How to Bet on Horses: A Beginner's Guide to Horse Racing Betting
To bet on horses, pick a race, pick a horse by its program number, choose a bet type and an amount, and place the wager at a track window or a licensed betting app. The simplest bet is $2 to win: your horse has to finish first.
Horse racing in the United States uses pari-mutuel betting. You are not betting against the house. Every bet of the same type goes into one pool, the track keeps a cut, and the winners split what is left.
How to bet on horses in five steps
- 1Pick the track and race numberBets are tied to a track and a race, for example Gulfstream Park, Race 7. Check the post time so you bet before the gates open.
- 2Pick your horse by program numberHorses are bet by the number on the program and saddle cloth, not by name.
- 3Choose the bet typeWin, place and show are the straight bets. Exotic bets such as the exacta and trifecta ask you to pick more than one horse.
- 4Choose the amount$2 is the standard base bet. A $2 win, place and show ticket on one horse costs $6.
- 5Say it in orderAt a window, the order is track, race, amount, bet type, horse number: "Gulfstream, Race 7, $2 to win on number 4." Check the ticket before you walk away.
Win, place and show: the three straight bets
| Bet | Your horse must finish | Cost of a $2 bet | Payout |
|---|---|---|---|
| Win | First | $2 | Highest of the three |
| Place | First or second | $2 | Lower than win |
| Show | First, second or third | $2 | Lowest, cashes most often |
| Across the board | Win, place and show on one horse | $6 | All three pay if the horse wins |
Place and show pay less because more tickets cash. If your horse wins, a place ticket still pays only the place price. Lone Star Park lists $2 minimums for all three, and Keeneland takes $1.
For every wager on the menu, see our guide to horse racing bet types.
How much does a horse racing bet pay?
Odds show profit against stake. At 5-1 you win $5 for every $1 bet, so a $2 win ticket returns $12: $10 in profit plus your $2 back. Tote boards list the payout on a $2 bet.
| Odds | $2 win bet returns | Profit |
|---|---|---|
| 1-1 (even) | $4.00 | $2.00 |
| 2-1 | $6.00 | $4.00 |
| 5-2 | $7.00 | $5.00 |
| 5-1 | $12.00 | $10.00 |
| 10-1 | $22.00 | $20.00 |
| 20-1 | $42.00 | $40.00 |
The odds keep moving until the race starts, because every new bet changes the pool. Your payout is set by the final odds, not the odds when you bet. Our horse racing odds guide covers the math.
Where can you bet on horse races?
You can bet at a racetrack, at an off-track betting site, or through an advance-deposit wagering app where your state allows it. App bets go into the same pools as bets made at the track, so the payouts are the same.
Horse betting is regulated state by state, and it is legal in more states than sports betting. If you already bet sports, the biggest change is the pool. There is no fixed line to shop, which is the opposite of what our sportsbook reviews teach.
Tips for your first day at the track
- Set a budget for the day and divide it by the number of races you plan to play.
- Stick to win, place and show for the first few races.
- Read the program: it lists each horse's jockey, trainer, recent finishes and morning line odds.
- Bet early enough to check your ticket. Mistakes cannot be fixed after the race starts.
Once the basics feel easy, learn to read past performances in our guide on how to handicap a horse race, and keep our glossary of horse racing terms open in another tab.