How to bet on Horse racing |
horse racing betting terms
Betting on US horse races is based on the Pari-mutuel system. The money staked on each bet type goes into a separate pool. The racetrack deducts a percentage of the pool, which contributes to expenses, prize money and Racing Association taxes. Depending of the track and the specific bet type, deductions are generally between 17% and 25%. The final payout is determined by sharing the remainder of the pool amongst all the winning tickets.
Straight Bets
In the United States, the most common types of bet on horse races are basic, "straight" bets involving the prediction of the finishing position of a single runner:
Win
The most straightforward bet of all is the "win" bet, requiring the bettor to select the race winner.
Place
A successful "place" wager requires the backer to select a horse that finishes first or second.
Show
A successful "show" wager requires the speculator to pick a horse that finishes in one of the first 3 places.
The minimum stake is usually $2 for win, place and show bets.
Exotic Bets
In addition, there is a wide range of "exotic" bets, requiring the investor to predict correctly the finishing positions of 2 or more participants in a single race.
Quinella
A Quinella gambler must successfully predict the 2 runners that finish first and second, although this bet does not require any specification of the order in which they pass the winning post.
Exacta
An Exacta bet is similar to a Quinella, although more difficult to win (with appropriately larger payout dividends) since the backer must also specify the finishing order of the winner and second-placed horses.
Trifecta
Trifecta bets are well-liked by bettors, despite the limited chance of success. A successful Trifecta wager requires the correct prediction of the runners finishing first, second and third, along with their precise finishing order.
Superfecta
The Superfecta is essentially a "fun" bet for small stakes, although payout dividends can be huge. On selected races, nominated by the racetrack, the speculator must select the horses finishing first, second, third and fourth, in the correct order.
Permutation Bets
Given how difficult they are to win, permutations are popular with the above-mentioned Exacta, Trifecta and Quinella bets. The number of permutations of "R" runners from a group of "N" selections may be determined by the formula N! ÷ (N − R)! where "!" is the factorial operation. For example, an Exacta permutation involving 3 selections requires 3! ÷ (3 − 2)! = 3 x 2 x 1 ÷ 1 = 6 bets. Similarly, a Trifecta with 5 selections needs 5! ÷ (5 − 3)! = 5 x 4 x 3 x 2 x 1 ÷ 2 = 60 bets to cover 3 of the chosen horses filling the first 3 places in any order. In the United States, in a "box" bet on the Exacta, Trifecta and Quinella, covers all the permutations for the race card numbers in the box.
The minimum stake for "exotics" is usually $1, although some tracks allow a minimum stake as low as 10¢ for bets involving permutations, as long as the total stake is $1 or more.
Other Popular Bets
Daily Double / Late Double
Numerous racetracks in the United States operate "Daily Double" and "Late Double" wagers, both of which require successful selection of the winners of consecutive races. The Daily Double operates on the first 2 races on a program and the Late Double on the 2 concluding events. A "wheel" wager is a popular bet on the Daily and Late Doubles, involving betting on all the runners in one of the races comprising the bet. For example, a "2-all Daily Double wheel" is a permutation bet on the horse with race card number 2 in the first race, combined with all the runners in the second race.
Pick 3 / Pick 4 / Pick 6
Offered at many US racetracks, these are similar to the "doubles" bets, but involve more races. The "Pick 3," also known as a treble or triple, requires the investor to select the winners of 3 consecutive races, the "Pick 4" four consecutive races and the "Pick 6" six consecutive races, often the full race program. In the case of the very speculative Pick 6 wager, bettors correctly selecting the first five winners receive a consolation payout. The remainder of the pool "rolls over" to the following day, accumulating until one or more lucky backers finds all six winners.
Regardless of the types of bets preferred, racing tips, especially when free, can prove extremely lucrative.
