The objective while wagering on horses is to beat the bookmaker’s.  The wager is usually placed with a bookmaker (aka, sportsbook, horsebook, racebook, or bookie).  Most bookmakers accept physical, online, and telephone wagers.

To start betting the player needs to pick the winner(s), decide on the type of bet, and set the wager amount.  There are many different types of horse bets that can be made, and you can bet on all your favorite races (Triple Crown, Kentucky Derby, Preakness, Belmont Stakes, and much more)  

Straight bet or Single or Win bet

A player making a ‘strait bet,’ ‘single bet,’ or ‘win bet’ is betting on a winner.

Place

A ‘place’ bet allows the player to bet on a horse finishing either first or second.  Unlike a ‘straight bet’, the player still collects if their horse finishes second.

Show

A ‘show’ bet is very similar to a ‘place bet’, however with a ‘show bet’ the player wins if their horse finishes either first, second, or third. 

Combination Bet

A player betting on a ‘combination’ is betting on 2-4 horses finishing in a certain order.

Pick 3

A player making the ‘pick 3’ or ‘rolling pick 3’ bet is wagering on the winner of three back to back races.

Pick 6

A player making the ‘pick 6’ or ‘rolling pick 6’ bet is wagering on the winner of six back to back races.

Quiniela or Reverse Forecast

The player is betting on the first two horses to finish in either order.

Perfecta or Exacta or Straight Forecast

The player is betting on the first two horses to finish in a selected order.

Trifecta or Tricast or Treble Forecast

The player is betting on the first three horses to finish in a selected order.

Superfecta

The player is betting on the first four horses to finish in a selected order.

Daily Double

A ‘daily double’ is basically just an ‘accumulator’ bet on the first two races of any given day.

Jackpot.

The ‘jackpot’ bet is basically just a ‘pick 6’ bet that does not require that all 6 races are back to back.  To win the ‘jackpot’ the player is only required to pick six winners in any six races. 

Parlay or Accumulator

A parlay or an Accumulator bet is a wager on two or more races and the player must win on all the selections to win.  Parlay or Accumulator bets can provide for big winnings, for the simple reason that winnings from the first race are added to the wager amount for the next race, and so on.  It all adds up fast and players can win big on a small bet.  

Future

A ‘Future’ bet is a bet made on an event that will take place some time in the future.  Future bets are usually bets on which horse will win an event.  The odds for future bets change as the event date approaches, but the player will always be paid on a future bet using the odds that were posted when the bet was made.

Exotic Bets

An exotic bet is a wager on an unusual event.