Horse Betting Odds Explained

Welcome to the horse betting odds page here on ExplainBettingOdds.com. When it comes to betting on horse racing and other forms of pari-mutuel betting, many folks are confused about all of the different ways one can win, calculate odds and determine their payouts. This is because pari-mutuel betting is a type of gambling where bettors put all of their money into a large pool of bets which are placed against each other rather than against an establishment. This is a unique form of gambling which is primarily used in racing and means that winnings are contingent on the amount of bets placed and also the overall amount of money at stake to win. We have developed this page to aid bettors in understanding how this complex system works and how they may calculate their potential winnings across a wide range of various bet types.

Bet On Horses To Win The 2020 Triple Crown

One of the most popular events that you can bet on when it comes to horse betting is the Triple Crown. The Triple Crown is the most prestigious horse racing event that spans across three different races. The three jewels of the Triple Crown are the Kentucky Derby, the Preakness Stakes, and the Belmont Stakes. Very few horses get the opportunity to race in the Triple Crown and even fewer have successfully won all three races. The Triple Crown is exciting because of the potential that a horse will win all three races.

2018 Belmont Stakes Odds Explained

Kentucky Derby BettingThe Belmont Stakes – the last leg of the Triple Crown is always ran the third Saturday following the Preakness Stakes. Betting on the Belmont Stakes is very similar to betting on any other horse race. You can see how well a horse might do based on the posted odds. If a horse’s odds are at 7-2, then for every two dollars you put down, you will win seven dollars. 1-1 odds mean that a horse will only payout one dollar for every dollar you wager. But that means everyone believes that particular horse is going to win. When you are betting on the Belmont Stakes or any other horse race, you need to observe how everyone is betting so you can maximize your profits.

Common Wager Types When Betting On Horse Races

There are a variety of wager types which are prevalent in horse racing which is divided into two main categories. ‘Straight wagers’ are bets placed on a single horse to have a particular finish while ‘exotic wagers’ are bets placed on multiple horses to finish in a particular order in a race. Straight wagers are typically brief and to the point with a clear payout while exotic wagers are typically higher priced with rougher odds however with fantastically large payouts. We will cover the most common wager types which you will find at a live racetrack or an online racebook.

Straight Wagers - The Most Normal Type Of Horse Betting Odds

In a straight wager at the track, a bettor is going to have 4 main bets to choose from which he or she can place on a single horse at a time. The odds on straight wagers are some of the more favorable in pari-mutuel betting although they do not offer very high payouts unless a bettor is picking a horse with dismal odds to outright win a race. The most common straight bets are as follows:

Win: A bet on a horse to ‘Win’ means that the bettor believes that the horse will finish in 1st place of a race. Any other result would mean a losing bet.

Place: A bet on a horse to ‘Place’ is when a bettor believes that the horse will finish in either 1st or 2nd place, no matter the order. The bettor will win if the horse finishes in either of the top two spots but any other place will result in a losing bet.

Show: A bet on a horse to ‘Show’ is to wager that the horse will finish either in 1st, 2nd or 3rd place, no matter the order. This bet may not offer a high payout as the likelihood of a horse finishing anywhere in the top three positions is much more likely than a ‘Win’ or a ‘Place’ bet.

Across the Board: This bet is pricier but ensures the bettor a variety of ways to win. An ‘Across the Board’ bet on a particular horse means that the bettor is making three separate bets all together in one, comprising ‘Win’, ‘Place’ and ‘Show’. If the horse wins the race, the bettor will win the payout for all three bets. If the horse finishes 2nd, the bettor will win the payouts for both ‘Place’ and ‘Show’. If the horse finishes third, the bettor only wins the ‘Show’ payout. If the horse finishes in 4th place or worse, the bettor wins nothing.

Exotic Wagers - Exotic Horse Wagers Are Where The Big Money Is Won

Exotic wagers are a bit more complex than straight wagers and include multiple horses finishing in a particular order rather than an outright prediction of the outcome of a single horse. They are much harder to hit upon but the payouts can be quite vast. There are two varieties of Exotic Wagers with one being “Horizontal” and the other being “Vertical”. Horizontal Exotics are placed on multiple horses in one particular race whereas Vertical Exotics are placed over multiple races on a particular horse or horses. We have compiled a list of the most common Exotic Wagers which one will find at any live racetrack as well as on an online racebook.

Horizontal Exotic Wagers For Horse Betting

Exacta: An Exacta wager is made on the top two horses to finish the race in an exact order. The bettor must successfully predict the winner and runner-up in precisely that order to win. Even if the bettor picked the right two horses but they didn’t finish in the right order, the bettor will have lost the bet.

Quinella: A Quinella wager is the same as an Exacta wager except that the bettor does not have to pick the horses in order. So long as the two chosen horses finish in the 1st and 2nd place, the bettor will have won his or her bet.

