Wagering on horse racing has been around for well over a century and remains the oldest of all betting venues.

Horse racing gamblers that nail their value-laden picks often receive a large return for just a small investment.

If you want to be part if that group, you need all the horse racing bets explained to get an understanding on how you putting your money to work.

Being a brand-new beginners and casual horse racing bettors alike, we all could use a refresher on just what kind of horse racing bets you can make on the most prestigious thoroughbred racing event in the United States.

Now, let’s look at all the different kinds of horse racing bets that you can make.

 

Here’s A Closer Look At The Horse Racing Bets Explained
Racebook Betting 101: Master the Art of Horse Racing Wagers!

How to Bet on Sports | MyBookie wants you to be a better gambler with our Sports Betting Guide

   

Horse Racing Bets Explained with MyBookie

Top three year olds are officially on the Triple Crown trail.

The best sophomore horses in the world have thrown down the gauntlet and are preparing for the most prestigious race of the year, the Kentucky Derby in Louisville.

Following the Kentucky Derby is the Preakness Stakes and the Belmont Stakes.

But the Triple Crown races aren’t the only super events happening in thoroughbred horse racing.

This past Saturday, top older equines ran in the Saudi Cup, which Forever Young won over superstar horse Romantic Warrior by a chin.

Next up is the Dubai World Cup in March as well as the Santa Anita Big ‘Cap and then things really get going.

Horse players had better prepare.

Check out everything you must know to win at the races from the type of bets on MyBookie, what even money means on a horse, and how to read the various racing forms.

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Horse Racing: Profit by Betting on the Sport of Kings

Bet Types in MyBookie for the Races

Sports betting in the United States started at racetracks across the country.

The first betting options in horse racing were what we call straight bets.

Horse racing handicappers soon began to bet on exactas, trifectas, and superfectas, which we call horizontal exotics.

Vertical exotics, the Daily Double, Pick 3, Pick 4, and Pick 6, came later.

The Pick 5 is a newer horizontal wager that’s offer8ed for specific races at specific track.

See below for more information on almost every bet offered at the track.

I might be missing one or two specific bets that certain tracks offered but aren’t universal bet types.

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Win, Place, and Show Bets

Simple horse racing wagers feature the traditional win, place and show (first, second and third) wagers.

Let’s start with the “win” wager and it is exactly that … betting on a horse to win the race.

Then we have the “place” wager which means on the horse to finish second or better.

While “show” wager is betting on a horse to finish third or better.

The minimum amount that can be wagered for any win, place or show bet is $2.

This is basics when it comes to types of horse racing bets, so keep on reading to get more information on each.

 

Betting Win

The most classic of all horse racing bets is to pick the winner straight up.

Picking the winner is also an easier bet to place than putting money behind an exacta, where we choose the first two finishers, a trifecta, where we pick the first three finishers in order, and a superfecta.

When we bet a horse to win, put money on the pony to cross the finish line first.

The odd are often much better than picking the moneyline winner of a football or basketball game.

 

Betting Place

In horse racing, to place means to finish second.

The place get pays out less than the win bet because when we wager on a horse to finish second, we win if he horse finishes first or second.

The main difference has to do with pools and odds.

We grab our share of the win pool if we bet the horse to win.

We grab our share of the place pool if we bet the horse to finish second or to place.

Odds and how much we bet determine our share of winnings.

The odds of a horse to finish first are always higher than the odds of a horse to finish first or second.

 

Betting Show

When we bet a horse to show, we have three ways to win.

The horse can finish first, second, or third and we win our bet.

However, the payouts on betting a horse to show are much lower than they are on betting a horse to win.

The reason is because the horse must only finish third for us to cash our bet.

A popular bet on something like the Kentucky Derby is to bet a horse across the board, which means to bet the horse to win, to place, and to show.

If we had bet Rich Strike to win the Kentucky Derby in 2022 across the board, we would have made mucho profit.

Check out the payouts.

• Win – $163.60
• Place – $74.20
• Show – $29.40

The above payouts are for a $2 bet.

When we make straight bets on horse races, the minimum bet is $2.

 

Across the Board

An ‘across the board’ wager is wagering on a horse to either, win, place or show.

