When betting on horse races, you can choose from two types: straight wagers and exotic wagers.
What are Straight Wagers?
A straight wager is the most common and simplest type of bet. With this type of wager, you pick a winner, and if your horse comes in first, you win.
In a straight wager, you can only bet on one house. The most common straight wagers are win, place, and show.
Win: Betting on a horse to come in the first place. Payment is made only if the horse comes in first.
Place: A “place” bet means you’re betting that your horse will come in either 1st or 2nd. If they place in the top two, then you get to collect. The payout for a place bet is less than if you just bet on them to win outright, but it’s more secure since there are two options instead of just one.
Show: You’re hedging your bets and increase your chances of winning by betting on your horse to finish first, second, or third. However, the money you make from a show bet is significantly lower than if you had wagered on your horse finishing first or second.
Across the Board: A wager that combines WIN-PLACE-SHOW bets into one “across the board” bet is a high-risk, high-reward gamble. You win all three bets if your horse finishes first, second, or third. Because you’re putting your money on the line for all three bets, this is a high-risk, high-reward wager; but if your horse succeeds, you’ll make a large profit.
Win/Place, Show/Place: Win/place and place/show bets are two types of horse racing bets that allow you to bet on your horse, finishing in multiple positions. With a win/place bet, you’re betting on your horse to come in first or second, and if they finish in second, you only collect money for the “place” portion of the bet. A place/show bet is a similar wager where you’re betting on your horse coming in either second or third.
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What are Exotic Wagers?
Exotic wagers are more complicated than straight wagers and offer bigger payouts. With this type of bet, you’re not just picking a winner but predicting how horses will finish each other. These bets are tougher to win, but the payouts can be significant. Some common types of exotic wagers are quinellas, perfectas, trifectas, and superfectas.
Quinella: A quinella bet is similar to a place bet in that you’re betting on two horses to come in first and second. However, with a quinella bet, the order of finish doesn’t matter. You win if those two horses finish in the top two positions.
Perfecta: A perfecta bet is like a quinella, but you’re predicting the exact order of finish with a perfecta bet. So, if you bet on horse A to come in first and horse B to come in second, and they finish in that exact order, you win.
Trifecta: A trifecta bet is like a perfect, but with a trifecta bet, you’re predicting the exact order of finish for the top three horses. So, if you bet on horse A to come in first, horse B to come in second, and horse C to come in third, and they finish in that exact order, you win.
Superfecta: A superfecta bet is like a trifecta, but with a superfecta bet, you’re predicting the exact order of finish for the top four horses. So, if you bet on horse A to come in first, horse B to come in second, horse C to come in third, and horse D to come in fourth, and they finish in that exact order, you win.
Now that you know the different types of wagers, you’re ready to start betting on horse races!
What to Say When You Place a Bet?
When you’re ready to place a bet, you’ll need to tell the teller what type of bet you want to make and the amount you wish to wager. For example, you might say, “I’d like to place a $2 win bet on horse number 5.”
If you’re making an exotic wager, you’ll need to give the teller the specific details of your bet. For example, you might say, “I’d like to place a $1 trifecta box on horses 5, 7, and 9.”
Once you’ve placed your bet, the teller will give you a ticket that shows your bet details. Hang on to this ticket until the race is over. If your horse wins, you’ll need to take your ticket to the cashier’s window to collect your winnings. Good luck!
Conclusion
Now that you know the different types of wagers, you’re ready to start betting on horse races! Remember that the more complex the bet, the higher the risk and potential reward. So, if you’re feeling lucky, go for an exotic wager. But if you want to play it safe, stick with a straight bet. Whichever way you choose to bet, make sure you have fun and enjoy the race!