Bets Explained is to think of a stair that lead you to a fancy, gold-filled chest at the top. However, missing a single step causes the chest to disappear into thin air. Each step is called a leg, and it’s an individual bet that you need to get right if you want the payout.
Our piece, Parlay Horse Racing Bets, breaks down as usual what parlay bets are, how they work, and why they’re so popular. There’s a lot of cool stuff to cover, so we hope you find it useful!
Head-to-Head Bets
Head-to-Head bets are a bit different to what we’ve seen so far. In this case you’re not betting on which horse outright wins the race or in what order they place. Instead, you’re betting on which one of two specific horses finishes ahead of the other.
The cool part of head-to-heads is that it doesn’t matter if either horse you picked wins the race or not, the only thing that matter is if one of them beats the other (regardless of their final standing). Let’s go through the motions with yet another practical example:
You Get This Racing Card:
| Horse | Morning Line Odds |
Jockey | Trainer |
|---|---|---|---|
| Thunder Bolt | 3-1 | M. Johnson | Jane Smith |
| Stormy Skies | 10-1 | S. Williams | Sarah Lee |
| Speed Demon | 7-2 | P. Brown | Richard Roe |
| Wild Fire | 15-1 | L. Jones | Steve Asmussen |
| Dark Thunder | 8-1 | K. Adams | Tom Davis |
Lets say you want to bet 10 bucks on Thunder Bolt finishing ahead of Speed Demon. Based on the odds, this would be the payout for your head-to-head bet:
Payout Scenarios for a Head-to-Head Bet
| Outcome | Winning Horse |
Payout Odds |
Potential Payout ($) |
|---|---|---|---|
| Thunder Bolt finishes ahead of Speed Demon |
Thunder Bolt |
3-1 | $40 (includes your $10 bet) |
Keep in mind though:
If for instance that Thunder Bolt finishes 2nd and Speed Demon finished 4th: awesome you win your bet. But, if Speed Demon ends up ahead of Thunder Bolt, you do lose your whole bet.
Just to be thorough: what if youd like to bet on the opposite (Speed Demon over Thunder Bolt)? Your payout for $10 would look like this then:
| Outcome | Winning Horse |
Payout Odds |
Potential Payout ($) |
|---|---|---|---|
| Speed Demon finishes ahead of Thunder Bolt |
Speed Demon |
7-2 | $35 (includes your $10 bet) |
Combination Bets
Keep in mind that there are more combination bets than then ones we’ve covered so far. Getting lesser-known horse racing bets explained like Quinellas, Daily Doubles, as well as Pick 3,4,5 and 6 will each take a dedicated piece to cover everything. We’ll explain each and every one of these with real-life examples to ensure you have all you need for your next visit to the track!
Quinella Bets
Quinella bets are like Exacta bets, only this time the order of the horses doesn’t matter. To get this type horse racing bets explained effectively, getting every little detail right in a dedicated piece is definitely the right move. Take a look at our Quinella Horse Racing Bets (and its bet example) and let the fun begin!
Daily Double
Daily Doubles work like a small parlay bet that only covers two races. In order to win, you need to pick the winning horses for two consecutive races, which sounds difficult, but the payout is more than worth it. The final payout is significantly higher than placing two separate bets for each race, but it does require you to get both predictions right. Just like we did for Quinellas, we go through real examples and payout possibilities in our dedicated piece: Daily Double Horse Racing Bets. It’s a great way to get the hang of this bet and know exactly when to take it.
Pick 3 Bets
These bets are all about picking winners in three consecutive races. Your winnings are automatically bet from one race to another (assuming you got the previous bet right) and it makes payouts really pop off! To get this type of horse racing bet explained we’ve together a quick piece with some real-world examples and payout scenarios that will give you the full picture. Here’s the link: Pick 3 Horse Racing Bets.
Pick 4 Bets
If you’re serious about making your horse betting game stronger, the Pick 4 is simply one of those you can’t ignore. Sure, it’s riskier than a Pick 3 (and by consequence than a Daily Double too) but the payout gets bigger than ever. We get straight to the important stuff for them in our Pick 4 Horse Racing Bet post, so feel free to check it out!
Pick 5 Bets
If you’re aiming for a serious payout in horse racing, the Pick 5 bet is where the actions at. Pick 5 bets are one of the more challenging bets because getting all five winners right isn’t easy. As usual with these type of combination bets, there’s a lot of cool stuff to cover. We put together a more specific post for it: Pick 5 Horse Racing Bet. We’ll focus on a real-world example and its potential payout scenarios to help you get the hang of it. Hope you like it!
Pick 6 Bets
Of all of the Horse Racing Pick Bets, the Pick 6 is the one that offers the juiciest payout. The more combinations there are in a horse racing bet (i.e. every time you go higher in the pick scale), the fewer possible winners there usually are. At the same time, the bigger the pool gets and sometimes the rewards get ridiculous as you’ll notice in our dedicated piece on Pick 6 Horse Racing Bets.
Box Bets
Box bets in horse racing allow you to predict which horses will finish in top positions. The interesting thing about these bets is that you don’t have to get the exact order right, you just need to predict which horses will place in the top X positions. The more horses you include, the more winning combinations you can cover, but it also makes the bet more expensive to place.
In a more detailed post, Box Bet Horse Racing Explained, we’ll be breaking down Boxed Exactas, Trifectas, and Superfectas, along with Pick 3, 4, 5, and even 6 Box bets. There’s a ton of interesting stuff to learn from going through each of these bet’s examples!
Wheel Bets
Wheel bets are perfect if you’re sure which horse will take the race, but you’re also confident in predicting which horses will place in the top positions. You don’t have to be sure on the exact order they’ll fill the podium, you just need to know or feel that they’ll make it there. On our in-depth piece, Wheel Bet Horse Racing in Detail, well show you how both Part Wheels and Full Wheels help you cover all sorts of outcomes to get those juicy payouts. We used some bet examples to really bring the point home, so we hope you enjoy it!
FAQs for Racing Bets Explained
What is the difference between Win, Place, and Show bets?
A Win bet pays if your horse finishes first. A Place bet pays if your horse finishes first or second. A Show bet pays if your horse finishes in the top three.
How do Exacta, Trifecta, and Superfecta bets work?
Exacta requires picking the first two finishers in order, Trifecta for the top three, and Superfecta for the top four, all in exact order.
Is Betting on Track Conditions Important?
Yes, track conditions can significantly impact a horse’s performance, making it essential to consider when placing bets.
How do Daily Double and Pick 3, 4, or 6 bets work?
Daily Double requires picking winners of two consecutive races. Pick 3, 4, and 6 involve selecting winners of three, four, or six consecutive races for a larger payout.
Does The Win Pool Figure into The Place Pool in Pari-Mutuel Betting, Or Are They Completely Separate?
In pari-mutuel betting, all wagers on a particular race are pooled together, no matter the bet type. All bettors who win their wagers share in the same overall prize pool.
