The Post takes you through everything you need to know about betting on horse racing. Read all about what kind of bets you can place and understanding the odds, as well as some tips and tricks to help you along the way.
More on How to bet on Horse Racing
- Most common Horse Racing bets
- Understanding Horse Racing Odds
- How to bet on Horse Racing FAQs
- Upcoming Horse Racing Schedule
- How to watch Horse Racing
- How to research Horse Racing bets
- Horse Racing betting tips & tricks
Most Popular Horse Racing Wagers
Win
The most popular and simple bet in horse racing. You are placing money on your horse to win the race. The horse you backed must win in order for this bet to pay out. Should the horse finish anywhere but first in the race, your bet is a loser.
The win market for a horse race would look something like this:
| Horse No. | Odds |
| 1 | 11/4 |
| 2 | 4/1 |
| 3 | 11/2 |
| 4 | 7/1 |
| 5 | 10/1 |
Place
“Place” is the term used for a horse finishing second. For this wager, you’re picking a horse is going to finish first or second in a race.
| Horse No. | Odds |
| 1 | 11/10 |
| 2 | 7/4 |
| 3 | 3/1 |
| 4 | 4/1 |
| 5 | 6/1 |
Show
“Show” is horse racing vernacular for finishing in the top three in a race. You would win this wager if your horse finishes in first, second or third place.
| Horse No. | Odds |
| 1 | 1/4 |
| 2 | 8/11 |
| 3 | 11/10 |
| 4 | 12/5 |
| 5 | 3/1 |
Across the board
Some bettors will place a wager on a horse “across the board,” meaning they are putting a certain dollar amount on that horse to either win, finish second or third.
If the horse wins, the bettor gets paid out on all three positions. If the horses finish second, you win on the place and show spots. A third-place finish will win you just the show money.
Kentucky Derby 2024 Betting: Everything you need
- Get the Twinspires Offer Code
- Read the Kentucky Derby 2024 Betting Guide
- Check out the top Kentucky Derby betting sites
Exacta
Another very popular bet among regular horseplayers and casuals is an “exacta.”
An exacta requires the player to select two horses that he or she thinks will finish first and second in the exact order you place them.
For example, say you want to bet the No. 2 horse to win in a race at Belmont and also think the No. 6 horse will finish second.
You would put the wager in as a 2-6 exacta in that order. If the No. 2 horse wins and the No. 6 horse finishes second, you win. Any other combination – including if the 6 wins and the 2 finishes second – you lose.
Exacta Box
An exacta box wager gives the bettor a little more insurance on an exacta bet. If you are playing an exacta box, you need to select at least two horses. If any combination of those horses come in first and second, you win.
For example, say you like the No. 1, No. 7 and No. 10 horses in the seventh race at Monmouth. You could place an exacta box wager on them and if two of those entrants come in first and second (i.e. No. 7 wins and No. 10 finishes second), you win.
That way, you have all your horses covered on the order of finish. You have to double your wager amount for this bet, so it’s more costly but worth the risk.
Trifecta
Similar to the exacta, a trifecta bet is also quite a popular wager among horse racing bettors and folks who bet only bet the ponies a few times a year.
For this wager, the punter tries to correctly predict the exact order of finish for first, second and third place in a single race.
Example: You think the No. 5 horse will win, the No. 2 will place (finish second) and the No. 1 will show (finish third) and, you would like to make a $1 wager on trifecta. You would then place the bet as a $1 trifecta 5/2/1. Should that exact combination come in, you win the bet and the payout will usually be great.
Some bettors will build trifecta bets with multiple horses in a race. For example, you can pick a couple of horses that you think have a good chance to finish either first, second or third.
You can use those entrants as your main horses and then add on other horses underneath to finish second or third.
For example, if a bettor likes No. 4 and No. 9 as potential win bets, but also thinks the No. 1 and No. 8 will finish in the money, they would play a $1 trifecta that looks like this: 4/9 — 1/4/8/9 — 1/4/8/9.
That means, Nos. 4 or 9 have to win the race and the one that does not cross the finish line first can finish in either second or third, along with Nos. 1 and 8, to be a winner.
Trifecta Box
Like with exactas, bettors can also box their trifecta bets. Meaning, if you select three horses and they finish 1-2-3 in any order, you win the bet.
Superfecta
This wager is like the exacta and trifecta, but the bettor is picking the exact order of finish for the top four runners in a particular race.
Although not as popular as exactas or trifectas, some punters enjoy the high-reward nature of superfecta bets. Obviously, picking four horses to finish in the exact order is nearly impossible, so the odds for superfecta bets can get quite high.
