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.

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