Types Of Wagers

The great change in betting at the racetrack has been the shift to exotic wagering, where two or more horses in the same race are combined or serial bets are placed on the winners of consecutive races.

Here are the array of wagers racegoers now confront:

Win A bet to finish first
Place A bet to finish second
Show A bet to finish third

In placing wagers at the windows, call the bet-size first, followed by the type of wager, followed by the horse'S number, such as $5 to win on #5.

EXACTA
A bet that two horses will finish one-two in the exact order. An exacta wager coupling #1 with #3 means #1 must win and #3 must finish second. An exact a "box" combines two horses to be first and second, such that either horse can be first and either can be second.

QUINELLA
A bet that two horses will finish one-two in either order. The quinella costs half as much as the exacta and should pay half as much.

TRIFECTA
A bet that three horses will finish one-two-three in the exact order. A trifecta box combines three or more horses such that any can finish first, second, or third. Most racetracks now offer $1 trifectas. The cost is equal to the number of combinations selected multiplied by $1.

PICK 3
A bet intended to select the winners of three consecutive races. More than one horse in each leg is typically combined with one or more horses in the other two legs. Most tracks offer the Pick 3 for $1. The cost is equal to the number of horses selected in the first leg multiplied by the number of horses in the second leg multiplied by the number of horses in the third leg.

PICK 6
A bet intended to select the winners of six consecutive races. The Pick S costs$2 for each six-race combination.

DAILY DOUBLE
A bet intended to select the winners of the first and second races. In recent years at many racetracks a daily double has been offered as well on the final two races on the program. The Daily Double costs $2 for each combination.

BET POOLS
Each type of wager has a separate pool. After a commission is deducted from each wager (which is divided among the track, the horsemen for purses, and the state), the amounts wagered on the winning horses or combinations are divided into the amounts wagered on the losing horses or combinations. These are called the dollar odds. To obtain the payoff on a $2 bet, the dollar odds are multiplied by two and this amount is added to the original $2 wager.

The payoffs that appear after each race on the tote board are the $2 payoffs to win, place, and show. Payoffs on exactas quinellas, trifectas, and Pick 3s are shown on the tote board following each race too, either the $2 payoff or the $1 payoff.