The more common a particular bet is among those who place a pari-mutuel wager, the lower the payout for that winning bet will be. On the flip side, the more complicated (and therefore less common) a bet is, the higher the payout will be.
Mastering every type of horse racing bets sounds like a lot, but we’ve managed to make brief, no-fluff piece that will go through everything you need to know to be a master of the track. Let’s start!
Whether you’re a beginner starting with straight bets (or a veteran looking to spice things up), by the time we’re done you’ll know exactly which bet to pick on the next race. You’ll even know all the basics needed to develop your very own horse racing strat!
Horse Racing Bets We’ll Cover
We are about to cover straight, exotic, combination, boxed and wheel bets, so you can see how each works through real-world examples. We’ll even explore some of the different payout scenarios common to all of these horse racing bets to ensure you have practical, actionable knowledge on all of these bets. Let’s get a couple of common questions out of the way before we delve deeper into every horse racing bet.
Is There a Limit for Race Bets?
For horse races the limits for each bet can vary depending on the sportsbook or the racetrack. If you’re more of a casual horse race bettor, chances are you won’t bump into this limit, but it is there.
Most places have a minimum bet amount, like $2, especially for common bets like Win, Place, or Show. In the case of exotic bets like Exactas or Trifectas, the minimum might be lower, like $1 or even 50 cents.
There can also be maximum bet limits, and you’ll notice these vary wildly depending on the race, the type of bet, and the bookmaker. Some big races might allow for higher limits while smaller races might have stricter caps. The race’s Purse can almost tip you off to these limits.
What’s A Horse Race Purse (And What Does It Tell)?
Every single race that you’ll see will show details such as its Race Number, Distance, Track Condition and something known as its “Purse”. This last one is basically the total amount of prize money that’s up for grabs in a horse race.
- Think of it as the pot that gets divided among the top finishers (kind of like a reward for the horses that do the best).
The purse is usually split among the owners of the horses that finish in the top positions, with the biggest share going to the winner. The jockeys, trainers, and sometimes even the stable staff might get a cut of this money too, depending on their agreements.
So, if you’re betting on a race, the purse is like the big prize that everyone’s competing for, and it can give you an idea of how prestigious or competitive a race might be. Usually, the bigger the purse, the more intense the competition between the horses as they’re also of higher-quality.
Straight Bets
Straight bets like Win, Place, Show and Across the Board are pretty simple but nothing like some practical examples to get any horse racing bets explained. Let’s look at how each of these bets work by laying some hypothetical bets for each of them.
Win Bet
A win bet is the most straightforward type of bet in horse racing (and it’s the best kind of bet to learn the ropes, more on that below!). You’re simply betting on a horse to finish first in a race. If your chosen horse crosses the finish line first, you win the bet. If it doesn’t, you lose.
Race Scenario:
Let’s say you’re watching the Kentucky Derby, and you’ve got your eye on a horse named “Lightning Strike.” You decide to bet $50 on the horse winning the race (a win bet). Youre looking pretty much at a binary situation:
- If Lightning Strike wins the race, you’ll collect your winnings (based on the odds at the time you placed the win bet).
- Otherwise, if Lightning Strike finishes second or lower, you lose your 50 bucks.
How to Read a Horse Racing Card for a Win Bet
Depending on the sportsbook this is what you’ll probably see on a race card:
| Post Position | Horse Name | Jockey | Trainer | Morning Line Odds | Weight | Recent Performance |
|---|---|---|---|---|---|---|
| 1 | Lightning Strike | John Velazquez | Todd Pletcher | 5-1 | 126 lbs | 1st, 2nd, 3rd |
| 2 | Thunder Bolt | Mike Smith | Bob Baffert | 3-1 | 126 lbs | 2nd, 1st, 2nd |
| 3 | Stormy Skies | Irad Ortiz Jr. | Brad Cox | 10-1 | 126 lbs | 3rd, 4th, 1st |
| 4 | Speed Demon | Joel Rosario | Steve Asmussen | 7-2 | 126 lbs | 1st, 1st, 2nd |
| 5 | Wild Fire | Luis Saez | Chad Brown | 15-1 | 126 lbs | 5th, 3rd, 4th |
Let’s be a bit thorough when reading this card and see what means what:
| Category | Description |
|---|---|
| Post Position | The number assigned to the stall from which the horse will start. As in 1, 2, 3, etc. |
| Horse Name | The name of the horse running in the race. (Get used to seeing lots of catchy horse names) |
| Jockey | The rider of the horse. |
| Trainer | The person responsible for the horse’s preparation. |
| Morning Line Odds | The odds set by the track handicapper before betting begins. These can change based on the bets placed. (Key piece of data for your bets). |
| Weight | The total weight the horse will carry, including the jockey and gear. |
| Recent Performance | The horse’s placements in its last three races. (Another key metric for your bets). |
Types of Horse Racing Odds
At the most, you’re gonna come across three (3) types of odds for horse racing bets:
- Morning Line Odds give you an estimate of potential payouts based on a $1 bet.
- Lower odds tell that a horse is more favored (the payout is smaller if you bet on it).
- Higher odds tell that a horse is less favored (so the payout is larger if you bet on it).
How to Read the Odds Given by the Card?
Morning line odds are the odds set by the track handicapper before betting opens. They give you an idea of what the odds might look like before people start placing their bet, but keep in mind they can change as more people bet on the race.
The most important thing is that Morning line odds give you a good idea of which horses are considered favorites and which are underdogs.
- The lower the odds (like 3-1), the more likely the horse is expected to win.
- The higher the odds (like 15-1), the less likely it is to win, but if it does, the payout is bigger.
Let’s look at the morning line odds from our card and see what they mean payout-wise:
| Horse Name | Morning Line Odds |
What The Odd’s Numbers Mean |
|---|---|---|
| Lightning Strike | 5-1 | If you bet $1 on “Lightning Strike” and it wins, you’ll get $5 in profit. So, a $10 bet would return $50 in profit. Plus your $10 bet back, for a total of $60. |
| Thunder Bolt | 3-1 | If you bet $1 on “Thunder Bolt” and it wins, you’ll get $3 in profit. So, a $10 bet would return $30 in profit. Plus your $10 bet back, for a total of $40. |
| Stormy Skies | 10-1 | If you bet $1 on “Stormy Skies” and it wins, you’ll get $10 in profit. So, a $10 bet would return $100 in profit. Plus your $10 bet back, for a total of $110. |
| Speed Demon | 7-2 | This is a little different because it’s not a whole number. 7-2 means for every $2 you bet, you’ll win $7. So, if you bet $10, you’d divide $10 by 2 to get $5, then multiply $5 by 7 to get $35 in profit. (add your $10 bet back, and you’d have a total of $45). |
| Wild Fire | 15-1 | This one’s simple: If you bet $1 on “Wild Fire” and it wins, you’ll get $15 in profit. So, a $10 bet would return $150 in profit plus your $10 bet back, for a total of $160. |
Betting Strat for Beginners: Save Some $ And Have Some Fun!
