Horserace Betting
One of the exciting things about betting the horses is the wide variety of available wagers. Players can bet hunches with various horses wheeled together or play precise and only bet to win.
Most every horse racing track and many sportsbooks accept bets via a pari-mutuel system where winning bets are paid from the pool of all player wagers on each race. The odds for each horse are determined by the percentage of the pool wagered on each horse. When the race is complete winners get their initial investment back and then a percentage of the pot based upon the amount wagered. The pari-mutuel system is based on system of $2 increments so a wager of $2 would receive one “unit” of the pool and a $100 wager would receive 50 “units” of the pool. The pari-mutuel system eliminates corruption first by recording every wager and showing the fair odds and secondly by having taxes and costs automatically deducted. Most off track betting (OTB) in the US is directly tied into the pari-mutuel system.
Odds wagering is still available at many sportsbooks. When betting the odds a wager is placed at the current track odds and after the race those exact odds are paid out, plus the return of the initial investment. This can be beneficial if the odds go down but can also conversely be affected if the odds improve.
Track odds wagering is offered at some sportsbooks. When making this sort of bet the player does not know what the payoff will be at the time of the wager. He only tells the clerk the amount to bet and the wager is paid out after the race at the exact odds paid at the track. This is generally seen as a simple compromise for those players who feel better odds will always be found at the track.
Wager Types and Examples
Bets on a horse to WIN pay off only if that horse wins the race outright. PLACE wagers pay off if the horse comes in first or second place and SHOW bets are in the money if the horse comes in first, second or third. Someone who bets a horse “across the board” has placed three different bets, generally all of the same amount: one to win, one to place, and one to show. If the horse wins the race all three bets will be winners. If it comes in second the place and show bets win and if it comes in third only the show pays off.
An exacta is betting which horses win and place, in order. A 2-3 exacta has to have the “2” horse win and the “3” horse place, any other outcome is not a winner.
A quinella is betting which horses win and place, in any order. A 2-3 quinella has to have either 2 or 3 win and either 2 or 3 place.
A trifecta is betting which horses win, place, and show, in order. A 2-3-4 trifecta has to have the “2” horse win, the “3” horse place, and the “4” horse show, any other outcome is not a winner.
A superfecta is betting which horses win, place, show, and come in fourth, in order. A 2-3-4-5 superfecta has to have the “2” horse win, the “3” horse place, the “4” horse show, and the “5” horse come in fourth, any other outcome is not a winner.
The daily double is combining a bet, for higher odds, on the winner of one race with the winner of another, specified race. Bets are on the outright, official winners only. Many horse race tracks offer a daily double on the first and second races and sometimes a “late” daily double on races further into the day’s schedule. All daily double bets must be placed before the start of the first designated race.
The pick three is a combination bet on the winners of three specified races. Bets are on the outright, official winners only. All pick three bets must be placed before the start of the first designated race. If no winning bet was placed payouts are made to those with the most winners. If no winning bet is placed on any of the races all bets are refunded.
The pick six is a combination bet on the winners of six specified races. Bets are on the outright, official winners only. All pick six bets must be placed before the start of the first designated race. If no winning bet was placed payouts are made to those with the most winners. If no winning bet is placed on any of the races all bets are refunded.
Exacta and trifecta bets can be “boxed”. This is a way of betting more than one combination of horses on a ticket. An exacta box of the 2-3-4 for $2 would cost $12 because it is actually 6 different $2 exacta bets. If any combination of 2, 3, and 4 officially come in first and second the player wins one of these bets and loses five, hoping the payoff is higher than the wager amount, which is generally the case except when dealing with heavy favorites. This is best explained with an example of a $2, 2-3-4 exacta box:
� Bet 1 - $2 – Exacta 2-3
� Bet 2 - $2 – Exacta 2-4
� Bet 3 - $2 – Exacta 3-2
� Bet 4 - $2 – Exacta 3-4
� Bet 5 - $2 – Exacta 4-2
� Bet 6 - $2 – Exacta 4-3
This makes it easy to see how a $2 exacta box on three horse costs $12. The same principle applies to trifecta boxes.
This is generally used for trifectas and superfectas where the player believes they have already picked the winner and want to “box” other horses into the other positions. For example, a $2 trifecta keying the “1” horse to win over the 2-3-4 would cost $12 and if the “1” wins and any combinations of 2, 3, and 4 come in second and third the trifecta is a winner. This is actually 6 separate bets that break down like this:
� Bet 1 - $2 – Trifecta 1-2-3
� Bet 2 - $2 – Trifecta 1-2-4
� Bet 3 - $2 – Trifecta 1-3-2
� Bet 4 - $2 – Trifecta 1-3-4
� Bet 5 - $2 – Trifecta 1-4-2
� Bet 6 - $2 – Trifecta 1-4-3
As many horses as a player wants can be used and the number of wagers and prices increase accordingly.
A wheel plays are usually trifectas and superfectas where multiple finishing positions are boxed together. For example, a player that thinks he has a lock for the winner and cannot firmly decide on the other spots can box any number of horses into the place and show positions. A $2 “1” horse wheeled with 2-3-4 and 2-3-4-5-6 would cost $24 and there would be 12 different combinations that would produce a winner:
� Bet 1 - $2 – Trifecta 1-2-3
� Bet 2 - $2 – Trifecta 1-2-4
� Bet 3 - $2 – Trifecta 1-2-5
� Bet 4 - $2 – Trifecta 1-2-6
� Bet 5 - $2 – Trifecta 1-3-2
� Bet 6 - $2 – Trifecta 1-3-4
� Bet 7 - $2 – Trifecta 1-3-5
� Bet 8 - $2 – Trifecta 1-3-6
� Bet 9 - $2 – Trifecta 1-4-2
� Bet 10 - $2 – Trifecta 1-4-3
� Bet 11 - $2 – Trifecta 1-4-5
� Bet 12 - $2 – Trifecta 1-4-6
These kinds of bets that involve
many different horses coming in several positions can be very
confusing and may cost more than anticipated if too many horses
become involved. It is important to realize value in the plays
before going overboard with these sorts of combinations.
