You’re at the track or placing a bet online on a horserace for the first time – what do you do?!

There are many different types of bets, and it can be intimidating to new bettors. Don’t worry, we’ll break down the basics to help you get in on the action – and hopefully win some cash!

Remember – be smart! Set a budget, and never bet more that you can afford to lose.

You can have a lot of fun, really get to know the sport, and win a little bit of money simply by sticking to three basic bets. These are win, place and show.

WIN

The simplest of all horseracing bets – pick the horse you think will win the race. If your selection finishes in 1st place, then you win!

PLACE

You cash in on a “place” bet when the horse you choose finishes 1st or 2nd in any order.

SHOW

Win a “show” wager when the horse you pick finishes 1st, 2nd or 3rd, in no particular order.

Now that you know how the easiest and three most popular bets work, it’s time to consider the odds before picking the horse you want to bet on.

Exotic Bets

Think you’re ready to lay down some more complex bets? You wanna get nuts?! Let’s get nuts! Actually, it’s not that complicated – here are some types of exotic horse racing bets:

Exacta:

For an “exacta” wager, you must correctly select which horses will finish 1st and 2nd in the exact order.

Ex. If you select horse #7 to win (1st) and horse #4 to place (2nd), you only win if the race finishes with that result.

Trifecta:

A “trifecta” bet is similar to an “exacta”, but with one important difference, there’s a third horse involved! To win a “trifecta” you must choose which horses will finish in 1st, 2nd, and 3rd in the correct order.

Superfecta:

Straightforward to understand, difficult to get right. To win a “superfecta” bet, the bettor must select the first four finishers of a race in the correct order of finish.

Making these types of wagers generally means a bigger payout if you’re correct, but the risk of losing is greater since your bet has to be more specific.

Daily Double

No we’re not playing Jeopardy, this is a popular exotic bet! In this type of wager you’ll need to select the winning horses in two consecutive races.

Pick 3, Pick 4, Pick 5

It’s as easy as the names suggest…well, easy to play, but progressively more difficult to win!

• In a “pick 3” bet you need to choose the winning horses in three consecutive races to cash out.
• A “pick 4” requires you to pick the 1st place horse, four races in-a-row.
• And in a “pick 5”, you guessed it, the bettor must correctly select the winners in five straight races.

Omni Swinger Bet

The Omni Swinger wager is arguably the most forgiving of the exotic horseracing bets.

Similar to an “exacta”, in an Omni Swinger you must also pick a pair of horses. The difference is that instead of selecting the 1st and 2nd place finishers in the right order (exacta), you only need your horses to finish in the top three regardless of order.

An Omni Swinger bet pays out if your choice horses run 1st/2nd, 2nd/3rd or 1st/3rd.

These exotic bets often have higher payouts than traditional bets, but they are also more challenging to win since you must correctly predict multiple outcomes. It’s important to keep in mind that exotic bets require a larger investment of time and money, so it’s important to be knowledgeable about the horses and the track conditions before placing these types of bets.