Types of Horse Bets

Thoroughbred horse racing is as big in Kentucky as anywhere in the world. After all, the most famous horse race on the planet, the Kentucky Derby, runs at Churchill Downs Racetrack in Louisville.

That means everyone in Kentucky should know how to bet on the ponies. Perhaps you’ve been betting on thoroughbred racing your whole life, or you may be brand new to this game. Either way, the following types of horse bets available will give you a complete understanding of how each horse racing bet works.

Basic types of horse racing bets

The basic horse racing bets are win, place, and show. These are also known as straight bets. Win bets pay off when your horse wins. Place bets pay off at reduced odds when your horse comes first or second, and show bets pay off at even further reduced odds when your horse comes first, second, or third. Here are more details:

Win: Pick a horse to win a single race. Get paid at the post-time win odds only if your horse wins. Post-time win odds are calculated and set once all bets are in and the race begins. Win odds are determined by the amount bet on each horse to win relative to the amount bet on the other horses in the race to win.
Place: Pick a horse to win or finish second in a single race. Get paid at the post-time place odds only if your horse wins or comes second. Post-time place odds are calculated and set once all bets are in and the race begins. Place odds are determined by the amount bet on each horse to place relative to the amount bet on the other horses in the race to place.
Show: Pick a horse to win, finish second, or third in a single race. Get paid at the post-time show odds only if your horse wins, comes second, or third. Post-time show odds are calculated and set once all bets are in and the race begins. Show odds are determined by the amount bet on each horse to show relative to the amount bet on the other horses in the race to show.

Understanding basic horse bet odds

The odds on a horse to win, place, or show will fluctuate as more bets come in, and more money is added to each parimutuel betting pool. The odds change based on which horses are bet on. Lots of betting on a horse will push the odds down on that horse. Low or no betting on another horse will push the odds up.

Post time is when the last bets are accepted, the final odds are set, and a race begins. Every bet taken, from the track where the race is run to simulcast tracks, off-track betting parlors, and online horse betting apps like TVG, is taken into account in setting these final post-time odds.

The track’s take is pulled from each parimutuel pool to cover expenses, purses, taxes, and profits. Everything left over is shared among winning tickets based on the amount bet and final post-time odds.

Straight bet combinations

You can also bet on specific combinations of straight bets, including:

Across the Board: Combines all three straight bets—win, place, and show. You pick a horse to win, place, and show in a single race. If the horse wins, you win all three bets. If the horse finishes second, you win your place and show bets, and if the horse comes third, you win the show bet.
Win/Place: This is a combination of win and place bets. You pick a horse to win and place in a single race. If the horse wins, you win both bets. If the horse finishes second, you win your place bet.
Place/Show: This is a combination of place and show bets. You pick a horse to place and show in a single race. If the horse wins or comes second, you win both bets. If the horse finishes third, you win your show bet.

Horse racing exotics

You can go beyond straight bets with exotic bets that let you bet on horses and the order in which they finish. The difficulty in getting it right means exotics often pay big odds. Here are more details on each exotic:

Exacta: Also known as the perfecta. Pick two horses to come first and second in a single race in exact order. Box an exacta to place an additional bet covering both combinations of finishing orders for the same horses.
Quinella: An exacta box.
Trifecta: Pick three horses to come first, second, and third in a single race in exact order. Box a trifecta to place additional bets covering every combination of finishing orders for the same horses.
Superfecta: Pick four horses to come first, second, third, and fourth in a single race in exact order. Box a superfecta to place additional bets covering every combination of finishing orders for the same horses.

Exotic combinations

As mentioned above, you can place straight exotics involving the exact finishing order of the horses in your bet, or box your bet, covering all available finishing order combinations. Of course, that can be costly with more horses in the bet. However, there is another way to combine exotics and different ways to use them:

Keying: Pick a horse to win, then add other horses behind it in different finishing order combinations. A trifecta key would mean picking one horse to win and then adding combinations of other horses to finish second and third.
Wheeling: Keying one horse and using the entire field in your additional combinations.
Partial Wheel: Keying one horse and using only part of the field in your additional combinations.

