How to Bet on Horse Racing: A Beginner's Guide
Either at the races or online, this guide outlines the various types of bets, what the odds are, and how to bet smarter.
A first-timer at the track? Betting on horse racing can seem daunting, especially with all the choices, but with the right guide, it's easy to start.
Whether you’re heading to the races or betting online, this horse racing betting guide explains the different bet types, what odds mean, and tips for placing smarter bets.
This is your complete guide about horse racing betting sites - clear, practical, and built for beginners.
Horse Racing Bets Explained: The Basics
Before diving into the types of wagers, it’s important to understand how betting on horse races works.
Horse racing odds denote the amount of money you may win with your bet. They are usually written as fractions (such as 4/1) or decimals (like 5.00). A bet placed at 4/1 pays $4 for every $1 staked plus your wager.
There are two main forms of bets: straight bets and exotic bets.
Types of Horse Racing Bets
1. Straight Bets (Simple and Easy to Understand)
These are the easiest bets to understand:
- Win: You bet on a horse to finish 1st.
- Place: Your horse can finish 1st or 2nd.
- Show: Your horse can finish 1st, 2nd, or 3rd.
Win Place Show Meaning:
- If you bet Win, and your horse finishes second, you lose.
- Place pays less, but gives you two chances.
- Show gives you three chances to win, but pays least.
You can also bet across the board, which means you’re placing a win, place, and show bet on the same horse. A $2 across-the-board bet costs $6.
2. Exotic Bets (Higher Risk, Bigger Payouts)
These involve multiple horses in one race.
- Exacta: Pick the top two horses in exact order.
- Exacta Box: Pick two horses to finish 1st and 2nd in any order.
- Trifecta: Pick the top three finishers in exact order.
- Trifecta Box: Bet three or more horses to place top three in any order.
- Superfecta: Bet the first four horses in exact positions.
- Superfecta Box: Bet every combination for your four choices to place top four.
Betting a Trifecta: Choose three horses. Choose the exact positions for a straight Trifecta, or use a Trifecta Box to bet all possible positions. A $1 Trifecta Box on horses 1, 4, and 6 costs $6 (6 combinations).
Superfecta/Superfecta Box Example: Boxing horses 2, 5, 7, and 9 in a Superfecta is $24 for a $1 base bet (24 combinations). It's pricier but raises your odds.
Daily Double, Pick 3, Pick 4, and Beyond
Daily Double
Bet the winners of two consecutive races (e.g., Race 1 and Race 2). Both have to win in order to collect.
Pick 3 / Pick 4 / Pick 5 / Pick 6
These multi-race bets pay huge amounts:
- Pick 3: Win three races consecutively.
- Pick 4: Four races.
- Pick 5: Five races.
- Pick 6: Six races – hardest, but has huge potential.
They are typically offered at $0.50 minimums.
Example: 50¢ Pick 4 on 2 horses per race = 2x2x2x2 = $8 ticket.
How to Make a Show Parlay Bet on Horse Races
A Show Parlay is a parlay where each person picks a horse to "Show." Each winner of a bet rolls over to the next race.
Say 4 friends all laid down $5. If the first horse shows, the $20 win rolls over on to the next horse, and so on. If all of the horses finish in the top 3, your bankroll accumulates quickly. It's an excellent way to bet as a group.
Equipment You'd Like to Have at the Track
To make smart bets, bring or utilize the following:
- Racing Form (DRF): Show stats, past performances, jockey/trainer info.
- Track Program: Show all horses, odds, and key data.
- Horse Racing Apps: Employ apps such as TVG or TwinSpires for real-time odds, analysis, and mobile betting.
- Binoculars (if you're at the track): Enables you to observe your choice while racing.
And don't overlook Sporting Post's FindMySportsbook tool. When you are betting online, this tool matches you up with a licensed sportsbook based on what you like. It saves time and gets you better bonus deals and lines.
What Is Pari-Mutuel Wagering?
In horse racing, you’re not betting against the house. You’re betting against everyone else. All bets go into a pool. The racetrack takes a small cut (called the “takeout”), and the rest is paid out to the winners.
This means:
- The odds change as more money comes in.
- Your payout is based on how many others bet the same way.
The beauty of pari-mutuel betting is that if you are smarter than everyone else, you will win.
Final Thoughts
Horse race betting starts with the basics. Master the straight bets, progress to more exotic bets like Exactas and Trifectas, and use betting tools to assist you in making informed decisions. Understand odds, spot overlays, and never let your bankroll get away from you.
No matter if you want it low or high stakes, there is a bet for you at the track. The thrill of the race is all the more exciting with a bet on it.