This strategy is all about minimizing risks and costs while you learn the ropes. Betting on races in tracks you’re not intimately familiar with is generally a poor idea, so you’re better off picking winners and betting on them at first.
Paper bets will give you this valuable beginner experience without having to worry about losing money, and sticking to win bets will significantly reduce the thought and analysis process a more veteran bettor will go through. Here’s a good step-by-step process you can use:
Stick to 1-2 Tracks Only
Pick just one or two tracks and get super familiar with them. Learn about the jockeys, trainers, how the track behaves in different weather, and any biases it might have. This will take a few weeks, but it’ll pay off.
Start with Paper Bets
Don’t dive in with real money just yet. Start by writing down your bets on paper. At the end of each day, go back and see where you went right or wrong. It’s a great way to learn without losing cash.
Focus on Picking Winners
Start simple by just picking which horse will win and betting on that. Forget about the fancier bets for now. Get good at this before moving on.
Gradually Expand Your Bets
Once you’re consistently making a profit from win bets, you can start exploring other types of wagers like exactas or trifectas.
Try a SHOW Parlay
You’ll probably get a kick out of this one: place a small bet on a horse to show (finish 1st, 2nd, or 3rd). If you win, take all the money (both what you won and your original bet) and place it on the next show bet. Do this for 3-5 races and see how much return you can get (youd be surprised with the results)
Place Bets
If you’re looking for a solid, moderate risk way to bet on horse racing, Place Bets might be your new best friend. Place Bets will earn you some cash if your horse finishes first or second, which sounds great, but does have some nuance to it.
I highly recommend you check out our piece on Place Bet Horse Racing Examples to understand how Place Bets work with some real-world examples and payout scenarios. Trust me, you’ll get the hang of it by the time you’re done with it.
Show Bets
Show bets allow you to pick a horse to finish in any of the top three spots and earn you a payout. It’s perfect for risk-adverse folk that want to make the race a bit more exciting, which is why we dug deeper in our how Bet Horse Racing Examples post. It’s a short and sweet read that will tell you when Show bets are the perfect play.
Across the Board
Betting across the board lets you bet on the horse to win, place, and show, all at the same time (and for a bigger payout too!). It’s a great move when you’re not sure if the horse will win, place, or show.
The bet offers multiple chances to cash in, but it does come at a price since this you’re rolling three bets in one. It goes like this: if your horse wins, you collect on all three bets. If your horse comes in second, you collect on the place and show bets. If it finishes third, you only collect on the show bet. As usual, let’s do a quick analysis of an example bet to get a good understanding:
You got your Race Card:
| Horse Race Number | Distance |
Track Condition |
Purse |
|---|---|---|---|
| 5 | 1 Mile | Fast | $50,000 |
And your Horse Racing Card:
| Post Position | Horse Name | Jockey | Trainer | Morning Line Odds |
|---|---|---|---|---|
| 1 | Thunder Strike | John Voitt | Jane Smith | 5-1 |
| 2 | Speedy Blitz | Mike Johnson | Sarah Lee | 3-1 |
| 3 | Fast Dash | Kevin Brown | Richard Roe | 8-1 |
| 4 | Midnight Rider | Chris Green | Steve Asmussen | 6-1 |
| 5 | Lightning Bolt | Lisa White | Tom Davis | 4-1 |
Lets say you’re betting on a horse named “Speedy Blitz” with odds of 3-1 as you see on your racing card. How would the payouts work if you bet $10 Across the Board bet on “Speedy Blitz”?
First off, since you’re placing three separate $10 bets (win, place, show), your total wager is $30. Depending on where “Speedy Blitz” finishes, your bet could yield the following:
Payout Scenarios for an Across-the-Board Bet
| Finish Position | Bet Result | Payout Calculation | Total Payout |
|---|---|---|---|
| 1st Place |
Win, Place, and Show |
Win: $10 x 3-1 = $30 Place: $10 x 2-1 = $20 Show: $10 x 1.2-1 = $12 |
$30 + $20 + $12= $62 (Win + Place + Show) |
| 2nd Place |
Place and Show |
Place: $10 x 2-1 = $20 Show: $10 x 1.2-1 = $12 |
$20 + $12= $32 (Place + Show) |
| 3rd Place |
Show Only | Show: $10 x 1.2-1 = $12 | $12 |
| No Win, No Place |
No Payout (Loss) |
– | $0 (You lose your $30 bet) |
Across-the-Board Bet Advantages:
If you’re wondering what’s the difference between placing an across the board bet vs placing the same set of bets individually, it basically comes down to four points:
- Instead of placing three separate bets, you get to do it all in one go which is more convenient and quicker (you don’t have to worry about juggling multiple tickets).
- If your horse wins, you collect on all three bets not just one (win, place, and show) giving you a decent return (especially if your horse has longer odds).
- You also spread out the risk a bit compared to just betting on a win since if your horse doesn’t win but finishes second or third, you still get some return on your bet.
- Last but not least (and this a bit more relative): Some people find it easier to manage their budget with an Across the Board bet since they’re locking in a total amount upfront, rather than having to calculate how much they want to bet separately on win, place, and show.
- Note: Obviously placing any or all of these bets separately gives you a lot more control. Individual bets let you decide exactly how much to put on each type (when you’re more confident on a specific outcome playing out), as well as choosing to avoid entire categories (win, place or show) if you feel they’re unnecessary.
What’s the Pari-Mutual System?
Alright, so this now that we’ve covered all of the straight bets, we can talk a bit about this betting system. The Pari-Mutuel system is all about pooling bets together. Rather than betting against the house, you’re actually betting against everyone else who’s placed money on the same race.
This system is used for the more straightforward horse racing bets (like Win, Place, and Show) but, that doesn’t mean it applies to the rest of them. For instance, exotic bets like Exacta, Trifecta, Superfecta, and Daily Double use pari-mutuel pools, but their payouts can be more complex due to multiple factors (like picking two or more horses to finish in specific positions).
Were gonna use a super generic way to explain it before using a race example since it’s easier to learn how this system works:
Let’s say there’s a horse race with four horses: Horse A, Horse B, Horse C, and Horse D. You and other people bet a combined total of $11,000 on these horses (as shown in the chart below), making the total pool worth $11,000.
Horse Bets in the Pari-Mutuel System
Now, the odds depend on how much money is bet on each horse. More people betting on one horse means lower payouts, while fewer bets mean higher payouts for that horse if it wins.
For Horse A, $5,000 were bet, so the odds would be
$11,000 ÷ $5,000 = 2.2
For Horse B, $3,000 were bet, so odds are $11,000 ÷ $3,000 = 3.67
For Horse C, $2,000 were bet, so odds are $11,000 ÷ $2,000 = 5.5
For Horse D, $1,000 were bet, so odds are $11,000 ÷ $1,000 = 11
You’ll notice that if you’d placed a bet on Horse D and ends up winning the race, you’d get a bigger payout because fewer people bet on it! The Pari- Mutuel system varies the payout based on how the crowd bets, and it also favors those who bet on the underdogs.
