Win, place and show
| Bet | Your horse must finish | Typical payout |
|---|---|---|
| Win | 1st | Highest of the three |
| Place | 1st or 2nd | Lower than win |
| Show | 1st, 2nd or 3rd | Lowest |
A place bet pays the same whether your horse finishes first or second. Place and show pay less because the money in those pools is split among the bettors on two or three horses instead of one. "Across the board" means a win, place and show bet on the same horse (three bets, so it costs three times the base amount).
In the U.S., the standard base bet for win, place and show is $2, and payouts are usually posted per $2. Many exotic bets allow smaller base amounts. Minimums vary by track and betting platform.
How pari-mutuel odds work
U.S. horse racing uses pari-mutuel betting. You aren't betting against the track at a fixed price. Every win bet goes into one pool, every place bet into another, and so on.
- The track takes a percentage off the top of each pool, called the takeout. It's commonly somewhere around 15% to 25%, depending on the state and the type of bet.
- The rest is paid to the people holding winning tickets, split according to how much was bet on each horse.
- Payouts are rounded down slightly, a rule called breakage.
The big difference from sports betting: the odds keep changing until betting closes, and you get the final odds, not the odds on the board when you placed your bet. The tote board at the track shows the current odds as the pools change.
Reading racing odds
Racing odds are written as profit-to-stake. 5-2 (five-to-two) means $5 profit for every $2 bet. To estimate a $2 win payout, multiply $2 by the odds and add back your $2:
| Odds | Approx. $2 win payout | Implied chance (before takeout) |
|---|---|---|
| 1-5 | $2.40 | 83.3% |
| 1-1 (even money) | $4.00 | 50.0% |
| 5-2 | $7.00 | 28.6% |
| 5-1 | $12.00 | 16.7% |
| 10-1 | $22.00 | 9.1% |
Actual payouts can be a bit different because of breakage and because displayed odds are rounded. Implied chance here is simply 1 ÷ (odds + 1). Since takeout comes out of the pool first, the implied chances across a whole field add up to more than 100%.
The morning line
The morning line is a set of odds printed in the program and shown before betting opens. It's made by the track's morning-line oddsmaker as a forecast of how the betting public is likely to bet each horse. It is not a guarantee, and it isn't the price you'll get.
- Once betting opens, the real odds come from the pools and can move a long way from the morning line.
- A horse going off at much lower odds than its morning line is getting more support than expected. Much higher odds means less.
- Scratches (horses withdrawn from a race) can change the picture, and the pools adjust.
On theWagerDesk racing cards, you'll see the morning line first, then a day-of odds snapshot with the time it was taken. Final odds are only known once betting closes.
How to read a program
Every track's program looks a little different, but most show the same core information.
Race header
- Race number and post time.
- Distance, usually in furlongs. A furlong is one-eighth of a mile, so 8 furlongs = 1 mile.
- Surface: dirt, turf (grass) or synthetic.
- Race type, such as maiden (horses that have never won), claiming (horses can be bought out of the race for a set price), allowance, or stakes (the top level).
- Purse and conditions: prize money and who is eligible (age, sex, past wins).
Each horse's entry
- Program number: the number on the saddle cloth and the number you bet. Horses with the same owner or trainer are sometimes coupled as an entry (for example 1 and 1A) and count as one betting interest.
- Post position: the starting gate stall. It often matches the program number but doesn't have to.
- Morning line odds.
- Horse's name, plus age, sex (for example c = colt, f = filly, g = gelding, m = mare, h = horse), color, and pedigree (sire and dam).
- Jockey, trainer and owner, often with the owner's silks (the jockey's colors) described or pictured.
- Weight the horse carries, in pounds, including the jockey.
- Medication and equipment codes, for example L for Lasix or b for blinkers. Codes can vary by program.
Past performances
Past performances ("PPs") summarize each horse's recent races: date, track, distance, surface and track condition, the race's class, running position at each call, finish position and beaten lengths, jockey, weight, final odds, and often a speed figure. Recent workouts are usually listed too. PPs are where handicappers spend most of their time, and they're usually sold separately or included in a full program.
Exotic bets in brief
- Exacta: pick the first two finishers in exact order.
- Trifecta: the first three in exact order. Superfecta: the first four.
- Daily double: the winners of two races in a row. Pick 3/4/5/6: the winners of 3 to 6 races in a row.
- A box covers every order of your selected horses, and costs more because it's several bets at once.
Quick recap. Win = 1st, place = top two, show = top three. Odds come from the pools and keep moving until betting closes. The morning line is a forecast of the betting, not a price.
Education only. Not betting advice. Wagering on horse racing is legal only in some states, and the minimum age varies. theWagerDesk uses 21+ everywhere. Gambling problem? Call or text 1-800-MY-RESET.