Betting on Horses

Let's take a look at horse race betting first, since it is the most easy to understand and not long ago horse racing was the biggest gambling activity in the U.S. (Football betting is bigger now.)

Basics:
A race usually has five to twelve horses entered. On a typical day at the track nine or ten races are run. There are about 25 minutes between each race, during which time you can try to figure out which horse to bet on, look at the horses, watch the odds, and place your bets. The minimum bet at most tracks is $2. When you place a bet at the betting window, you are given a "ticket". The betting windows close about a minute before each race begins.

As with all sports your betting can be based on just a feeling or on information and facts gathered by you in advance of the race. (Online) sportsbooks and the sports sections of most big city newspapers carry write-ups for the day's races at nearby tracks. There is a summary of each race, including names of the horses and jockeys (the ones riding the horse), post positions (the order in which the horses line up to start the race, from the inner rail outwards), comments about each horse, weights carried by each horse (weights are put on some better horses to make them more slow), and probable odds of winning. The probable odds are estimates. Actual payoffs aren't determined until all bets are placed.

Types of Bets:
Horse races basically offer three bets:
1) Win: You bet that the horse you picked will finish first.
2) Place: You bet that the horse you picked will finish first or second.
3) Show: You bet that the horse you picked will finish first or second or third.

In addition there are more "exotic" bets involving more than one race or more than one horse in a particular race. The five most common exotic bets are:
1) Exacta: You pick in exact order the horse to finish first and the horse to finish second.
2) Trifecta: You pick in exact order the horse to finish first, the horse to finish second and the horse to finish third.
3) Quinella: You pick in any order one horse to finish first and one horse to finish second.
4) Daily Double: You pick the winners of two different races (one winner each) - usually the first two races of the day.
5) Pick Six: You pick the winners of six different races (one winner each).

That's actually all you have to know. There is only one more thing: to calculate your winnings which of course involves some mathematical aspects. If you aren't interested in your odds at all you can just go ahead and start betting. It's quite important and very useful though to understand how to calculate your winnings... Read More About Horse Betting Odds & Winnings