How Would the Pari-Mutuel System Work on Our Example Bets?
Lets use for instance this Race card:
| Post Position | Horse Name | Morning Line Odds |
Recent Performance |
|---|---|---|---|
| 1 | Lightning Strike | 5-1 | 1st, 2nd, 3rd |
| 2 | Thunder Bolt | 3-1 | 2nd, 1st, 2nd |
| 3 | Stormy Skies | 10-1 | 3rd, 4th, 1st |
| 4 | Speed Demon | 7-2 | 1st, 1st, 2nd |
| 5 | Wild Fire | 15-1 | 5th, 3rd, 4th |
Based on the odds, let’s say there’s a total of $4,500 bet on this race. The bets are spread across the horses as follows: $1,000 on Lightning Strike, $1,500 on Thunder Bolt, $500 on Stormy Skies, $1,200 on Speed Demon, and $300 on Wild Fire. The total betting pool is $4,500, and the payout depends on the amount bet on each horse.
Horse Bets in the Pari-Mutuel System
Here’s how the odds affect the pari-mutuel system:
- If Lightning Strike wins, you get $4,500 ÷ $1,000 = 4.5 times your bet.
- If Thunder Bolt wins, you get $4,500 ÷ $1,500 = 3.0 times your bet.
- If Stormy Skies wins, you get $4,500 ÷ $500 = 9.0 times your bet.
- If Speed Demon wins, you get $4,500 ÷ $1,200 = 3.75 times your bet.
- If Wild Fire wins, you get $4,500 ÷ $300 = 15.0 times your bet.
Youll notice that the payout is better for horses with fewer bets. If for instance Wild Fire wins, you’d make 15 times your money since only $300 was bet on it!
Exotic Bets
The best way to get this type of horse racing bets explained is by breaking them down with real-world examples (just like we did before). Exotic bets such as Exacta, Trifecta, Superfecta, Parlay and Head-to-Head can give you some big wins if you know what youre doing.
Wheel bets and Box Bets are sometimes considered exotic bets but since there’s so much to cover on them, we put it in their own subtype for you to check
Exacta Bets
This bet is a bit more specific than what we’ve covered so far. Exacta bets are all about picking the first and second place finishers in the right order. They’re pretty straightforward, but knowing when and how to place these bets requires strategy and analysis most beginners lack.
We’ve put together a quick piece with some real-world examples and their payout scenarios to help you get a better grasp on how they work. Go ahead and check our Exacta Horse Racing Bets piece, we promise to go straight to the important stuff!
Trifecta Bets
If you want trifecta horse racing bets explained, there’s nothing like using practical examples to do it. They work similarly to Exacta bets but we feel a dedicated piece for them is well worth it, which is why in our Trifecta Horse Racing Bets piece breaks down exactly what they are, how they work, and walk you through some real-world examples along with their payout scenarios.
Superfecta Bets
Superfectas require you to pick the top four finishers in the exact order. It certainly ups the ante when it comes to risk (compared to Exactas and Trifectas), but they offer some serious returns if you get them right. There’s a lot to unpack here, so just like with its previous sister bets we’ve put together a quick piece for you: Superfecta Horse Racing Bets post, which breaks down real-world examples and potential payout scenarios for each.
Parlay Bets
A good way to get Parlay Horse Racing Bets Explained is to think of a stair that lead you to a fancy, gold-filled chest at the top. However, missing a single step causes the chest to disappear into thin air. Each step is called a leg, and it’s an individual bet that you need to get right if you want the payout.
Our piece, Parlay Horse Racing Bets, breaks down as usual what parlay bets are, how they work, and why they’re so popular. There’s a lot of cool stuff to cover, so we hope you find it useful!
Head-to-Head Bets
Head-to-Head bets are a bit different to what we’ve seen so far. In this case you’re not betting on which horse outright wins the race or in what order they place. Instead, you’re betting on which one of two specific horses finishes ahead of the other.
The cool part of head-to-heads is that it doesn’t matter if either horse you picked wins the race or not, the only thing that matter is if one of them beats the other (regardless of their final standing). Let’s go through the motions with yet another practical example:
You Get This Racing Card:
| Horse | Morning Line Odds |
Jockey | Trainer |
|---|---|---|---|
| Thunder Bolt | 3-1 | M. Johnson | Jane Smith |
| Stormy Skies | 10-1 | S. Williams | Sarah Lee |
| Speed Demon | 7-2 | P. Brown | Richard Roe |
| Wild Fire | 15-1 | L. Jones | Steve Asmussen |
| Dark Thunder | 8-1 | K. Adams | Tom Davis |
Lets say you want to bet 10 bucks on Thunder Bolt finishing ahead of Speed Demon. Based on the odds, this would be the payout for your head-to-head bet:
Payout Scenarios for a Head-to-Head Bet
| Outcome | Winning Horse |
Payout Odds |
Potential Payout ($) |
|---|---|---|---|
| Thunder Bolt finishes ahead of Speed Demon |
Thunder Bolt |
3-1 | $40 (includes your $10 bet) |
Keep in mind though:
If for instance that Thunder Bolt finishes 2nd and Speed Demon finished 4th: awesome you win your bet. But, if Speed Demon ends up ahead of Thunder Bolt, you do lose your whole bet.
Just to be thorough: what if youd like to bet on the opposite (Speed Demon over Thunder Bolt)? Your payout for $10 would look like this then:
| Outcome | Winning Horse |
Payout Odds |
Potential Payout ($) |
|---|---|---|---|
| Speed Demon finishes ahead of Thunder Bolt |
Speed Demon |
7-2 | $35 (includes your $10 bet) |
Combination Bets
Keep in mind that there are more combination bets than then ones we’ve covered so far. Getting lesser-known horse racing bets explained like Quinellas, Daily Doubles, as well as Pick 3,4,5 and 6 will each take a dedicated piece to cover everything. We’ll explain each and every one of these with real-life examples to ensure you have all you need for your next visit to the track!
Quinella Bets
Quinella bets are like Exacta bets, only this time the order of the horses doesn’t matter. To get this type horse racing bets explained effectively, getting every little detail right in a dedicated piece is definitely the right move. Take a look at our Quinella Horse Racing Bets (and its bet example) and let the fun begin!
Daily Double
Daily Doubles work like a small parlay bet that only covers two races. In order to win, you need to pick the winning horses for two consecutive races, which sounds difficult, but the payout is more than worth it. The final payout is significantly higher than placing two separate bets for each race, but it does require you to get both predictions right. Just like we did for Quinellas, we go through real examples and payout possibilities in our dedicated piece: Daily Double Horse Racing Bets. It’s a great way to get the hang of this bet and know exactly when to take it.
