Understanding Common Horse Racing Bets

The obvious goal when betting on a horse race is to win money. In order to do that, there are a couple of things you should understand about betting. First, when you place a bet, you're betting against everyone else who is betting on that race, not against the track. The track receives a small percentage of every bet placed, so they have no stake in whether you win or lose.

The key to making successful bets is to not bet on all races. You only want to bet the races that you feel other people are betting poorly. If you bet on the hands-down favorite, even if you win (and I might add that the favorites don't always win) you won't win a lot of money. You want to find the horse or horses that people are not betting on that have a great shot at the win.

We provide other tools that help you select winners via the handicapping section, so here we will just focus on the types of bets and how to bet. Bets are made through either a sportsbook or bookmaker. You can place your horse racing bets in person, over the phone, or even online. If you're betting at a track, remember to return to the betting window to collect your winnings. Also, don't be quick to throw away your ticket on a race you think you lost. Make sure the results are official! Always make sure you are familiar with the rules and regulations for sports betting in your area.

Below is some of the most common vocabulary you will need to know when betting on horse races.

Betting Terminology

Win / Single / Straight

A bet on a horse to win the race. If your horse is the first to cross the finish line, you win, simple as that. There is a $2 minimum wager at most tracks.

Place

A bet on a horse to finish either first or second. There is a $2 minimum wager at most tracks.

Show

A bet on a horse to finish first, second or third. Sometimes called an "In The Money" bet. There is a $2 minimum wager at most tracks.

Exacta / Perfecta

This is a bet where you pick which horses will finish first and second. The order is important here, you must pick the exact horse that finishes first and the exact horse that finishes second.

For example, if I think the 7 horse and the 2 horse have a good chance on this one, I could bet a 7-2 exacta, but if 2 finishes first and 7 finishes second I would lose.

Exacta Box / Quinella

This is a bet where you pick which horses will finish first and second in any order. Using the example above, if you box the 7 and 2 then you would win as long as one of those horses finished first and the other finished second.

Trifecta / Triactor

Similar to the exacta, except you pick which horses will place first, second and third in the exact order.

Trifecta Box

You pick three horses that will finish first, second and third in any order.

Trifecta Key

You pick three horses. You choose one horse to win, called the key horse, who MUST come in first followed by the other two horses second and third in any order. You may play more than two horses in second and third, which means any two of those horses can finish in those positions and you will win. The key horse must come in first or the entire ticket is a losing ticket.

Superfecta

Similar to the exacta and trifeca, except in this case you pick four horses to place first, second, third, and forth in the exact order chosen.

Superfecta Box

You pick four horses to place first, second, third, and forth in any order.

Superfecta Key

You play four horses. You chose one horse to win, called the key horse, who must come in first followed by the other three horses second, third, and fourth in any order to collect. You may play more than three horses in second, third, and fourth, which means any three of those horses can finish in those positions and you will win. You play four horses. They must finish first, second, third, and fourth in ANY order. Since this has multiple wagers in combination, it is a $1 minimum wager at most tracks and some even go as low as 10 cents for the minimum!

Pick X

The X denotes the number of races. Generally, this is a Pick-3 or Pick-6. This bet requires you to pick the winning horses in X consecutive races.

For example, the track my be offering a Pick-3 on races 4, 5, and 6. This requires you to pick the winning horse in each of those races.

Daily Double

The daily double is a bet on the winning horses for two races selected by the track on that day. Generally the daily double will be the first and second races of the day.

Combination Wager Costs

All costs are based on using a $1.00 minimum wager amount.

Exacta Box
2 horse box - $2
3 horse box - $6
4 horse box - $12
5 horse box - $20
6 horse box - $30
7 horse box - $42
8 horse box - $56

Trifecta Box
3 horse box - $6
4 horse box - $24
5 horse box - $60
6 horse box - $120
7 horse box - $210
8 horse box - $336

Trifecta Key
1 horse over 3 others - $6
1 horse over 4 others - $12
1 horse over 5 others - $20
1 horse over 6 others - $30
1 horse over 7 others - $42

Superfecta Box
4 horse box - $24
5 horse box - $120
6 horse box - $360

Superfecta Key
1 horse over 3 others - $6
1 horse over 4 others - $24
1 horse over 5 others - $60
1 horse over 6 others - $120
1 horse over 7 others - $210

Example Odds and Payoffs

1-9

$2.10

6-5

$4.40

3-1

$8.00

12-1

$26.00

1-5

$2.40

7-5

$4.80

4-1

$10.00

15-1

$32.00

2-5

$2.80

3-2

$5.00

9-2

$11.00

20-1

$42.00

1-2

$3.00

8-5

$5.20

5-1

$12.00

30-1

$62.00

3-5

$3.20

9-5

$5.60

6-1

$14.00

40-1

$82.00

4-5

$3.60

2-1

$6.00

8-1

$18.00

50-1

$102.00

1-1

$4.00

5-2

$7.00

10-1

$22.00

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