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betting 101

horse racing bet types

New to Horse Race Betting? No worries—we’ve got you. This section breaks down the basics of horse racing bets, from the simple stuff like traditonal Win bets to more advanced plays like Exactas and Pick 5s. Take a look at how odds work, how payouts are calculated, and what it all means for your wallet. It’s everything you need to understand betting and enjoy the action.

traditional bet types

If you're new to horse racing or looking to understand the basics, it's essential to grasp the traditional bet types: Win, Place, and Show. These straightforward wagers are the foundation of horse race betting and are ideal for beginners.

A WIN bet is the simplest type of horse racing wager—you’re picking a horse to come in first place. If your horse finishes at the front, you’ll earn a payout based on the final odds for that horse. For instance, if you wager $2 on a horse with 5-to-1 odds (5/1) and it wins, you’d get $10 in profit ($5 for every $1 bet), plus your original $2 bet back, totaling $12.

Average range a $2 WIN bet can pay: $5 - $15

A PLACE bet gives you two chances to win. You’re backing a horse to finish either first or second. As long as your chosen horse comes in one of those top two positions, you’ll receive a payout. Since the odds of winning are better than a Win bet, the potential payout is typically smaller.

Average range a $2 PLACE bet can pay: $4 - $6

A SHOW bet offers the most leeway—you’re betting on a horse to finish in the top three. Whether your pick comes in first, second, or third, you’ll get paid. While this type of bet has the highest chance of a return, it also comes with the lowest payout due to the broader margin for success.

Average range a $2 SHOW bet can pay: $2.40 - $4

Betting them ACROSS THE BOARD, is propbably a term you've heard. It's a popular and straightforward wager where you’re betting on a horse to Win, Place, and Show all at once. This would be shown as a WIN/PLACE/SHOW on the betting pad. If your horse finishes first, you collect the Win, Place, and Show payouts. If your horse finishes second, you collect the Place and Show payouts, and if it finishes third, you win just collect the Show payout.

exotic bet types

Once you’ve mastered the basics, exotic bets offer a thrilling next step. These wagers involve predicting multiple outcomes—like the exact order of finishers in a single race—and they come with higher risk but much bigger potential rewards. Whether you’re chasing an Exacta or aiming for the elusive Superfecta, exotic bets bring strategy, excitement, and serious payout possibilities to the track.

An EXACTA bet ups the challenge. You’re predicting which two horses will finish first and second, in the exact order. If your selections cross the line in that precise sequence, you win. It’s tougher than a Win or Place bet, but the payouts can be significantly higher. Not confident about the exact order, but like your horse picks? Box your bet, and as long as your selected horses finish in the top 2 spots—1st and 2nd—they can finish in any order and you’ll still win.

Average range a $2 Exacta bet can pay: $20 - $80

Taking it a step further, a TRIFECTA bet requires you to choose the first three finishers in the exact order. Nail all three in the right sequence and you’ll score a much bigger payout—though it’s definitely harder to hit than an Exacta. Not confident about the exact order, but like your horse picks? Box your bet, and as long as your selected horses finish in the top spots—1st through 3rd—they can finish in any order and you’ll still win.

Average range a $2 Trifecta bet can pay: $100 - $500

The SUPERFECTA is where serious bettors test their skill. You must pick the top four horses to finish in the exact order. It’s a high-risk, high-reward wager that can deliver massive payouts if you’re able to beat the odds. Not confident about the exact order, but like your horse picks? Box your bet, and as long as your selected horses finish in the top spots—1st through 4th—they can finish in any order and you’ll still win.

Average range a $2 Superfecta bet can pay: $500 - $1,000

The ultimate single race challenge is the EXACT 5: pick the first five horses to finish in exact order in a single race. Known in some places as the Super High Five, this bet is notoriously difficult to hit, but the potential payout is huge for those who can call it perfectly.