For example, if you like the No. 2 horse in the second race (Race 2) at Delaware Race Track.

You bet $2 on the 2 horse across the board.

• $2 to Win
• $2 to Place
• $2 to Show

The total amount of the wager is $6.

The horse finishes second and pays $5 to place and $2.60 to show.

You get back $5 on the $2 place wager and $2.60 on the $2 show wager.

You get back nothing for the $2 win wager, since the horse finished second (place) and not first (win).

Betting on a mount to win, place or show is the most traditional way of betting on the ponies.

Let’s make it simpler, the potential outcomes:

• Horse #5 wins the race: You collect payouts for Win, Place, and Show
• Horse #5 finishes 2nd: You collect payouts for Place and Show
• Horse #5 finishes 3rd: You only collect the Show payout
• Horse #5 finishes worse than 3rd: You lose all three bets

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Horizontal Exotic Bets

Keep this in mind… The biggest profits come with exotic betting and knowing which horse to bet on.

Exotic bet mean wagering on combinations to occur in any particular race or in multiple races.

The most traditional exotic wagers are the daily double, exacta, the trifecta and the superfecta.

 

Exacta Bets

The exacta is when you wager on the first two finishers in a single race, that is called making an exacta wager.

Let’s say, you like to place some horse racing bets on 6 and 7 in Race 3 at Belmont Park.

You make a $2 exacta box wager with the 6 and 7.

The exacta box suggests that the 6 horse can finish first and the 7 can finish second, or the 7 can finish first and the 6 can finish second.

The wager will cost you $4 on those

If the race ends with the 6 first and 7 second, or 7 first and 6 second, you win the wager.

Let’s say you bet a $2 Exacta on:

• Horse #3 to finish 1st
• Horse #5 to finish 2nd

If Horse #3 wins and Horse #5 finishes second, your ticket wins.

But if Horse #5 finishes first or third (or not at all), you lose the bet—because the exact order wasn’t right.

 

Trifecta Bets

Betting on each of the first three finishers in a single race is called making a trifecta wager.

We bet on the first three horses to finish in exact order.

Let me show you what I mean, say you like the 5, 7, and 8 horses in Race 8 at the Fairgrounds in New Orleans.

You make a $2 trifecta box wager that will cost you $12 because there are six different combinations.

This means you are betting $2 on each combination.

You win if any of the 6 combinations hit in the race: 5-7-8 or 5-8-7, 7-5-8 or 7-8-5, 8-5-7 or 8-7-5.

Being a horse racing guide, let’s make it simple and place a $1 Trifecta on:

• Horse #4 to finish 1st
• Horse #7 to finish 2nd
• Horse #2 to finish 3rd

To win, they must finish in that exact order: 4–7–2.
If the order is 4–2–7 or 7–4–2, your bet loses.

 

Trifecta Box Bet

An alternative that is worth going after is the Trifecta Box, which allows your three horses to finish in any order in the top three positions.

• A $1 Trifecta Box on Horses #4, #7, and #2 would cost $6 (there are 6 possible combinations of 3 horses finishing in any order).
• If those three horses finish 1st, 2nd, and 3rd in any combination—you win.

 

Superfecta Bets

The superfecta is a horizontal exotic bet where we pick the first four finishers in a race in exact order.

To hit the superfecta, our choices must finish 1-2-3-4.

This wager means you’re wagering on the first four finishers in a single race.

Superfecta wagering can be quite costly – but also bountiful.

A $2, four-horse, superfecta box will cost $48 since there are a whopping 24 combinations that could play out.

Superfecta’s can also be very difficult to nail.

Most times, horse racing handicappers prefer to use a key horse.

Let’s say that you like the No. 2 mount to finish first or second and the No. 3 horse to finish first or second in Race 5 at Churchill Downs.

You also believe that the 5 and 6 horses will finish either third or fourth in the race.

You would then key the 2 and 3 horses in the first two slots (win and place) and put all four of your choices in the third and fourth slots.

Your wager would look like this 2, 3 with 2,3,5,6.

This wager provides a dozen (12) different possible combinations.

A $2 wager on a superfecta will cost you $24.

By using a key horse, you’ve cut your investment in half for this kind of wager.