Pick 3 Bets
These bets are all about picking winners in three consecutive races. Your winnings are automatically bet from one race to another (assuming you got the previous bet right) and it makes payouts really pop off! To get this type of horse racing bet explained we’ve together a quick piece with some real-world examples and payout scenarios that will give you the full picture. Here’s the link: Pick 3 Horse Racing Bets.
Pick 4 Bets
If you’re serious about making your horse betting game stronger, the Pick 4 is simply one of those you can’t ignore. Sure, it’s riskier than a Pick 3 (and by consequence than a Daily Double too) but the payout gets bigger than ever. We get straight to the important stuff for them in our Pick 4 Horse Racing Bet post, so feel free to check it out!
Pick 5 Bets
If you’re aiming for a serious payout in horse racing, the Pick 5 bet is where the actions at. Pick 5 bets are one of the more challenging bets because getting all five winners right isn’t easy. As usual with these type of combination bets, there’s a lot of cool stuff to cover. We put together a more specific post for it: Pick 5 Horse Racing Bet. We’ll focus on a real-world example and its potential payout scenarios to help you get the hang of it. Hope you like it!
Pick 6 Bets
Of all of the Horse Racing Pick Bets, the Pick 6 is the one that offers the juiciest payout. The more combinations there are in a horse racing bet (i.e. every time you go higher in the pick scale), the fewer possible winners there usually are. At the same time, the bigger the pool gets and sometimes the rewards get ridiculous as you’ll notice in our dedicated piece on Pick 6 Horse Racing Bets.
Box Bets
Box bets in horse racing allow you to predict which horses will finish in top positions. The interesting thing about these bets is that you don’t have to get the exact order right, you just need to predict which horses will place in the top X positions. The more horses you include, the more winning combinations you can cover, but it also makes the bet more expensive to place.
In a more detailed post, Box Bet Horse Racing Explained, we’ll be breaking down Boxed Exactas, Trifectas, and Superfectas, along with Pick 3, 4, 5, and even 6 Box bets. There’s a ton of interesting stuff to learn from going through each of these bet’s examples!
Wheel Bets
Wheel bets are perfect if you’re sure which horse will take the race, but you’re also confident in predicting which horses will place in the top positions. You don’t have to be sure on the exact order they’ll fill the podium, you just need to know or feel that they’ll make it there. On our in-depth piece, Wheel Bet Horse Racing in Detail, well show you how both Part Wheels and Full Wheels help you cover all sorts of outcomes to get those juicy payouts. We used some bet examples to really bring the point home, so we hope you enjoy it!
FAQs for Racing Bets Explained
What is the difference between Win, Place, and Show bets?
A Win bet pays if your horse finishes first. A Place bet pays if your horse finishes first or second. A Show bet pays if your horse finishes in the top three.
How do Exacta, Trifecta, and Superfecta bets work?
Exacta requires picking the first two finishers in order, Trifecta for the top three, and Superfecta for the top four, all in exact order.
Is Betting on Track Conditions Important?
Yes, track conditions can significantly impact a horse’s performance, making it essential to consider when placing bets.
How do Daily Double and Pick 3, 4, or 6 bets work?
Daily Double requires picking winners of two consecutive races. Pick 3, 4, and 6 involve selecting winners of three, four, or six consecutive races for a larger payout.
Does The Win Pool Figure into The Place Pool in Pari-Mutuel Betting, Or Are They Completely Separate?
In pari-mutuel betting, all wagers on a particular race are pooled together, no matter the bet type. All bettors who win their wagers share in the same overall prize pool.
The more common a particular bet is among those who place a pari-mutuel wager, the lower the payout for that winning bet will be. On the flip side, the more complicated (and therefore less common) a bet is, the higher the payout will be.
Mastering every type of horse racing bets sounds like a lot, but we’ve managed to make brief, no-fluff piece that will go through everything you need to know to be a master of the track. Let’s start!
Whether you’re a beginner starting with straight bets (or a veteran looking to spice things up), by the time we’re done you’ll know exactly which bet to pick on the next race. You’ll even know all the basics needed to develop your very own horse racing strat!
Horse Racing Bets We’ll Cover
We are about to cover straight, exotic, combination, boxed and wheel bets, so you can see how each works through real-world examples. We’ll even explore some of the different payout scenarios common to all of these horse racing bets to ensure you have practical, actionable knowledge on all of these bets. Let’s get a couple of common questions out of the way before we delve deeper into every horse racing bet.
Is There a Limit for Race Bets?
For horse races the limits for each bet can vary depending on the sportsbook or the racetrack. If you’re more of a casual horse race bettor, chances are you won’t bump into this limit, but it is there.
Most places have a minimum bet amount, like $2, especially for common bets like Win, Place, or Show. In the case of exotic bets like Exactas or Trifectas, the minimum might be lower, like $1 or even 50 cents.
There can also be maximum bet limits, and you’ll notice these vary wildly depending on the race, the type of bet, and the bookmaker. Some big races might allow for higher limits while smaller races might have stricter caps. The race’s Purse can almost tip you off to these limits.
What’s A Horse Race Purse (And What Does It Tell)?
Every single race that you’ll see will show details such as its Race Number, Distance, Track Condition and something known as its “Purse”. This last one is basically the total amount of prize money that’s up for grabs in a horse race.
- Think of it as the pot that gets divided among the top finishers (kind of like a reward for the horses that do the best).
The purse is usually split among the owners of the horses that finish in the top positions, with the biggest share going to the winner. The jockeys, trainers, and sometimes even the stable staff might get a cut of this money too, depending on their agreements.
So, if you’re betting on a race, the purse is like the big prize that everyone’s competing for, and it can give you an idea of how prestigious or competitive a race might be. Usually, the bigger the purse, the more intense the competition between the horses as they’re also of higher-quality.
Straight Bets
Straight bets like Win, Place, Show and Across the Board are pretty simple but nothing like some practical examples to get any horse racing bets explained. Let’s look at how each of these bets work by laying some hypothetical bets for each of them.
Win Bet
A win bet is the most straightforward type of bet in horse racing (and it’s the best kind of bet to learn the ropes, more on that below!). You’re simply betting on a horse to finish first in a race. If your chosen horse crosses the finish line first, you win the bet. If it doesn’t, you lose.
Race Scenario:
Let’s say you’re watching the Kentucky Derby, and you’ve got your eye on a horse named “Lightning Strike.” You decide to bet $50 on the horse winning the race (a win bet). Youre looking pretty much at a binary situation:
- If Lightning Strike wins the race, you’ll collect your winnings (based on the odds at the time you placed the win bet).
- Otherwise, if Lightning Strike finishes second or lower, you lose your 50 bucks.
