How Do Odds Work in Horse Racing?
Strictly speaking, placing a straight bet means that you're wagering on the horse to win—period. If it finishes second by a nose, you've lost. But a looser definition says a straight bet is when you wager that a horse will finish first, second or third. Gambling terms and casino terms can be hard to understand even for the most advanced of players and this is why we’ve put together this complete gambling glossary. We’re going to talk you through some of the most common gambling phrases right down to the wild and wacky gambling lingo.
Horse racing odds are fluid leading up to the race because they are dictated by the amount of money in the pools. Prior to every race day, a track official will release the morning lines. Those morning lines are a projection of where the odds for each horse will finish when the race goes off, and do not have any direct impact on potential payouts. Using those morning lines as a starting point, as more money comes in on certain horses, their odds will go down. Horses that aren't attracting a lot of money in the win pool will have their odds go up. Those odds will remain fluid all the way up until the moment the gates open and the race begins.
The most important thing to note is that the odds/payout you will receive are based on when the race starts, not when you place the bet. If you bet on a horse at 5-to-1 three minutes before the race and he goes off at 3-to-1, you're going to get paid based on those 3-to-1 odds. Conversely, if you bet on a horse at 5-to-1 and he goes off at 8-to-1, you're looking at a nice increased payout.
Betting doesn’t have to be rocket science. Keep it simple by choosing a horse with a cool name. Or one that’s wearing your favorite color. But if you’re the analytical type who wants to consider a horse’s racing history, learn how to read a Racing Form and try your hand at handicapping.
Placing Your Bet
The easiest way to place your bet or wager is at the counter. Let the teller know the following information:
- The racetrack (remember, you can bet on races at other tracks)
- The race number
- The dollar amount you want to bet
- The type of bet
- Your horse’s number
Ex. “At Santa Anita, third race, five dollars to win on number two.”
Types of Bets
Betting Terminology Sports
There are many kinds of bets. But let’s start with the basic ones:
Win, Place and Show.
Win — If your horse finishes 1st, you win $$$.
Place — If your horse finishes 1st or 2nd, you win $$.
Show — If your horse finishes 1st, 2nd or 3rd, you win $.
Exotic Bets or Combination Wagers
Across the board — Three equal Win, Place and Show bets.
Betting Terminology Parley
- If your horse finishes 1st, you win all three bets.
- If your horse finishes 2nd, you win on the Place and Show bets.
- If your horse finishes 3rd, you win on the Show bet.
Exacta — Pick two horses in one race. If they finish 1st and 2nd, in exact order, you win.
Quinella — Pick two horses. If they finish 1st or 2nd, in either order, you win. Also known as an Exacta Box.
Trifecta — Pick three horses. If they finish 1st, 2nd and 3rd, in exact order, you win.
Superfecta — Pick four horses. If they finish 1st, 2nd, 3rd and 4th, in exact order, you win.
Daily Double — Two specific races make up the Daily Double. Pick one horse in each race. If they finish 1st in both races, you win. You have to make your bet before the first race.
Pick 3 — Similar to the Daily Double, but for three consecutive races.
Pick 4 — Similar to the Daily Double, but for four consecutive races.
Pick 6 — The biggest bet you can make. Pick the winning horse in six consecutive races. If you win, you win big.
If no one picks all six winners, those picking 5 out of 6 will split 30% of the Pick Six pool. The remaining 70% “carries over” to the next racing day, and will continue to do so each day until someone correctly chooses 6 winners out of 6 races.
Watch and Win
After placing your bet, watch your horse run. If your horse comes in the money, sweet! But don’t plan on buying a private jet just yet. Wait until the race has been declared “official”. Then collect your winnings at any window.
Automated Betting Machines
Once you’re familiar with placing bets, you can try using one of the self-service, automated machines. These easy-to-use machines are available at every track and offer simple directions on how to bet or collect money from a winning ticket. Easy peasy.