Let’s say you place a $1 Superfecta on:

• Horse #3 to finish 1st
• Horse #6 to finish 2nd
• Horse #8 to finish 3rd
• Horse #5 to finish 4th

Those horses must finish exactly in that order: 3–6–8–5. Any change in position, and the ticket loses.

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Much Needed Betting Tips for the Races

Another reason why you are reading this horse racing guide if for betting tips.

An this is one a big one: superfecta are worth playing on big races like the Kentucky Derby because the payouts are enormous.

Check out the 2022 Kentucky Derby winning superfecta:

That year, Rich Strike finished first, Epicenter finished second, Zandon finished third, and Simplification finished fourth, paid $321,500.10 for a $1 superfecta bet.

We must be judicious when we play the superfecta because the costs can be exorbitant.

For a superfecta, the cost can get into the hundreds of dollars depending on how many choices we have in the superfecta if we decide to play it at $1.

There is such a thing as a 10 cent superfecta play but not all sportsbooks offer the 10 cent super.

Now, if you want an even more deep dive into what is a horseracing superfecta just follow that link to become master in this 4 horse winning combo.

 

Pick 3 and Pick 4 Bets

Many race books also offers other vertical horse racing bets in addition to the daily double.

A Pick 3 wager requires picking the winner of three consecutive races in a row.

A great example for this is when betting a Pick 3 that starts in Race 1 will cover Race 1, Race 2 and Race 3.

Betting a Pick 4 that starts in Race 6 requires picking the winner of Race 6, Race 7, Race 8 and Race 9.

For our next Pick 4 example, let’s starts in Race 5:

• Race 5: Horse #4 at 5-1
• Race 6: Horse #6 at 3-1
• Race 7: Horse #3 at 8-1
• Race 8: Horse #7 at 6-1

Build a $1 Pick 4 ticket with these horses and if all four win their races, you hit the Pick 4.

In most cases, the resulting in a payout that far exceeds your initial wager, all depending on the size of the pool and how popular your picks were.

 

Pick 5 Bets

Only certain racetracks offers a Pick 5.

Santa Anita offers a Pick 5 play on most days but they only offer it on specific bets.

Usually the last race of the day, which is often a maiden event that attracts a full field.

As the name implies, the Pick 5 is a horizontal exotic horse bet that requires us to pick the first five finishers in exact order.

Our choices must finish 1-2-3-4-5.

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Vertical Exotic Bets

Daily Double

Many racetracks offer bettors rolling ‘daily doubles’ and that means that you can pick the winner of two consecutive races.

Considered one of the most popular exotic wagers as it offers a bigger payout compared to a single-race bet without requiring you to hit multiple long shots.

Most tracks still offer two standard options:

• Traditional Daily Double
  Requires selecting the winners of Race 1 and Race 2.
• Late Daily Double
  Involves picking winners of the last two races of the day.

The Daily Double works similarly to a two-leg parlay in football or basketball betting—both picks must win for your ticket to cash.

That’s where value meets risk.

Let’s say you’re at Churchill Downs, and you like:

• Race 1: Horse #2 at 4-1 odds
• Race 2: Horse #7 at 6-1 odds

You place a $2 Daily Double on that combo. If Horse #2 wins the first race and Horse #7 wins the second, you hit the Daily Double.

The payout depends on the daily double pool and how many other bettors picked that exact combo—but it’s often far higher than just parlaying the two separately.

You know that understanding horse racing odds becomes essential, reason why you are reading this…

Unlike fixed odds in sports betting, horse racing uses pari-mutuel wagering, meaning the odds and payouts fluctuate based on how much money is bet on each combination.

 

Pick 3

The Pick 3 requires us to choose winners in three straight races.

Like the Daily Double, most racetracks offer rolling Pick 3s.

An example of a Pick 3 is to bet on the winners in Race 1, Race 2, and Race 3.

The Pick 3 has become the most popular vertical exotic at the racetrack.

Pick 3s are easier to hit than playing the Pick 4, or a horizontal bet like the superfecta.

A word of caution, though.

We must manage our money when playing Pick 3s because if the chalk comes in first in all three races, the payout could be much lower than the trifecta in each individual race.

