Conventional wisdom holds that a fan will do OK at the racetrack
if he or she grabs a tip sheet or a local newspaper and follows
the picks of the pros. That may or may not be so, but it is not
nearly as much fun as making your own selections and trying to
outsmart everyone else at the track. This is the essence of
pari-mutuel betting: each bettor is betting against all the
others making the same type of bet.
Handicapping
101 - Meet The Players Learn
about the people and animals that make up this fascinating sport
of kings.
102 - How To Wager Start
here for the basics on how to place a bet.
103 - Types of Races Should
you bet on a Stakes, Maiden or Claiming?
104 - Beginner Tips Get
a start on some of the main points to consider when betting.
105 - Reading The Daily
Racing Form or Program Three tutorials on how to read the racing
program
106 - Money Management Manage
your risk and enjoy the day.
Pari-mutuel means that bets by race fans go into a common pool,
which is then distributed to the winning ticket-holders after
the track's takeout for the race's purse, taxes, and track profits,
is subtracted. The more fans holding a winning ticket, the less
the pay-out will be. This spawned the term "favorite",
which is used to describe the horse that has taken the most money. However,
favorites win only about 30 percent of the time. It makes sense for the bettor
to study the program with the day's racing information before making a pick.
Picking winners at the track is one of the most fun and exciting
forms of entertainment around, as long as you bet with your
head. Those who want to minimize betting risk should stick to
less aggressive bets. Those looking to "hit the big one" usually
opt for the exotic wagers, such as a trifecta or a pick three. All bets can
be fun and profitable if managed correctly. Like playing the stock market,
the key words are money management, performance, and value. Use the section
below to aid your understanding of betting terminology and rules.
And remember, never bet more than you can stand to lose.
Straight Betting:
The minimum straight win, place or show wager is $2. The final
winning prices are all based on a $2 wager. For example, if you
bet $10 to win, and the win price was $5.00, you would collect a
total of $25. The math works like this: [$10(amount bet)
multiplied by $5.00(winning payoff) divided by $2(minimum bet
denomination) = $25.00].
Win - Your horse must come
in first. (On average 30% of favorites win.)
Place - Your horse must come
in first or second. (On average 45% of favorites win or place.)
Show - Your horse comes in
first, second, or third. (On average 65% of favorites win, place
or show.)
Across the board - You are
betting win, place and show on one ticket. You'll collect all
three pay-outs if the horse comes in first; place and show if
the horse comes in second, and show only if the horse comes in
third.
How to Place a Straight Bet
Step 1: State the race number
Step 2: State the amount of the wager
Step 3: State the type of bet
Step 4: State the horse number(s)
See our Interactive Tour!
For example, if you want to bet $10 to win on the No. 7 horse in
the third race, go up to the pari-mutuel clerk behind the window
and say, "Third race, ten dollars to win on number 7." If you
want to impress your friends with your grasp of the terminology,
simply say "Race 3, $10 win on the 7."
Approximate Payoff for a $2 Win Bet
| Odds | Pays | Odds | Pays |
|---|---|---|---|
| 1-9 | $2.20 | 2-1 | $6.00 |
| 1-5 | $2.40 | 5-2 | $7.00 |
| 2-5 | $2.80 | 3-1 | $8.00 |
| 1-2 | $3.00 | 7-2 | $9.00 |
| 3-5 | $3.20 | 4-1 | $10.00 |
| 4-5 | $3.60 | 9-2 | $11.00 |
| 1-1 | $4.00 | 5-1 | $12.00 |
| 6-5 | $4.40 | 6-1 | $14.00 |
| 7-5 | $4.80 | 7-1 | $16.00 |
| 3-2 | $5.00 | 8-1 | $18.00 |
| 8-5 | $5.20 | 9-1 | $20.00 |
| 9-5 | $5.60 | 10-1 | $22.00 |
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