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.
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 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.