 

Pick 4

The Pick 4 is the second most popular vertical exotic bet at the track.

The Pick 4 requires us to pick the winner in four straight races.

Most tracks don’t offer rolling Pick 4s.

They might on big days like the Kentucky Derby or Breeders’ Cup.

But even then, there could be one to three Pick 4 options on the race card.

The Pick 4 is harder to hit than the Pick 3 but like the Pick 3, we must be careful about how much money we invest.

If for favorites come in on our Pick 4 ticket, it may not pay enough to cover the cost of the ticket.

 

Pick 6

The Pick 6 is the first vertical exotic bet horseplayers had the chance to wager.

Some Pick 6s are like hitting the lottery.

The Pick 6 is a bet where we pick six straight winners.

It usually happens on the final six races on any race card.

It’s rare to win the Pick 6.

It’s also a bet that usually requires multiple people to bet into due to cost.

But when it hits, it can be a massive payout.

The Breeders’ Cup Pick 6 on Saturday’s race card in 2024 paid $205,684.50 for $1.

The Pick 6 always has a consolation prize for those horseplayers that got 5-of-6.

The consolation for the above mentioned Breeders’ Cup Pick 6 paid $801.90.

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Horse Betting Explained

What does even money mean in horse racing?

On the surface, even money in horse racing means the same thing as even money in any sports betting.

When we bet a horse at even money, the payout if the horse wins is +100.

Meaning we get back $4 for every $2 we bet on the horse to win.

But although the payout on an even money bet is the same in horse racing, there’s more to it in the Sport of Kings then there is in something like a football game.

The reason is because in football, basketball, and baseball, there are just two participants.

But in horse racing, there are multiple participants in each race.

So we must determine if the horse going off at even money offers value.

Most of the time, a horse offering even money is what we call an underlay, meaning we get zero value from backing the horse.

 

Horse Racing’s Golden Rule

In horse racing, the golden rule is to bet on overlays, value plays that offer payouts that are more than what they should.

Favorites, of which meany are even money, win on average 30% of the time on any race card.

This is true for almost every racetrack in the United States, which means if we bet on even money or lower odds horses, like 4-5, or 3-5, we will only win 30% of the time, which means we will lose more money than we win.

How do we find out if a horse at even money is an underlay or overlay? We consult racing forms.

 

How to Read Horse Racing Forms

No matter which horse racing you utilize, the two most popular are DRF and Brisnet, look for the following in the form.

 

Speed Ratings

Speed ratings are useful to tell us how fast a horse is in any given race.

The higher speed ratings in the last few races the better we can gauge how a horse will today.

 

Pace Ratings

Thoroughbreds have different running styles.

Some horses like to take the lead and dare their competition to catch them.

We call these horses front runners.

Other horses like to rate off the pace, meaning they lie 1 to 2 lengths behind the leaders.

We call these horses pressers.

Closers come from behind and make a mad dash to the finish line.

Pace ratings help us determine what style the horse prefers.

If the ratings are higher early, the horse is a front runner.

If the ratings are higher later in the race, the horse is a presser or closer.

 

Record on Surface and Record at Distance

Most horses, Romantic Warrior, which is a great turf horse and ran well on dirt in the Saudi Cup is an exception, have a preferred surface.

Turf horses excel over the grass.

Dirt horses excel over the dirt.

We must also look at how the horse as fared in sprints and routes.

A sprint is any distance lower than a mile.

A route is any distance at a mile or longer.

If a horse is changing surfaces or distance, we move to the next thing to look at.

 

Trainer Stats

We must check out trainer stats.

Some trainers are excellent at claiming horses and moving them up the ladder into tougher races.

Other trainers are great at claiming and dropping.

Still others win a lot with maidens and still others win a lot with first off the claim.

Jockey Stats

How successful a jockey and trainer combo is a great stat.

When a jockey and trainer have had success before and are on a horse that has decent speed figures, we say the horse is “well meant”, meaning the connections, owner, trainer, and jockey, want to win with the horse.

 

How to Read the Horse Racing Program

The program doesn’t have as many stats as the racing form but useful information is present for sure.

