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How
to Bet at the Horse Track
Introduction
To Betting on Horses
When
you wager, you are betting not against the track but
against everyone who is making that type of wager in
a particular race. For example, if you bet a horse
to win, your bet goes into the win pool. Based
on how much is wagered on each horse to win, their odds
will change accordingly.
This
is called pari-mutuel wagering, from the French term
meaning "amongst ourselves." In this
method of wagering, the public is betting against each
other, not against the racetrack. In effect, the
track has no interest in the results of a race.
The track simply deducts a percentage from each dollar
wagered for payment of purses, state taxes, and expenses.
The remainder of the pool (usually about 83-85% on win,
place and show bets) is returned proportionally to the
winners.
Traditional
Horse Racing Wagers
| Win |
You
win if your horse finishes first. |
| Place |
You
win if your horse finishes first or second. |
| Show |
You
win if your horse finishes first, second, or third. |
| Across
The Board |
Placing
a wager on your horse to win, place, and show.
A $2 bet "across the board" would be a
$6 wager. |
|
Exacta |
Picking
two horses to finish first and second in exact order. |
|
Triple |
Picking
three horses to finish first, second, and third
in exact order. |
| Superfecta |
Picking
four horses to finish first, second, third, and
fourth in exact order. |
|
Daily Double |
Picking
the winners of two races that are designated Daily
Double races. Wagers must be placed before
the running of the first of the two races. |
|
Pick 3 |
Picking
the winners of three races that are designated Racing
Pick 3 races. Wagers must be placed before
the running of the first of the three races. |
How
Much Is Returned To Winners?
On
each win, place, and show bet, roughly 83%-85% of the
money wagered is returned to bettors in winning payouts.
The remaining 15%-17%, known as the "takeout,"
is divided among the State, horseman (purses), breeders,
and the racetrack. On wagers involving multiple
horses, the takeout is higher.
Morning
Line
The
morning line odds in the program are set by an oddsmaker
before the betting begins. This is an educated
guess on how the public will bet on each horse.
The odds change as money enters the mutuel pool.
Odds
Win
odds are posted on television monitors at the track,
on tote boards in the infield, and they are available
on the internet also. These odds are updated generally
every 45-90 seconds. Note that the odds will fluctuate
from the time you wager until the betting for a particular
race ends. When you win, your payoff is determined
by the closing odds.
The
chart below shows the minimum payoffs for selected odds
based on a $2 wager:
| ODDS |
PAYOFF |
ODDS |
PAYOFF |
| 1-9 |
$2.10 |
3-2 |
$5.00 |
| 1-5 |
$2.40 |
8-5 |
$5.20 |
| 2-5 |
$2.80 |
9-5 |
$5.60 |
| 1-2 |
$3.00 |
2-1 |
$6.00 |
| 3-5 |
$3.20 |
5-2 |
$7.00 |
| 4-5 |
$3.60 |
3-1 |
$8.00 |
| 1-1 |
$4.00 |
7-2 |
$9.00 |
| 6-5 |
$4.40 |
4-1 |
$10.00 |
| 7-5 |
$4.80 |
9-2 |
$11.00 |
|
LONGSHOTS
|
| 5-1 |
$12.00 |
15-1 |
$32.00 |
| 6-1 |
$14.00 |
20-1 |
$42.00 |
| 8-1 |
$18.00 |
30-1 |
$62.00 |
| 10-1 |
$20.00 |
50-1 |
$102.00 |
Entry
A
coupled entry in a race is when two or more horses belonging
to the same owner, and / or conditioned by the same
trainer, are deemed "coupled". Therefore,
the coupled entry is comprised of two or more horses
which are a single betting interest. For example:
In a race with a 1 and 1A entry, a bet on 1 is a bet
on 1 and 1A.
Mutuel
Field
A
mutuel field is required when there are more than twelve
betting interests in the same race. In this case,
the Race Secretary "couples" two or more horses,
because the number of horses in the race exceeds the
number which can be handled separately by the pari-mutuel
system. Betting on one horse in a pari-mutuel
field is considered a bet on all horses in the mutuel
field.
Tote
Board
The
tote board provides the following information:
The amount of money wagered on each horse individually
in the win, place and show pools, updated odds, fractional
and final race times, the result of the preceding race
and additional messages including program changes, post
time for the next race and the time of day.
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