Plus, plenty of tracks and racebooks offer $0.10 superfecta wagering, which can be more attractive for the novice or casual player to get involved in this kind of market at a relatively low cost.
Superfecta Box
Like with exactas and trifectas, punters can also box their superfecta wagers, which means that your horses can finish 1,2,3,4 in any combination to win.
Why exotic wagers are popular
One reason that bettors enjoy exactas, trifectas and superfectas is it allows them to have some money on longshot horses without needing them to win.
For example, if you think a horse at 30/1 is better than its odds suggest, you can include that horse in your exacta, trifecta or superfecta and if that horse hits the board, your payout could grow substantially.
Vertical Wagers
Daily Double
This type of bet requires the bettor to correctly pick the winner in back-to-back races. The minimum stake for this type of bet is usually $1, but you can increase your play as you see fit. Daily doubles are not offered for every race on a card, but most places have plenty of them on any given day.
Pick 3 and Pick 4
Another popular vertical wager, Pick 3’s and Pick 4’s are multi-race bets where a bettor tries to correctly pick winners of either three or four consecutive races. This bet is quite hard to win and can get expensive, but the payouts can be very large if you catch the right horses in the wager. It is another bet where punters can get exposure to horses at big prices.
Pick 5 and Pick 6
Most horse racing tracks will also offer Pick 5 and Pick 6 wagers, which can lead to massive payouts. These are once-in-a-lifetime type of wins and the payouts reflect that. It is not uncommon to see winning tickets bring in hundreds of thousands of dollars to the lucky punter.
Of course, in order to hit something of that magnitude you’ll have to include — and connect on — some longshots.
How do Horse Racing Odds work
Horse Racing uses fractional odds instead of decimal or American odds. If you’ve bet on sports before, you will be familiar with odds such as -110, or +200. For fractional odds, these would be 10/11 and 2/1. These are best displayed as such.
| American Odds | Fractional Odds | Decimal Odds |
| -110 | 10/11 | 1.91 |
| +200 | 2/1 | 3 |
Horse Racing bets use the Pari Mutuel system
The wagers on horse racing in the United States use a pari-mutuel system. This means that all bets go into a pool with the amount of money bet on each horse determining their odds, meaning the favorite is the horse that’s had more bets placed on it than any of its rivals.
The pool operator takes a slice of money off the top (takeout) and after that the remaining cash is paid out to the bettors who have won on the race.
Under the pari-mutuel system the odds change. So while you may have made a bet on a horse at 10-1, they may go off at 5-1 if the have been heavily bet subsequently.
If your horse is pulled out of the race before the race has begun, this is known as the horse being ‘scratched’. If the horse you bet on is scratched, you will receive a refund.
Reading the Odds
As you’ll be seeing fractional and decimal odds when betting on horse racing, it’s best we explain how they work.
Fractional odds represent the ratio of the profit won to the stake. For example, a fractional listing of 6/1 (six-to-one) odds would mean that you win $6 against every $1 you wager, in addition to receiving your dollar back (i.e., the amount you wagered).
In other words, this is the ratio of the amount (profit) won to the initial bet, which means that you will receive your stake ($1) in addition to the profit ($6), resulting in a total payout of $7. Therefore, if you stake $10 at 6/1 and win, you get a total payout of $70 ($60 profit + $10 stake).
Here are the payouts from a $2, with the following odds written in fractional format.
| Horse No. | Stake | Odds | Win (Profit + Stake) |
| 1 | $2 | 2/1 | $6 |
| 2 | $2 | 11/4 | $7.50 |
| 3 | $2 | 17/2 | $19 |
| 4 | $2 | 10/1 | $22 |
How to bet on Horse Racing FAQs
How does Horse Racing differ from Sports Betting?
The wagering pools in horse racing are pari-mutuel, which differs from sports betting in the sense that bettors aren’t trying to beat the house but instead are trying to beat the public at large. The key to long-term success in betting the ponies is being disciplined in identifying value in the pools.
How often do favorites win in horse racing?
As a rule of thumb, the favorite in horse racing wins about 35 percent of the time, but the number of course varies depending on the type of race and how many horses are in the field.
Knowing that, bettors may think it’s wise to just blindly bet the favorites — otherwise known as the chalk — but a closer look at the implied odds and you’d see that you’d need average odds of 2/1 or better to break even on “win” bets on the chalk.
That means, in order to have success over the long-term, punters must play the horses they deem to have a better chance to win compared to their implied odds.
Where can you bet on Horse Racing?
Some state racing associations (like NYRA) offer a betting app for users to place bets. Some states also have OTBs (Off-Track Betting shops) in specific locations.
