Welcome Racing Fans
The purpose of this section will be to explain the basic bets available to the racetrack bettor, and how the payoffs are determined. So if you want to learn the basics of racetrack betting, please continue.
Types of Bets:
WIN: You win if your horse comes in first.(you only collect win bet money.)
PLACE: You win if your horse finishes 1st or 2nd.(you only collect place bet money.)
SHOW: You win if your horse finishes 1st, 2nd or 3rd.(you only collect show bet money.)
DAILY DOUBLE: You must select the horses that will finish FIRST in two consectutive races.
Exotic Bets
EXACTA: Is a wager calling for a selection of the first and second
horses in a race, in their exact order of finish.
WIN THREE: Win Three is where the player attempts to
correctly select the winning horse in each of three consecutive races.
This wager uses the bet slip usually available all over at the track.(check your program to see when win three
and other exotic bets are available)
WIN FOUR: On the fourth race, some tracks offer the Win-Four,
where the player attempts to pick the winning horses in races 4 thru 7.
TRIFECTA:The player must select the first, second, and third
horses in a race, in their exact order of finish. This type of bet is one of
the more popular wagers at The Track and at times pays off in the
thousands of dollars.
SUPERFECTA: This wager requires the player to select the first
four finishers of a race in the exact order. Payoffs for this type of race
can be staggering! Some Superfecta wagers cashed at a Track have been
in the $50,000 area for a $2 wager. Please use a bet slip to fill out your
wagers.
Types of Bets
BOX: The player may select two, three or more horses and the order
of finish does not have to be exact. This is available on Exacta,
Trifecta; and Superfecta wagering only. Note: Your
bet amount will increase with each additional combination.
KEY: A Trifecta key requires a player to select one
horse to finish First. You then select any number of horses to finish Second
and the same number of horses to finish Third. A Superfecta key
requires the player to select one horse to finish First. You then select any
number of horses to finish Second, the same number of horses to finish Third
and Fourth. This strategy is effective if one horse stands out from the
field, however, the remainder of the field cannot be separated.
Partial Wheel: The player may select any number of horses for each
position (First, Second, Third or Fourth). This is available on Exactor,
Triacta, Superfecta, Daily Double, Win-3, Win-4, and Super-7 wagering only.
Using Box, Key, and Wheel Wagering will significantly improve
your odds of winning, but it will also significantly increase the cost of your
ticket! In the case of the Superfecta because of the additional
combinations the cost of boxing horses escalates rapidly, therefore, bettors
tend to narrow down the field and implement a strategy of wheeling.
All prices are based on a $2 wager.
The minimum bet is generally $2 on win, place, and show bets, and $1 on all others. The player may bet above the minimum but must always bet an even dollar amount (no change).
Placing a Bet
The tote board and the television monitors at the track will display the odds on a win bet for each horse on the next race, as well as each exacta combination. The odds will be refreshed every ten seconds or so to reflect the changes in betting activity. The odds are reported on a "to" basis. For example if horse 4 is paying 8:5 then a $2 wager would win $3.20, for a total return of $5.20. Unlike sports betting the bettor is not locked into the current odds when he makes a wager. Rather the odds keep changing until post time, at which moment all bets are locked out.
There is a specific way to make a wager at the betting window. You should state the track that you want to place your bet on (if you don't specifiy it will be assumed you mean the home track), the race number, wager amount, type of wager, and horse number. There is little tolerance for chit chat or indecision at the betting window. Nobody standing behind you in line wants to risk getting locked out so make your bet as efficiently and as quickly as possible.
About a minute after the end of the race the tote board will display the value of winning tickets relative to a $2 wager. For example the board may look like this:
Horse Win Place Show
1st 5 7.00 3.00 2.70
2nd 2 2.40 2.20
3rd 3 3.50
This shows what winning $2 win, place, and show tickets pay. These amounts include the original $2 wager.
For example a $2 place bet on horse 5 would pay $3.00 ($1.00 in winnings and $2.00 for the original wager).
The tote board will also display what winning exotic bets pay. Sometimes a inquiry occurs after the end of a race resulting in a horse being disqualified.
So always wait till the race is declared official before discarding a losing ticket because a disqualification of another horse may cause your horse to move up, and into a winning payoff position.
The Odds
Each horse's number is listed on the infield Tote board and on all Tracks
monitors. Odds are posted next to the horse's number. The odds on the Tote Board are
based on Win wagers (pool) only. They reflect the odds to $1 unless otherwise
indicated. It is easy to calculate approximate payoffs. If the odds are
"1" (as in 4:1), double the odds and add your $2.00 wager. So, for
example, when a horse is 3:1 to win, it means that you will receive $6.00 back
for every $2.00 wager, plus your initial wager. Thus a $2.00 bet at 3:1 pays
$3.00 X 2 + $2 (your original wager) for a total of $8.00.
Favorites.
Sometimes, horses are bet so heavily that they return less than $2 profit for
each $2 wagered. For example, a horse that goes off at odds of 1:2 pays $1 for
each $2.00 bet, plus your wager. Thus a $2 bet at 1:2 returns $1 + $2.00 for a
total of $3.00. A winner at a payoff of less than $4 is odds-on.
Generally, the lower the odds on a horse, the more you must wager for a desired
return.
The odds change often before the race, based upon the amount of money being
bet on each horse in each pool and are based on the number of wagers placed on
a particular horse. As more wagers are placed on a horse for a Win, the win
odds, respectively go down. If fewer wagers are placed on a horse to win
the odds go up.
Odds for Exactas, and Daily Doubles rotate on the in-house monitors as $2
probable payouts. These probable payouts are based on the money that has been
wagered to that point in time, the amount of payout for a successful combination
that will be returned to you, including the money you put up, for every $2
wagered. So, for example, if an Exacta combination, at post time, pays $48.80,
and you have bet $20, you will receive $20/$2 X $48.80 or $488.00.
