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How to Bet on a Horse Race
To bet on a horse race, you must place your bet at one of the many betting windows. Each betting window has its own minimum bet: some may allow bets as small as $2, while others may require bets of $50 or more. If you plan to make larger wagers, the high-limit windows usually have the shortest lines. Some tracks also feature betting machines called SAMs (screen-activated machines) that will accept your wagers.
Many different types of bets are available (for details on each type, see Straight Bets and Exotic Bets). Regardless of the specific bet you make, always announce your bet to the clerk in the following order:
- The number of the race you’d like to bet
- The dollar amount of your bet
- The type of bet (win, place, show, etc.)
- The number(s) of the horse(s) you’d like to bet (to avoid confusion, bets are made by horse number, not name)
For example, to bet $10 on horse 4 to win in the third race, say, “Third race, $10, win, 4.” Don’t stray from this order, and don’t try to make conversation with the clerk. The clerks and the patrons behind you will likely have little tolerance for delays.
After you place your bet, the clerk will give you a ticket summarizing your choices. Before you leave the betting window, make sure your ticket is accurate. Hold on to it as if it were cash because you have no recourse if you lose it.
Where to Sit
You have two basic choices of where to sit: inside or outside. Weather permitting, most people prefer to sit outside, as it’s the closest to the action. If you have a choice, try to sit in the grandstand in a section close to the finish line.
How to Claim Winnings
If you hold a winning ticket, return to one of the betting windows to claim your winnings. Even if you think you’ve lost, it’s a good idea to wait at least a few minutes after a race ends before you discard your ticket. Horses are occasionally disqualified after a race, and one horse’s disqualification could make your horse a winner.
How Pari-Mutuel Betting Works
Racetracks use a wagering system known as pari-mutuel betting. With pari-mutuel betting, the operators of the track take out a fixed percentage of all wagers, called the track take. The remaining money is then divided among the bettors. So when you bet on horse races, you’re competing against the other bettors to make more skilled selections, whereas the track always wins the same fixed percentage of the money bet.
Odds
A key feature of pari-mutuel betting is the odds paid for each bet. The odds stipulate how much you’ll be paid if your bets win. In horse race betting, odds may be indicated in two ways:
- As a fraction or number with no dollar sign: To determine how much you’ll win, multiply your wager by this number. For example, if the odds are 3/2, and you bet $10, you’ll win 3/2 × $10 = $15. You’ll also get your original $10 back, for a total of $25.
- As a dollar amount: This is the amount you’ll win on a $2 wager. For example, if the odds are $3.20, and you bet $2, you’ll win a total of $3.20 (this $3.20 includes your original wager). Bets greater than $2 win more money: for example, with the same $3.20 odds but a $10 wager, you’ll win a total of 5 × $3.20 = $16 (since $10 is 5 times more than $2).
You’ll see both types of odds given at a racetrack. The easiest way to distinguish between them is whether they include a dollar sign.
The Tote Board
The tote board displays odds and other information about each race. As people make wagers on different horses, the tote board is continually updated to ensure that the track take remains constant. If a large amount of money is bet on one horse, for example, the odds on that horse will decrease so that the track doesn’t have to pay out a disproportionate amount of money if that horse wins.
Note that the odds you’ll be paid on a winning wager are determined by the final odds for that wager. These may differ from the odds displayed at the time you bought your ticket.
How to Read a Tote Board
Here’s an example of a typical tote board, followed by an explanation of the information found in each area:
- Race no.: The number of the upcoming or current race, if one is in progress. (In this example, 5 is the next race.)
- Minutes to post: Minutes until the next race starts. (In this example, 10 minutes.)
- Post time: The time at which the next race starts. (In this example, 3:00.)
- Time of day: The current time. (In this example, 2:50.)
- Odds: The horse number, followed by the odds for that horse. (In this example, the odds for horse 1 are 9/5.)
- Win, place, show: Under “Total,” the total dollar amounts bet on all horses to win, place, and show; on the right side, the amount bet on an individual horse to win, place, or show. (In this example, a total of $18,625 was bet on all horses to win, of which $5,265 was bet on horse 1 to win.)
- Messages: At the far left side or top of the board, promotions and other messages.
The Track Take
The track take is the percentage of wagers that the operators of the racetrack keep. The track take range can be 15–30%, depending both on the individual track and on the type of wager you make.
In general, the simpler the wager, the lower the track take. For this reason, simple bets such as win, place, and show (all of which are covered in Straight Bets) tend to be the least risky bets for a beginner to make.
Track Takes for Selected Venues
Just as track takes vary across different types of bets at the same racetrack, track takes vary across different racetracks as well. If possible, it’s advisable to bet at a track that has a lower take than nearby competitors. Here are the track takes for various U.S. racetracks:
State |
Racetrack |
Straight Bets |
Exotic Bets |
|||
Arizona |
Prescott Downs |
18.5% |
22.5% |
|||
Arkansas |
Oaklawn Park |
17% |
21% |
|||
California |
Hollywood Park |
15.4% |
20.2% |
|||
Colorado |
Arapahoe Park |
18.5% |
25% |
|||
Delaware |
Delaware Park |
17% |
19–25% |
|||
Florida |
Tampa Bay Downs |
18.9% |
25.9% |
|||
Idaho |
Les Bois Park |
18% |
22.8–24.8% |
|||
Illinois |
Arlington Park |
17% |
20.5–25% |
|||
Iowa |
Prairie
Meadows |
18% |
24–25% |
|||
Kentucky |
Churchill Downs |
16% |
19% |
|||
Louisiana |
Delta Downs |
17% |
20.5–25% |
|||
Maryland |
Laurel Park |
17% |
19–25% |
|||
Michigan |
Great Lakes Downs |
17% |
20.5% |
|||
Nebraska |
Fonner Park |
15% |
23% |
|||
New Jersey |
Meadowlands |
17% |
19–25% |
|||
New Mexico |
The Downs |
22% |
22–25% |
|||
New York |
Aqueduct |
15% |
20–25% |
|||
Ohio |
River Downs |
18% |
22% |
|||
Oklahoma |
Remington Park |
18% |
20% |
|||
Oregon |
Portland
Meadows |
18% |
22% |
|||
Pennsylvania |
Philadelphia Park |
17% |
20–30% |
|||
Texas |
Lone Star |
18% |
21–25% |
|||
Virginia |
Colonial Downs |
18% |
22% |
|||
Washington |
Emerald Downs |
15.1% |
22.1% |
|||
West Virginia |
Charles Town |
17.3% |
19–25% |
| Acknowledgments & Disclaimer |