You can also go to any horse racing track and bet on races around the country (even if they’re taking place at a different track). Some states, like New York, allow certain bars to have OTB kiosks, as well.
Where is online betting on horse racing legal?
As of 2022, you are legally able to bet horse racing online in the following states:
Alabama, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Montana, Nebraska, New Hampshire, New Jersey, New Mexico, New York, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Dakota, Tennessee, Vermont, Virginia, Washington, West Virginia, Wisconsin and Wyoming.
Upcoming Horse Racing Schedule
| Race | Date | Location |
|---|---|---|
| Kentucky Derby presented by Woodford Reserve | May 4 | Churchill Downs |
| Preakness S. | May 18 | Pimlico |
| Hollywood Gold Cup | May 27 | Santa Anita Park |
How to watch Horse Racing
Major television channels’ websites make sure everybody who is engaged in a way in this sport will be satisfied, so they cover absolutely all the races, providing interviews, information, giving out prognostics about future racetracks and what not.
- ESPN provides live horse racing on all the major events, with the racetracks easily watched live without having the need to pay.
- TVG2 online, being an equine sports-oriented network, visitors will have a wide range of races to watch. You do not need a subscription, so just head on over and get a glimpse of the action.
The advancements in sports betting sites have meant that horse racing is available to view on many horse racing betting sites. TwinSpires and TVG both offer live streaming of races you’ve bet on, allowing you to follow the action live.
How to research Horse Racing bets
As with any sports betting, it’s important to do some research before placing any bets. There are plenty of statistics and form websites where you can research horses, trainer, jockey, previous races, form and styles. We’ve picked out some of the best sites to help craft your horse racing bets.
| Site | Content |
| Equibase.com | Race cards, entries and results. Plentiful statistics for all your horse racing betting needs. |
| us.racingstats247.com | Comprehensive horse racing statistics. Covering Jockeys, Horses and Trainers. |
| drf.com | The go-to for all your Horse Racing needs. |
| horseracingnation.com | News and information on US Horse Racing. |
Horse Racing Betting Tips & Tricks
The nature of horse racing means the field is wide open, and it’s not easy to pick a winner. The Post gives you some tips for placing your horse racing bets, with the most important factors to consider.
Check the Trainer
Many folks think the horse and the jockey are the most important factors in picking a winner, but the trainer has a lot of impact.
Generally speaking the cream rises to the top, so a trainer winning tons of races and tons of prize money can be considered a solid option, but remember that some really good trainers exist who simply don’t have the same size stable and thus don’t put up the big numbers.
This can be because, as good as the best trainers are, they still need to have the most well-bred, expensive and athletic horses sent to them. Some of the best younger handlers out there can get the job done, but won’t yet have the armory in their barns that they may deserve.
When looking at trainer stats, the advice is not to simply concentrate on win rate or overall prize money alone, but also whether a trainer has more success with sprinters, route horses, juveniles, fillies or any other specific area of the sport they may specialize in.
Gate Number Matters
As all tracks in North America are left-handed and fairly tight, gate position is often crucial in that you want to be drawn on the inside of the track when going round the turns. Think of this the same way an Olympic athlete does — running out in lane 8 means you essentially have to cover more ground.
Keep a check on stats related to race distances at each track, as sometimes there is no provable gate advantage at all while at other tracks it is crucial. The Kentucky Derby, for example, where the safety limit is 20, whoever is coming from out wide is 20 horses deep from the start and has a lot of extra energy to give away to get into a good position early in the race.
Who’s the Jockey?
The best jockeys, once they have proven themselves, will usually be offered the best horses to ride so you don’t need to become an expert on riding styles to spot who the best pilots in the business are.
Although a few jockeys are officially attached to certain barns on retainers, they are all free agents and can ride for any trainer, so be on the lookout for jockeys switching allegiances in the big races.
Their agents will attempt to get them on the horse with the best chance of winning so a jockey changing his ride is often a big sign they believe that they are making a smart move.
The very best jockeys in the world can win in most race conditions, but check out the stats in depth to discover whether some riders are better at certain tracks, over certain distances or perhaps at a certain level.
Analyze the Horse
We can dress it up all we want, but essentially the race comes down to the horses. You need to do research on the actual horse you are betting on. The first and most obvious factor to consider is the horse’s experience and record.
Have they raced at this track before? Have they won here before? How have they done in their past few races?
Then, you’ll want to look at the condition of the horse. It’s important to see how recently the horse has run, and whether or not it has sustained any injuries recently.
Another important factor to consider is the horses running style. Some horses will prefer to lead from the front, whereas others would wait until the end to hit their full stride.