How to Read a Horse Racing Card for a Win Bet
Depending on the sportsbook this is what you’ll probably see on a race card:
| Post Position | Horse Name | Jockey | Trainer | Morning Line Odds | Weight | Recent Performance |
|---|---|---|---|---|---|---|
| 1 | Lightning Strike | John Velazquez | Todd Pletcher | 5-1 | 126 lbs | 1st, 2nd, 3rd |
| 2 | Thunder Bolt | Mike Smith | Bob Baffert | 3-1 | 126 lbs | 2nd, 1st, 2nd |
| 3 | Stormy Skies | Irad Ortiz Jr. | Brad Cox | 10-1 | 126 lbs | 3rd, 4th, 1st |
| 4 | Speed Demon | Joel Rosario | Steve Asmussen | 7-2 | 126 lbs | 1st, 1st, 2nd |
| 5 | Wild Fire | Luis Saez | Chad Brown | 15-1 | 126 lbs | 5th, 3rd, 4th |
Let’s be a bit thorough when reading this card and see what means what:
| Category | Description |
|---|---|
| Post Position | The number assigned to the stall from which the horse will start. As in 1, 2, 3, etc. |
| Horse Name | The name of the horse running in the race. (Get used to seeing lots of catchy horse names) |
| Jockey | The rider of the horse. |
| Trainer | The person responsible for the horse’s preparation. |
| Morning Line Odds | The odds set by the track handicapper before betting begins. These can change based on the bets placed. (Key piece of data for your bets). |
| Weight | The total weight the horse will carry, including the jockey and gear. |
| Recent Performance | The horse’s placements in its last three races. (Another key metric for your bets). |
Types of Horse Racing Odds
At the most, you’re gonna come across three (3) types of odds for horse racing bets:
- Morning Line Odds give you an estimate of potential payouts based on a $1 bet.
- Lower odds tell that a horse is more favored (the payout is smaller if you bet on it).
- Higher odds tell that a horse is less favored (so the payout is larger if you bet on it).
How to Read the Odds Given by the Card?
Morning line odds are the odds set by the track handicapper before betting opens. They give you an idea of what the odds might look like before people start placing their bet, but keep in mind they can change as more people bet on the race.
The most important thing is that Morning line odds give you a good idea of which horses are considered favorites and which are underdogs.
- The lower the odds (like 3-1), the more likely the horse is expected to win.
- The higher the odds (like 15-1), the less likely it is to win, but if it does, the payout is bigger.
Let’s look at the morning line odds from our card and see what they mean payout-wise:
| Horse Name | Morning Line Odds |
What The Odd’s Numbers Mean |
|---|---|---|
| Lightning Strike | 5-1 | If you bet $1 on “Lightning Strike” and it wins, you’ll get $5 in profit. So, a $10 bet would return $50 in profit. Plus your $10 bet back, for a total of $60. |
| Thunder Bolt | 3-1 | If you bet $1 on “Thunder Bolt” and it wins, you’ll get $3 in profit. So, a $10 bet would return $30 in profit. Plus your $10 bet back, for a total of $40. |
| Stormy Skies | 10-1 | If you bet $1 on “Stormy Skies” and it wins, you’ll get $10 in profit. So, a $10 bet would return $100 in profit. Plus your $10 bet back, for a total of $110. |
| Speed Demon | 7-2 | This is a little different because it’s not a whole number. 7-2 means for every $2 you bet, you’ll win $7. So, if you bet $10, you’d divide $10 by 2 to get $5, then multiply $5 by 7 to get $35 in profit. (add your $10 bet back, and you’d have a total of $45). |
| Wild Fire | 15-1 | This one’s simple: If you bet $1 on “Wild Fire” and it wins, you’ll get $15 in profit. So, a $10 bet would return $150 in profit plus your $10 bet back, for a total of $160. |
Betting Strat for Beginners: Save Some $ And Have Some Fun!
This strategy is all about minimizing risks and costs while you learn the ropes. Betting on races in tracks you’re not intimately familiar with is generally a poor idea, so you’re better off picking winners and betting on them at first.
Paper bets will give you this valuable beginner experience without having to worry about losing money, and sticking to win bets will significantly reduce the thought and analysis process a more veteran bettor will go through. Here’s a good step-by-step process you can use:
Stick to 1-2 Tracks Only
Pick just one or two tracks and get super familiar with them. Learn about the jockeys, trainers, how the track behaves in different weather, and any biases it might have. This will take a few weeks, but it’ll pay off.
Start with Paper Bets
Don’t dive in with real money just yet. Start by writing down your bets on paper. At the end of each day, go back and see where you went right or wrong. It’s a great way to learn without losing cash.
Focus on Picking Winners
Start simple by just picking which horse will win and betting on that. Forget about the fancier bets for now. Get good at this before moving on.
Gradually Expand Your Bets
Once you’re consistently making a profit from win bets, you can start exploring other types of wagers like exactas or trifectas.
Try a SHOW Parlay
You’ll probably get a kick out of this one: place a small bet on a horse to show (finish 1st, 2nd, or 3rd). If you win, take all the money (both what you won and your original bet) and place it on the next show bet. Do this for 3-5 races and see how much return you can get (youd be surprised with the results)
Place Bets
If you’re looking for a solid, moderate risk way to bet on horse racing, Place Bets might be your new best friend. Place Bets will earn you some cash if your horse finishes first or second, which sounds great, but does have some nuance to it.
I highly recommend you check out our piece on Place Bet Horse Racing Examples to understand how Place Bets work with some real-world examples and payout scenarios. Trust me, you’ll get the hang of it by the time you’re done with it.
Show Bets
Show bets allow you to pick a horse to finish in any of the top three spots and earn you a payout. It’s perfect for risk-adverse folk that want to make the race a bit more exciting, which is why we dug deeper in our how Bet Horse Racing Examples post. It’s a short and sweet read that will tell you when Show bets are the perfect play.
Across the Board
Betting across the board lets you bet on the horse to win, place, and show, all at the same time (and for a bigger payout too!). It’s a great move when you’re not sure if the horse will win, place, or show.
The bet offers multiple chances to cash in, but it does come at a price since this you’re rolling three bets in one. It goes like this: if your horse wins, you collect on all three bets. If your horse comes in second, you collect on the place and show bets. If it finishes third, you only collect on the show bet. As usual, let’s do a quick analysis of an example bet to get a good understanding:
You got your Race Card:
| Horse Race Number | Distance |
Track Condition |
Purse |
|---|---|---|---|
| 5 | 1 Mile | Fast | $50,000 |
And your Horse Racing Card:
| Post Position | Horse Name | Jockey | Trainer | Morning Line Odds |
|---|---|---|---|---|
| 1 | Thunder Strike | John Voitt | Jane Smith | 5-1 |
| 2 | Speedy Blitz | Mike Johnson | Sarah Lee | 3-1 |
| 3 | Fast Dash | Kevin Brown | Richard Roe | 8-1 |
| 4 | Midnight Rider | Chris Green | Steve Asmussen | 6-1 |
| 5 | Lightning Bolt | Lisa White | Tom Davis | 4-1 |
Lets say you’re betting on a horse named “Speedy Blitz” with odds of 3-1 as you see on your racing card. How would the payouts work if you bet $10 Across the Board bet on “Speedy Blitz”?