The horse racing program details the horses post potion, number, which in the United States is usually the same as the post position, so horse 1 breaks from post 1.

Other useful stats is the horses breeding, it’s sire and broodmare, as well as the name of the jockey and trainer.

There is often usually the last three speed ratings for the horse’s last three finishes but not all tracks provide this information.

When starting out, familiarize yourself with the horse racing program.

Then as you get better at picking horses, move on to the racing form.

Take your time.

Learning how to become a successful horseplayer doesn’t happen overnight and, as always, manage your bankroll.

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How to Pick Your Winning Horse

If you’re new to the track or just looking to sharpen your edge on how to pick your winning horse.

This horse racing guide will break it all down—horse racing bets explained, odds demystified, and strategies to help you pick a winning horse.

From learning how to read a horse racing program to knowing where to bet on horse racing, here’s your roadmap to smarter wagers.

 

Check Age, Weight, and Form

When choosing which horse to bet on, consider its age, weight it’s carrying, and recent results.

Younger horses might lack stamina, while older ones may struggle with speed.

The form tells you how the horse has performed in recent races—essential data for horse racing form analysis.

 

Check the Going and the Racing Distance

Track conditions, or "the going," and race distance matter.

Some horses prefer dry turf, others excel in mud.

Matching a horse’s past success with current track conditions can make all the difference.

Understanding this is key to how to pick a winning horse.

 

Gate Positioning

The horse racing numbers explained on the gate draw aren’t just for show.

An inside post might benefit a speedy horse in a short race, while an outside draw can favor late closers in longer distances.

The gate can influence race strategy—and your bet.

 

Check the Class Rating and Speed Figure

Class ratings show the quality of competition a horse has faced, while speed figures reveal how fast it has run under specific conditions.

These stats help in evaluating types of horse racing bets, especially when trying to find value in mid-level races.

 

Who is the Horse Jockey and Trainer?

Even the best horse needs a skilled jockey and savvy trainer.

A top trainer knows how to prep for big races, while an experienced jockey can position the horse perfectly during the run.

If you’re wondering how to know which horse to bet on, start by checking the team behind it.

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Reading Horse Racing Odds

 

How Do Horse Racing Odds Work?

So, how do odds work in horse racing? Odds reflect a horse’s chance to win and the payout you’ll receive.

Lower odds mean a higher chance, but smaller return.

For example, what does evens mean in horse racing? It means for every $1 wagered, you win $1 back, plus your stake.

 

Understanding Fixed Odds and Tote Betting

Fixed odds horse racing means you lock in the price when you bet.

In tote horse racing, your payout is based on the betting pool.

Knowing the difference helps you decide which offers better value—vital to understanding horse betting.

 

What Does SP Mean in Horse Racing?

The Starting Price (SP) is the odds offered on a horse at race time.

If you take SP instead of fixed odds, your payout is based on the closing price at the track.

Learning what does SP mean in horse racing helps when you’re betting close to post time.

 

How to Read a Racing Form

A racing form shows previous races, times, jockeys, track conditions, and more.

How to read the daily racing form is a skill in itself.

Once you know how to read horse race results, you’ll find patterns that guide smarter bets.

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Where to Bet on Horse Racing

You can legally place horse racing bets at racetracks, OTB parlors, or licensed online sportsbooks.

Always check horse racing betting rules and choose regulated platforms.

Knowing how does horse betting work keeps you safe and informed.

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Conclusion

Now that you’ve had horse betting explained, you’re ready to make educated wagers.

Remember, understanding horse racing odds and how to pick a horse to bet on go hand in hand.

Use this horse racing guide wisely—and always bet responsibly.

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MyBookie’s Sportsbook Betting Guide | Betting Horse Racing

Check out our Sports Betting Guide to increase those winning when betting on sports.

• Horse Racing Bets Explained
• How Horseracing Quinella’s Work?
• Win, Place and Show Wagering Explained
• The Horse Racing Multiple Betting System Explained
• Horseracing Betting Guide: Quinella
• What is a Horseracing Betting Superfecta?
• Horse Betting 101 – How to Bet On Horses

   

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Horse Racing Betting Center

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Updated Horse Racing Betting Odds | Online Betting Lines

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