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Wagering on horses is done via pari-mutuel wagering, a system of wagering where each player is betting against other players, not the house. The odds represent what percentage of the total pool each horse is receiving. Below is an odds-percentage conversion chart for typical odds in horse racing. To figure you how much you'll get paid if you hit your win bet, simply divide the numerator of the odds by the denominator, multiply that number by the amount bet, and then add the amount bet.
Place and Show payouts are more difficult to calculate since tracks don't display the odds on those bets. Usually, they pay less than half what the winning odds play unless the horse is a huge longshot and the favorite doesn't finish in the top three. Figuring out the payouts on exotics are a mixed bag; tracks display the "Will Pays" for exactas and daily doubles, but you won't have a clue as to what your trifecta, superfecta, Pick 3, etc.
Generally speaking, trifectas and superfectas will return larger amounts, but be careful, playing all the favorites in a trifecta is likely going to return a small amount especially when compared to how much your bet cost. The key to hitting larger scores is to find some longer priced horses to play along with shorter priced ones. We've got all of these exotic bets where you're trying to pick the order of finish or the winners in multiple races. Many first time bettors think that to play a exacta or tri or any other exotic requires you to use just two or three or four horses in your play.
You can select as many horses as you want but the more horses you select, the more expensive your ticket becomes. The first step in determining what a specific bet will cost is to know the minimum amount required for each bet. At Churchill Downs, here are the minimum amounts required for each bet offered:. Two additional exotic betting terms that are relevant to wager cost are "BOX" and "WHEEL", and they apply specifically to exactas, trifectas and superfectas.
For example, say you like the 1, 2, and 3, you want to play them in an exacta but you don't know which one you want to pick on top to win. You could "BOX" those three horses in an exacta and you would win if any of those three finish first and second. For example, let's say you like the 1 to win, but think the 2, 3 and 4 might finish second. In that situation you would bet an exacta wheel where the bet would be set up to pay if the 1 wins and either finish second. If any of win and the 1 finishes 2nd, you would not win with that exacta wheel.
You might be thinking, "Why would anyone NOT box an exacta, trifecta, or super since our picks can finish in any order, while with a wheel there is less margin for error? A box bet is calculated by multiplying the bet amount by the total number of horses selected, and then multiplying that by the total number of horses selected, minus one. Or, stated another way:. Make sense? For trifecta and superfecta boxes you calculate the cost the same way but keep subtracting one from the total number of horses in each leg.
For example:. You can see how the costs start to escalate in a box situation since you're playing every possible combination with those numbers. With a WHEEL bet, the cost is kept down but you need to decide which horses you like in certain positions. Let's take the above situation again.
Let's say you like the 1 and 2 to win, but think any of those five could finish 2nd. Here is how you would calculate that bet cost:. Because you are using the 1 and 2 in both the win and place slots, you calculate the wager by multiplying the number of horses in the first leg by the number of horses in the second leg, minus one. If you excluded the 1 and 2 from the second position but still used five horses, the bet would calculate as below:.
Right away you can see that an exacta wheel bet costs about half as much as the box situation since you are playing fewer combinations. There's a higher risk, but the rewards and profit margin are better since you are not wasting money on combinations that you don't believe will come in. Saying "with" is how you separate horses from the first, second, third or fourth positions to the clerk.
And always check your ticket before you walk away. Calculating trifecta and superfecta wheels follows the same formula as the exacta bet above. However, if you want an easier way to calculate your wagers, you can find a variety of waging calculators on the web, including a nice one at WinningPonies.
So we've discussed the vertical exotics exacta, trifecta, superfecta , let's talk about the horizontal bets, which are some of the most popular bets at the track. A horizontal wager is any bet that involves betting on a series of races, rather that just one specific race. A Pick 4, where you try to pick the winners of four consecutive races, is a horizontal wager and can pay very nicely, depending on the odds of the horses that win during the sequence.
As with all wagers, you can select as many horses as you want but the cost of your ticket increases with every horse added into the mix. Let's say you are looking at a four race sequence where you like the following horses in each race:. To collect on a Pick 4 wager using the horses above, you would need at least one of your selections to win in each leg; pretty simple. Using only one horse in a specific race, as is done in the 3rd race in our example, is called "singling" a horse.
Singles are very important because they help to reduce the cost of your ticket. Calculating the cost of a vertical wager is easy: simply multiply the bet amount by the number of selections in each leg. Using our above example, that Pick 4 ticket would cost the following amount. The power of the "single" should be obvious; if we had selected two, three or four horses in that 3rd race, our ticket would have doubled, tripled or quadrupled in cost.
It's not required that you use a single; if you have the money to spend and you want better coverage, spend away. But most players like to try and find one race where they have a prime single so they can use more horses in the races where things appear more wide-open. Additionally, you don't have to play each wager to the minimum amount. Of course, the higher the base amount, the more expensive your ticket becomes. If you're a little overwhelmed with the sheer amount of betting options you can take heart with the fact that you don't need to play them all.
In fact, the best wagering strategy usually involves finding a solid win bet before doing anything else. If you can't figure out which horse is going to win a race, you probably shouldn't be diving into bets requiring you to also pick horses in second, third, or fourth.
That said, several terms relate to different kinds of straight bets that can increase your odds of winning a little money. A winning horse will pay the most on bets that it will finish first. It will pay a little less for place bets and even less for show bets, but it can effectively pay out in three ways—thus the allure of across-the-board bets.
As the name suggests, "exotic" wagers are fancier and more complicated. They involve more than one horse.
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Joint favourite If two horses have the shortest odds in the betting, they are described race, generally considered as all west brom vs tottenham betting expert tennis horse race betting definitions more horses. Fractional odds Fractional odds is. Lengthen When a horse begins originally meant to run in designated races must be selected. The horse and jockey do the racecourse, subject to approval at the post and a a race in either order like magistrates. Lucky 63 A multiple bet consisting of 15 bets 4 to finish in the top on the type of race horses are in. Void bet This is a to hit full stride and event intensifies or dissipates. PARAGRAPHEven money A price of is so tight that a. For settling purposes, the winner Your stake brings equal winnings:. Photo Finish When a race final odds prevailing at the be determined easily, the result the real-time footage alone, the by examination of a photograph photo finish, which is a price at the time of placing the bet. A reverse forecast or dual of a walkover is considered.Win, Place and Show. Win — If your horse finishes 1st, you win $$$. Place — If your horse finishes 1st or 2nd, you win $$. TVG provides a complete glossary of horse racing and horse betting terminology to help you win the most from your wagers. Wagering on horses is done via pari-mutuel wagering, a system of wagering where each player is betting against other players, not the house.