Racing 101
Betting on the horses can be as easy as ABC
- Decide the Amount you want to bet
- Determine the type of Bet you want to make
- Choose the number of the horse(s) you wish to place a bet on
Amount
Bets are always made in dollar amounts. The minimum bet is $2.
Bet
The simplest form of betting is the Win, Place or Show bet. To win with a WIN bet, the horse you selected must come in first. If you bet to PLACE, the horse you selected must place in the top two positions. With a SHOW bet, the horse you selected must finish in the top three positions. Refer to Types of Bets for additional betting information.
Choose
The art of trying to guess or figure out what will happen during a race and who will finish the race in front is often referred to as handicapping. Picking a horse is not very scientific and can be a lot of fun. You can pick a horse because you like its name, number, the way it looks, the colors of the jockey's or driver's silks or take the advice of the on-track handicapper. Bet on your license plate number, phone number or birthday... it's just that easy. In addition to the program, novice race enthusiasts can pick up a Tip Sheet. The Tip Sheet is usually inexpensive and provides experts opinion on who they think is going to win.
Pick the Favorites
Statistically, approximately one in three races are won by the favorite. This is the horse on which the crowd bets the most money. By simply betting on favorites, you increase your odds of picking winners. With this easy method, you may come out on top a couple races over the course of an evening, but if you want to really Get To Know The Horses, you need to know more about handicapping.
The more you know and learn, the more successful you might be at the betting window! Visit Handicapping Basics. For the novice, here are some simple strategies, which may help you in picking a winner:
- Wager on the favorite; when looking at the tote board,
the horse with the lowest odds or the most money wagered on it is the
favorite for that race.
- Check the Daily Racing Form, the program, or local paper
for advice. The observations and advice given by the expert is a good
start for the novice and will help you in developing your handicapping
skills.
- Purchase a tip sheet. They are prepared by professional
handicappers and may provide useful wagering selections.
- Check out the program for list of jockey/drivers and
trainer standings.
- Visit the Paddock watch the horses while in the paddock or during the Post Parade.
The odds are posted on a Tote Board (large display board) which is located in the infield (middle) of the racetrack. Although the minimum bet is $2, the odds quoted are based on a $1 bet. If the odds posted for your horse are 10-1 and your horse wins, you will receive $10 for every $1 bet. If you place a minimum bet of $2 on a horse with 10-1 odds, you will get $20 plus your initial $2 wager when you cash in at the betting window.
If the odds posted for your horse are 2-1, you will receive $2 for every dollar bet.
If you bet $2 you would receive $4 plus your initial $2 wager.
If the odds on your horse are 4 - 1, and you placed a $2 wager you will receive $8 plus your initial $2 wager. Similar to the first example, if you placed a $2 wager on a horse with odds of 20-1, you will receive $40 plus your initial wager.It is important to remember that odds change every minute to reflect the amount of money wagered on each horse in relation to all money wagered in the entire win pool. These odds change right down to the last second before each race. The odds are determined by the amount of money bet on each horse (betting pool) and not by the racetrack.
Sample Odds:
APPROXIMATE PAY TO WIN (FOR $2.00) IF THE ODDS ARE: Odds Pays Odds Pays Odds Pays Odds Pays Odds Pays Odds Pays 1/5 $2.40 1/1 4.00 9/5 5.60 4/1 10.00 8/1 18.00 18/1 38.00 2/5 2.80 6/5 4.40 2/1 6.00 9/2 11.00 9/1 20.00 20/1 42.00 1/2 3.00 7/5 4.80 5/2 7.00 5/1 12.00 10/1 22.00 25/1 52.00 3/5 3.20 3/2 5.00 3/1 8.00 6/1 14.00 12/1 26.00 30/1 62.00 4/5 3.60 8/5 5.20 7/2 9.00 7/1 16.00 15/1 32.00 99/1 200.00 FIGURE UNDER HORSE'S NUMBER INDICATES MORNING LINE
The Payoff
Race results are displayed on the Tote Board and on TV monitors located throughout most racetracks. The payoffs appear as follows:
Horse Number
Order of FinishWin
1st PlacePlace
1st or 2nd PlaceShow
1st, 2nd, or 3rd1st Place #4 $11.90 $7.80 $4.20 2nd Place #2 $9.30 $5.30 3rd Place # 5 $3.80
Race Classifications
Races are classified based on a number of factors and dermine which horses are eligible to enter a specific race.
Conditioned Race
A race where eligibility is based on age, sex, money won or races won.
Claiming Race
A race where any of the entrants may be claimed or purchased for a specified price.
Invitational, Preferred or Open
A race for the top horses on the grounds. In Invitational or Preferred events, the racing Secretary invites the top horses for a particular race.
Stakes Race
Usually the featured race on a days card of racing. These races have the largest purses. The winning purse includes money from the racetrack as well as entry and starting fees, since these fees are quite high only the best horses are entered.
Betting Pools - To Bet Amongst Us
The system used for betting at racetracks worldwide is known as pari-mutuel betting. Pari-mutuel is French for "to bet amongst us". Each type of bet has it's own pool or cash account. The racetrack places the money wagered into specific pools, i.e. Win, Place or Show.
You never bet against the track. If you win, you get what someone else lost. When you place a bet you are betting against others who have placed the same type of bet as yourself.
A note from the experts: Don't leave it to the last minute to place your bet. Take your time; go to the teller when there is at least 5 minutes until the start of the next race.