First off, since you’re placing three separate $10 bets (win, place, show), your total wager is $30. Depending on where “Speedy Blitz” finishes, your bet could yield the following:
Payout Scenarios for an Across-the-Board Bet
| Finish Position | Bet Result | Payout Calculation | Total Payout |
|---|---|---|---|
| 1st Place |
Win, Place, and Show |
Win: $10 x 3-1 = $30 Place: $10 x 2-1 = $20 Show: $10 x 1.2-1 = $12 |
$30 + $20 + $12= $62 (Win + Place + Show) |
| 2nd Place |
Place and Show |
Place: $10 x 2-1 = $20 Show: $10 x 1.2-1 = $12 |
$20 + $12= $32 (Place + Show) |
| 3rd Place |
Show Only | Show: $10 x 1.2-1 = $12 | $12 |
| No Win, No Place |
No Payout (Loss) |
– | $0 (You lose your $30 bet) |
Across-the-Board Bet Advantages:
If you’re wondering what’s the difference between placing an across the board bet vs placing the same set of bets individually, it basically comes down to four points:
- Instead of placing three separate bets, you get to do it all in one go which is more convenient and quicker (you don’t have to worry about juggling multiple tickets).
- If your horse wins, you collect on all three bets not just one (win, place, and show) giving you a decent return (especially if your horse has longer odds).
- You also spread out the risk a bit compared to just betting on a win since if your horse doesn’t win but finishes second or third, you still get some return on your bet.
- Last but not least (and this a bit more relative): Some people find it easier to manage their budget with an Across the Board bet since they’re locking in a total amount upfront, rather than having to calculate how much they want to bet separately on win, place, and show.
- Note: Obviously placing any or all of these bets separately gives you a lot more control. Individual bets let you decide exactly how much to put on each type (when you’re more confident on a specific outcome playing out), as well as choosing to avoid entire categories (win, place or show) if you feel they’re unnecessary.
What’s the Pari-Mutual System?
Alright, so this now that we’ve covered all of the straight bets, we can talk a bit about this betting system. The Pari-Mutuel system is all about pooling bets together. Rather than betting against the house, you’re actually betting against everyone else who’s placed money on the same race.
This system is used for the more straightforward horse racing bets (like Win, Place, and Show) but, that doesn’t mean it applies to the rest of them. For instance, exotic bets like Exacta, Trifecta, Superfecta, and Daily Double use pari-mutuel pools, but their payouts can be more complex due to multiple factors (like picking two or more horses to finish in specific positions).
Were gonna use a super generic way to explain it before using a race example since it’s easier to learn how this system works:
Let’s say there’s a horse race with four horses: Horse A, Horse B, Horse C, and Horse D. You and other people bet a combined total of $11,000 on these horses (as shown in the chart below), making the total pool worth $11,000.
Horse Bets in the Pari-Mutuel System
Now, the odds depend on how much money is bet on each horse. More people betting on one horse means lower payouts, while fewer bets mean higher payouts for that horse if it wins.
For Horse A, $5,000 were bet, so the odds would be
$11,000 ÷ $5,000 = 2.2
For Horse B, $3,000 were bet, so odds are $11,000 ÷ $3,000 = 3.67
For Horse C, $2,000 were bet, so odds are $11,000 ÷ $2,000 = 5.5
For Horse D, $1,000 were bet, so odds are $11,000 ÷ $1,000 = 11
You’ll notice that if you’d placed a bet on Horse D and ends up winning the race, you’d get a bigger payout because fewer people bet on it! The Pari- Mutuel system varies the payout based on how the crowd bets, and it also favors those who bet on the underdogs.
How Would the Pari-Mutuel System Work on Our Example Bets?
Lets use for instance this Race card:
| Post Position | Horse Name | Morning Line Odds |
Recent Performance |
|---|---|---|---|
| 1 | Lightning Strike | 5-1 | 1st, 2nd, 3rd |
| 2 | Thunder Bolt | 3-1 | 2nd, 1st, 2nd |
| 3 | Stormy Skies | 10-1 | 3rd, 4th, 1st |
| 4 | Speed Demon | 7-2 | 1st, 1st, 2nd |
| 5 | Wild Fire | 15-1 | 5th, 3rd, 4th |
Based on the odds, let’s say there’s a total of $4,500 bet on this race. The bets are spread across the horses as follows: $1,000 on Lightning Strike, $1,500 on Thunder Bolt, $500 on Stormy Skies, $1,200 on Speed Demon, and $300 on Wild Fire. The total betting pool is $4,500, and the payout depends on the amount bet on each horse.
Horse Bets in the Pari-Mutuel System
Here’s how the odds affect the pari-mutuel system:
- If Lightning Strike wins, you get $4,500 ÷ $1,000 = 4.5 times your bet.
- If Thunder Bolt wins, you get $4,500 ÷ $1,500 = 3.0 times your bet.
- If Stormy Skies wins, you get $4,500 ÷ $500 = 9.0 times your bet.
- If Speed Demon wins, you get $4,500 ÷ $1,200 = 3.75 times your bet.
- If Wild Fire wins, you get $4,500 ÷ $300 = 15.0 times your bet.
Youll notice that the payout is better for horses with fewer bets. If for instance Wild Fire wins, you’d make 15 times your money since only $300 was bet on it!
Exotic Bets
The best way to get this type of horse racing bets explained is by breaking them down with real-world examples (just like we did before). Exotic bets such as Exacta, Trifecta, Superfecta, Parlay and Head-to-Head can give you some big wins if you know what youre doing.
Wheel bets and Box Bets are sometimes considered exotic bets but since there’s so much to cover on them, we put it in their own subtype for you to check
Exacta Bets
This bet is a bit more specific than what we’ve covered so far. Exacta bets are all about picking the first and second place finishers in the right order. They’re pretty straightforward, but knowing when and how to place these bets requires strategy and analysis most beginners lack.
We’ve put together a quick piece with some real-world examples and their payout scenarios to help you get a better grasp on how they work. Go ahead and check our Exacta Horse Racing Bets piece, we promise to go straight to the important stuff!
Trifecta Bets
If you want trifecta horse racing bets explained, there’s nothing like using practical examples to do it. They work similarly to Exacta bets but we feel a dedicated piece for them is well worth it, which is why in our Trifecta Horse Racing Bets piece breaks down exactly what they are, how they work, and walk you through some real-world examples along with their payout scenarios.
Superfecta Bets
Superfectas require you to pick the top four finishers in the exact order. It certainly ups the ante when it comes to risk (compared to Exactas and Trifectas), but they offer some serious returns if you get them right. There’s a lot to unpack here, so just like with its previous sister bets we’ve put together a quick piece for you: Superfecta Horse Racing Bets post, which breaks down real-world examples and potential payout scenarios for each.
Parlay Bets
A good way to get Parlay Horse Racing Bets Explained is to think of a stair that lead you to a fancy, gold-filled chest at the top. However, missing a single step causes the chest to disappear into thin air. Each step is called a leg, and it’s an individual bet that you need to get right if you want the payout.