Multiples

You can go even further beyond straight bets and exotic bets with multiples that let you bet on the winners of consecutive races on the same day at the same horse racetrack. Multiples often pay long odds because of the difficulty in stringing together multiple winners from different races. You can also place additional bets covering various combinations of horses in the different races in your multiples. Multiples include:

Daily Double
Pick 3
Pick 4
Pick 6
Pick All

How much each bet costs

With straight bets on a single horse, the cost of the bet is precisely how much you’re willing to wager. However, it’s a little more challenging to figure out when you start horse betting on different exotic combinations. Here’s a look at how you can calculate the costs of a bet yourself.

Exacta

You’re picking the winner and runner-up in exact order. The minimum bet is $2, so if you pick one horse to win and another to come second, the cost of the bet is just $2.

However, you can do a partial wheel, picking one horse to win combined with any number of different horses to come second. The more horses, the better your chances of winning, but the more the bet will cost. Bet on one horse to win in combination with two different horses to come second and now you’re betting $4. Make it four different horses and the bet is $8.

You can also box the bet, covering all available finishing order combinations for the same horses. A basic exacta box costs $4 since it’s basically two $2 bets covering the two different finishing order combinations for your two horses. Plus, you can add more horses, creating more combinations of possible finishing orders, but costing you more.

Trifecta

You’re picking the winner, runner-up, and third-place horse in exact order. The minimum bet is $1 or $2, so if you pick one horse to win, another to come second, and one more to come third, the cost of the bet is just $1 or $2.

However, you can do a partial wheel, picking one horse to win combined with any number of different horses to come in second and third. The more horses, the better your chances of winning, but the more the bet will cost. Bet on one horse to win in combination with three different horses to come in second and third, and now you’re betting on six different combinations. Your $1 trifecta is now a $6 bet.

Do the math yourself by multiplying the number of horses you have winning by the number you have finishing second minus 1, multiplied by the number of horses you have finishing third minus 2.

You can also box the trifecta, covering all available finishing order combinations for the same horses. A basic $1 trifecta box costs $6 since it’s covering six different finishing order combinations for three horses. Plus, you can add more horses, creating more combinations of possible finishing orders, but costing you more.

Superfecta

You’re picking the winner, runner-up, third- and fourth-place horses in exact order. The minimum bet is usually $1 or $2, so if you pick one horse to win, another to come second, one more to come third and another to finish fourth, the cost of the bet is just $1 or $2.

You can do a partial wheel, picking one horse to win combined with any number of different horses to come in second, third, and fourth. The more horses, the better your chances of winning, but the more the bet will cost. However, when you start adding more horses, the number of combinations increases exponentially, so much so that some tracks will offer a dime superfecta, allowing you to drop your bet size to just 10 cents.

A partial superfecta wheel with four horses in each of the different finishing positions makes for 72 combinations. While this bet might cost as much as $72, the dime superfecta here is just $7.20.

You can also box the superfecta, covering all available finishing order combinations for the same horses. A basic $1 superfecta box still costs $24, since it’s covering 24 different finishing order combinations for four horses. You can add more horses, but a fifth horse means 120 combinations, and a sixth is 360, making the bet cost prohibitive.

The cost of multiples

Daily Double

Here, you’re picking the winner of two selected races. The minimum bet is $2, so if you pick one horse to win the first race, and another to win the second, the cost of the bet is just $2. However, you can wheel your bet. Pick three horses to win the first race and two more to win the second and you’re looking at six possible combinations and a $12 bet.

You can always do the math yourself by multiplying the number of horses you pick in the first race by the number in the second, then multiplying that by the amount for each bet.

Pick 3

You’re picking the winner of three selected races. The minimum bet is $2, so if you pick one horse to win the first race, another to win the second, and a third to win the third, the cost of the bet is just $2. However, you can bet on a partial wheel. Pick one horse in the first leg, two in the second, and three in the third and you’re betting on six combinations (1 x 2 x 3.) However, this will cost you six times your stake.

You can always do the math yourself by multiplying the number of horses you pick in the first race by the number in the second and the number in the third, then multiplying that by the stake.

Pick 4/Pick 5/Pick 6/Pick All

In this category, you’re picking the winner of the number of selected races in the name of the bet. The minimum bet is $2, so the cost of any straight bet is just $2. However, you can bet on a partial wheel. Do the math yourself by multiplying the number of horses you pick in each race by the number you pick in each additional race. Just remember, more races and more horses mean more expensive bets.