One of the first things to learn about horse betting are the different types of bets. Choosing which type of bet is just a matter of personal preference. Would you rather have a higher probability of winning a small amount of smaller probability of winning a larger amount?
Straight bets are the oldest and simplest wagers and horseracing. With these bets, you are betting on just one horse.
Your horse must finish in 1st place.
Your horse must finish in 1st or 2nd place.
Your horse must finish in 1st, 2nd or 3rd place.
There were two basic types of exotic bets: single-race and multi-race. Single-race exotic bets require you to pick the top finishers in the same race, while multi-race bets require you to pick the winners of consecutive races.
There are four single-race exotic bets: exactas, quinellas, trifectas, and superfectas. For trifectas and superfectas, you can "box" the bet so that you will win the bet if the horses you picked finish in any order. Since there are more winning combinations, these bets cost more and therefore qon't have as high a profit.
You must correctly select the 1st and 2nd place finishers in order.
You must correctly pick the first two finishers in either order. Typically this will pay one half of the exacta.
You must select the first three finishers in order.
You must select the first four finishers in order.
You must select the winner of two consecutive races. The daily double was traditionally offered on the first two races of the day, but is now often offered several times on each card.
You must pick the winner of 3, 4, or 6 races in a row. The more races you pick, the more difficult it is to win the bet, but the payout is proportionately larger.
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