Wager Wisely - How to Bet on the Horses

What could be more beautiful than a herd of gorgeous thoroughbred horses, all clad in vibrant colors, galloping at full tilt with graceful riders on a sunny day? Danger, daring and delight compete for the crowd's attention!

Despite the picturesque outlook, the horse racing industry is not just about aesthetics or athletics. Although the real exertion occurs on the track, another sport takes place in the stands. And the participants may stomp and snort and sweat even more than the equines in the racing field. These are the wagerers, who bet legal tender on the outcome of each race.

Racetrack betting (for horses and even greyhounds) is generally based on a pari-mutuel system. Essentially, this means race winnings are proportionate to the total amount bet on a given race. Each horse is given odds of winning, which may change right up until the start of the race. The odds determine the proportion of payout to winners.

Usually, racing forms and other information are available to help wagerers determine how they wish to place their bets. These papers often provide recent results, training records, handicapping statistics and other pertinent data on each equine entry in a given race.

When I used to play the horses, I liked to pick long-shots, with high odds. If they won, I won big. This doesn't happen often, but I nearly always returned from the track with more than I had before. Once, I placed a $3 bet (to win) on a horse with 22-to-1 odds. When he shocked everyone and finished first, I pocketed $66 in a single race.

Now that I actually own a retired racehorse, I don't bet on the races. I buy oats and hay instead.

Where can you bet?

Racing bets may be placed at racetrack betting windows or at off-track betting facilities. These offer television monitors and often large screens for viewing races.

Occasionally, bets are accepted at other locations as well.

Responsible risks

It's important to determine exactly how much money you plan to play with, before you place the first wager. In other words, you need to know how much you can afford to lose. How much are a few hours at the racetrack worth to you?

If you win, you can put your own money away, and just play with your winnings. This is a great way to prevent overspending and gambling debt.

How to wager

Race wagers can be made at the racetrack, at off-track betting locations, and sometimes through other means.

For example, suppose you bet $5 on your favorite horse to win, and his odds are 3-1. If he wins, you will receive $15. If he loses, you get nothing.

Several betting categories may be offered. Here are a few of the most common options:

Win: You bet for a specific horse to win. If he does, you collect.

Place: You bet for a specific horse to come in second. If he comes in first or second, you collect winnings.

Show: You bet for a specific horse to come in third. If he comes in first or second or third, you collect winnings.

Win, Place, or Show: You pick a horse for a given race. If he finishes first, second, or third, you collect winnings.

Pick 3: You can bet on the winners of three consecutive races. If you pick correctly, you can win a higher ratio.

Pick 6: You can pick the winners of six consecutive races. This is hard to do, but can spell big winnings.

Daily Double: You can pick the winners of the first two races of the day. Wagers must be completed before the first race starts.

Quinella: You can pick the first and second place finishers in a race, in any order. If your two horses finish first and second, or second and first, you win.

Quinella Box: This is just like a quinella, except you are picking the top three horses in a race.

Perfecta: You pick the first and second place finishers in a race, in order.

Straight Perfecta: You pick the top three finishers in a race, in order.

Superfecta: You pick the top four horses in a race, in order.

Wager warning

Although racetracks and off-track betting facilities usually do accept credit and debit cards, this can be a risky recreation. To avoid the temptation to bet more than you can afford, it's a great idea to leave the plastic at home. Carry cash, and you won't be lured into excess risks.