Average range a $2 Exact 5 bet can pay: $2,000 - $20,000

multi-race bet types

Multi-race wagers add an extra layer of excitement to the day’s card. Instead of betting on just one race, you’re trying to predict the winners of multiple consecutive races. These bets raise the stakes—and the payouts—making them popular among players who enjoy longer-range strategy and higher risk.

DOUBLE pick the winners of two back-to-back races. It’s the most approachable multi-race bet and often serves as a great entry point for players looking to move beyond single-race wagers.

Average range a $2 DOUBLE bet can pay: $20 - $50

PICK 3 correctly select the winners of three consecutive races. Slightly tougher than the Daily Double, but with greater reward potential for a small added challenge.

Average range a $2 PICK 3 bet can pay: $100 - $300

PICK 4 predict the winners of four races in a row. The payouts start to grow substantially here, and it's a favorite among intermediate-level bettors who enjoy a bit of suspense across multiple races.

Average range a $2 PICK 4 bet can pay: $500 - $2,000

PICK 5 choose the winning horse in five straight races. Hitting all five requires strong handicapping skills—and a little luck—but the payoff can be massive, especially with longshots in the mix.

Average range a $2 PICK 5 bet can pay: $2,000 - $20,000

PICK 6 is the most legendary of the multi-race bets. To win a Pick 6, you must select the winners of six consecutive races. It's incredibly difficult to hit, but that’s also why the pools can climb into life-changing territory.

Average range a $2 PICK 6 bet can pay: $10,000 - $100,000

betting 101

how horse racing odds work

Unlike traditional fixed-odds sports betting, where the payout is predetermined, horse racing uses a pari-mutuel system. This means that all bets on a particularrace are pooled together, and the odds can change as more money is wagered until the pools close and the race goes off.

understanding the odds & payouts

Horse racing odds represent the potential payout for a bet relative to your stake. Let’s break down what some example odds like 5/1, 5/2, and 9/5 mean, and how to calculate your winnings.

When you see 5/1 odds, it means that for every $1 you wager, you’ll win $5 if your horse comes in first. That’s 5 times your bet! Plus, you get your original $1 stake back. So, with a $2 wager on a horse that is 5/1 odds, you’d win $10 ($5 for every $1 you bet) plus your initial $2 stake back, for a total of $12 in payout.

Example bet at 5/1 odds:
Bet: $2
Horse Odds: 5/1
Total Payout: $12 (your $10 in winnings ($5 for every $1 you bet) + your $2 stake back)

With 5/2 odds, you’ll win $5 for every $2 bet. This is often considered a "shorter" odd, meaning your return is smaller compared to 5/1, but still a nice payout. For a $2 bet, you'd win $7 (your $5 in winnings ($5 for every $2 you bet) plus your original $2 stake back, for a total of $7.

Example bet at 5/2 odds:
Bet: $2
Horse Odds: 5/2
Total Payout: $7 (your $5 in winnings ($5 for every $2 you bet) + your $2 stake back)

With 9/5 odds, you’ll win $9 for every $5 bet. Like 5/2 odds, this payout is lower compared to 5/1, but still offers a good return. For a $5 bet, you would receive $14 (your $9 in winnings ($9 for every $5 you bet) plus your original $5 stake back, for a total of $14.
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Example bet at 9/5 odds:
Bet: $5
Horse Odds: 9/5
Total Payout: $14 (your $9 in winnings ($9 for every $5 you bet) + your $5 stake back)
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odds board & probables

The Odds Board (also known as the tote board) is the large electronic display at the racetrack (and on simulcast feeds or betting apps) showing up-to-the-minute betting information like:

♦Current win odds for each horse (e.g., 3-1, 7-2, 10-1)
‍♦Pool sizes (Win, Place, Show, Exacta, etc.)
‍♦Total money wagered
♦Minutes to post (MTP) (how long until the race starts)
♦Sometimes includes Probables and Will Pays for exotic bets.

Probables refer to projected payouts for certain bet types before the race goes off, especially for exotic wagers like DOUBLES and EXACTAS

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Odds Board Information on 1/ST BET

Accessing Probables

Accessing Will Pays