Our piece, Parlay Horse Racing Bets, breaks down as usual what parlay bets are, how they work, and why they’re so popular. There’s a lot of cool stuff to cover, so we hope you find it useful!
Head-to-Head Bets
Head-to-Head bets are a bit different to what we’ve seen so far. In this case you’re not betting on which horse outright wins the race or in what order they place. Instead, you’re betting on which one of two specific horses finishes ahead of the other.
The cool part of head-to-heads is that it doesn’t matter if either horse you picked wins the race or not, the only thing that matter is if one of them beats the other (regardless of their final standing). Let’s go through the motions with yet another practical example:
You Get This Racing Card:
| Horse | Morning Line Odds |
Jockey | Trainer |
|---|---|---|---|
| Thunder Bolt | 3-1 | M. Johnson | Jane Smith |
| Stormy Skies | 10-1 | S. Williams | Sarah Lee |
| Speed Demon | 7-2 | P. Brown | Richard Roe |
| Wild Fire | 15-1 | L. Jones | Steve Asmussen |
| Dark Thunder | 8-1 | K. Adams | Tom Davis |
Lets say you want to bet 10 bucks on Thunder Bolt finishing ahead of Speed Demon. Based on the odds, this would be the payout for your head-to-head bet:
Payout Scenarios for a Head-to-Head Bet
| Outcome | Winning Horse |
Payout Odds |
Potential Payout ($) |
|---|---|---|---|
| Thunder Bolt finishes ahead of Speed Demon |
Thunder Bolt |
3-1 | $40 (includes your $10 bet) |
Keep in mind though:
If for instance that Thunder Bolt finishes 2nd and Speed Demon finished 4th: awesome you win your bet. But, if Speed Demon ends up ahead of Thunder Bolt, you do lose your whole bet.
Just to be thorough: what if youd like to bet on the opposite (Speed Demon over Thunder Bolt)? Your payout for $10 would look like this then:
| Outcome | Winning Horse |
Payout Odds |
Potential Payout ($) |
|---|---|---|---|
| Speed Demon finishes ahead of Thunder Bolt |
Speed Demon |
7-2 | $35 (includes your $10 bet) |
Combination Bets
Keep in mind that there are more combination bets than then ones we’ve covered so far. Getting lesser-known horse racing bets explained like Quinellas, Daily Doubles, as well as Pick 3,4,5 and 6 will each take a dedicated piece to cover everything. We’ll explain each and every one of these with real-life examples to ensure you have all you need for your next visit to the track!
Quinella Bets
Quinella bets are like Exacta bets, only this time the order of the horses doesn’t matter. To get this type horse racing bets explained effectively, getting every little detail right in a dedicated piece is definitely the right move. Take a look at our Quinella Horse Racing Bets (and its bet example) and let the fun begin!
Daily Double
Daily Doubles work like a small parlay bet that only covers two races. In order to win, you need to pick the winning horses for two consecutive races, which sounds difficult, but the payout is more than worth it. The final payout is significantly higher than placing two separate bets for each race, but it does require you to get both predictions right. Just like we did for Quinellas, we go through real examples and payout possibilities in our dedicated piece: Daily Double Horse Racing Bets. It’s a great way to get the hang of this bet and know exactly when to take it.
Pick 3 Bets
These bets are all about picking winners in three consecutive races. Your winnings are automatically bet from one race to another (assuming you got the previous bet right) and it makes payouts really pop off! To get this type of horse racing bet explained we’ve together a quick piece with some real-world examples and payout scenarios that will give you the full picture. Here’s the link: Pick 3 Horse Racing Bets.
Pick 4 Bets
If you’re serious about making your horse betting game stronger, the Pick 4 is simply one of those you can’t ignore. Sure, it’s riskier than a Pick 3 (and by consequence than a Daily Double too) but the payout gets bigger than ever. We get straight to the important stuff for them in our Pick 4 Horse Racing Bet post, so feel free to check it out!
Pick 5 Bets
If you’re aiming for a serious payout in horse racing, the Pick 5 bet is where the actions at. Pick 5 bets are one of the more challenging bets because getting all five winners right isn’t easy. As usual with these type of combination bets, there’s a lot of cool stuff to cover. We put together a more specific post for it: Pick 5 Horse Racing Bet. We’ll focus on a real-world example and its potential payout scenarios to help you get the hang of it. Hope you like it!
Pick 6 Bets
Of all of the Horse Racing Pick Bets, the Pick 6 is the one that offers the juiciest payout. The more combinations there are in a horse racing bet (i.e. every time you go higher in the pick scale), the fewer possible winners there usually are. At the same time, the bigger the pool gets and sometimes the rewards get ridiculous as you’ll notice in our dedicated piece on Pick 6 Horse Racing Bets.
Box Bets
Box bets in horse racing allow you to predict which horses will finish in top positions. The interesting thing about these bets is that you don’t have to get the exact order right, you just need to predict which horses will place in the top X positions. The more horses you include, the more winning combinations you can cover, but it also makes the bet more expensive to place.
In a more detailed post, Box Bet Horse Racing Explained, we’ll be breaking down Boxed Exactas, Trifectas, and Superfectas, along with Pick 3, 4, 5, and even 6 Box bets. There’s a ton of interesting stuff to learn from going through each of these bet’s examples!
Wheel Bets
Wheel bets are perfect if you’re sure which horse will take the race, but you’re also confident in predicting which horses will place in the top positions. You don’t have to be sure on the exact order they’ll fill the podium, you just need to know or feel that they’ll make it there. On our in-depth piece, Wheel Bet Horse Racing in Detail, well show you how both Part Wheels and Full Wheels help you cover all sorts of outcomes to get those juicy payouts. We used some bet examples to really bring the point home, so we hope you enjoy it!
FAQs for Racing Bets Explained
What is the difference between Win, Place, and Show bets?
A Win bet pays if your horse finishes first. A Place bet pays if your horse finishes first or second. A Show bet pays if your horse finishes in the top three.
How do Exacta, Trifecta, and Superfecta bets work?
Exacta requires picking the first two finishers in order, Trifecta for the top three, and Superfecta for the top four, all in exact order.
Is Betting on Track Conditions Important?
Yes, track conditions can significantly impact a horse’s performance, making it essential to consider when placing bets.
How do Daily Double and Pick 3, 4, or 6 bets work?
Daily Double requires picking winners of two consecutive races. Pick 3, 4, and 6 involve selecting winners of three, four, or six consecutive races for a larger payout.
Does The Win Pool Figure into The Place Pool in Pari-Mutuel Betting, Or Are They Completely Separate?
In pari-mutuel betting, all wagers on a particular race are pooled together, no matter the bet type. All bettors who win their wagers share in the same overall prize pool.
The more common a particular bet is among those who place a pari-mutuel wager, the lower the payout for that winning bet will be. On the flip side, the more complicated (and therefore less common) a bet is, the higher the payout will be.
