This is the first in a three part series about the particulars of horse racing, how it works, and how to place a bet. In part 1, we’ll start with a description of what pari-mutuel wagering is, types of horse betting wagers, and where your on-track betting dollars go. In part 2, we’ll take a closer look at typical horse racing odds and their payouts, what go to tell the clerk at the window (or an online racebook) when you’re placing your bet, and some betting options such as the “screen activated machines”, or SAMS. Part three features words that you’ll hear at the track and their definition and a sample horse racing program with descriptions. After these tutorials, you should have an idea of what you need to do in order to place a bet in a horse race. Let’s get started:

PARI-MUTUEL WAGERING

Pari-mutuel wagering means, literally, a mutuel wager or “betting among ourselves”. It is similar to a stock transaction. When you buy a $2.00 ticket on a horse you are, in effect, buying one share in the horse’s performance in the race. The race track merely acts as the broker for the transaction and deducts a commission fixed by the state and shared by the state, track, and horsemen. The track’s takeout remains the same, regardless of whether a favorite or a longshot wins.

TYPES OF WAGERS

WIN

To collect, your selection must finish 1st.

PLACE

To collect, your selection must finish 1st or 2nd.

SHOW

To collect, your selection must finish 1st, 2nd, or 3rd.

DAILY DOUBLE

To collect, you must select the winners of two consecutive races.

DAILY TRIPLE

To collect, you must select the winners of three consecutive races.

EXACTA

To collect, you must pick the first two horses to finish in the exact order.

QUINELLA

To collect, you must pick the first two horses to finish, but not in the exact order.

TRIFECTA

You must pick the first three horses to finish, in the exact order they finish.

PICK SIX

Selecting the winners of the last six consecutive races. You must make your Pick 6 wager prior to the first Pick 6 race.

Where your on-track betting dollar goes
(in California):

Part 2: Horse Racing Odds and their Payouts

More information about picking odds and knowing what those odds will pay. Also a description of SAMS (screen activated machines)

Part 3: Horse Racing Words and their Definitions

In part 3 we’ll explore some of the more common as well as some obscure horse track words and their meanings, as well as a detailed look at a sample horse racing program and how to decipher it. Let’s do this!

Horse Race Betting Tutorial Refresher Course – Part 1