Trifecta: A Trifecta is much more difficult to hit on than an Exacta as it involves the 3rd place horse as well as the winner and runner up. A Trifecta is only successful if the bettor has predicted the top three finishers of a race in their exact order. Any other combination results in a losing bet.

Superfecta: The Superfecta wager is the most difficult of all of the Exotic Wagers and features the highest payout in all of pari-mutuel betting however with fantastically difficult odds to win. A bettor must successfully pick the top four horses in precise order in order to win. There is no other combination type which would result in a win other than correctly predicting the 1st, 2nd, 3rd and 4th place horses as they finished. While it is unlikely to predict such a result of a horse race, many tracks and online racebooks entice bettors to try their luck by offering minimum bets as low as $0.10. People have made tens of thousands of dollars off of a winning $1 Superfecta Wager.

Vertical Exotic Wagers For Horse Betting

Pick 3/Pick 4: A Pick 3 Wager is when a bettor picks the winner of three races in a row at a track. A Pick 4 is the same yet with a fourth race simply being added.

Key: A Key Wager is when a bettor picks one particular horse in an exotic bet to finish in a particular place but is unsure of the finishing places of the other horses around the keyed horse. A bettor may key a horse to ‘Win’ a race but can use multiple combinations for the 2nd and 3rd placed horses in a Trifecta for instance.

Wheel: A Wheel Wager or “wheeling a horse(s)” is the same as keying on a particular horse to finish in a particular place while betting multiple combinations of the horses ahead or behind it. Wheeling and Keying are nearly synonymous with each other in many instances at different tracks or online racebooks.

Box: “Boxing horses” in exotic bets is a way to get multiple combinations for predicted top finishers when the bettor feels confident in the top contenders but not necessarily their precise placement. For instance, a bettor can pick his top four favorite horses in a Superfecta Box where every combination is picked and he is guaranteed a win provided those four horses take 1st, 2nd, 3rd and 4th place. Each box combination bet counts as its own wager however as this betting style can be quite costly. A $2 Box Superfecta of four horses would cost $48.

How do Wager Types Affect Horse Betting Payouts?

You may be wondering how much money you will stand to win off of a successful Straight or Exotic Wager and rightfully you should. But it is important to note that in pari-mutuel betting, the total winnings, or “purse” as it is called in horse racing, varies from race to race, day to day. The amount you stand to win is dependent on the amount of bettors and money wagered on the overall race. Straight Wagers will typically have the best odds however with the lowest payouts whereas Exotic Wagers will have difficult odds yet with impressive payouts. Most races will have updated purses listed before the start of a race along with fractional odds in which a bettor can determine how much they may win. For instance, a horse listed at 20/1 odds means that a bettor will collect $20 on every $1 wagered if that horse were to ‘Win’ a race off of a Straight Wager. All pari-mutuel betting facilities go off of this basic rule of thumb with $2 bets being the minimum. Exotic Wagers can be in the thousands such as the winning $1 Superfecta Wager in the 2010 Kentucky Derby which paid $28,000. If the bettor had wagered $50 instead of $1, they would in fact be millionaires today. Always be sure to check out a race’s purse before placing a bet to determine what winnings may be like and know that you can always count on fractional odds to help guide you.

Bovada Sportsbook - Horse Betting On Bovada

The horse racing season is one that many players take a long at and save their money play big on. The reason for this because there are always upsets that are happening in every race. The thing that comes with upsets is that there is always some player that is smiling heading to the bank because of the money that they have one off of their pick. The thing that we know is huge is that Bovada has every type of prop bet for horse betting there can be. The mobile betting feature is also a plus because a lot of time players may not be home before the race goes off so being able to get on your account on your phone is a must.

Bovada also has great banking methods for players to choose so this does mean that players can feel very comfortable about putting their money on their account. This is one thing that players pay attention to besides the prop bets offered on Bovada. This is why more players will sign up for Bovada because everything you need is here and there is no doubt that money will be one in every bet made.

BetOnline Sportsbook - Best Sportsbook With Parlay Bets

Knowing that all the bets you are at the tip of your fingers are what Betonline gives to all their account holders. These bets are always exciting and the odds are set up for players win big. With the games are always going on, bets are always popping and that also more the features are filled with a lot of different bets.

Prop bets are everywhere on BetOnline and that means that parlay bets will be the best way for players with accounts. The reason for this is because when it comes to betting, the main goal is to win as much money as you can. BetOnline has great odds for every bet in different games so tagging different bets in one parlay only increase the winning. Picking 12 bets with a few underdog pick only scream a lot of winnings when a player hits on BetOnline.

MyBookie Sportsbook - Best Bets For Horse Betting Here

It's funny how players try to look for a better betting site than MyBookie because there is none. All the things players need on their betting account are here on MyBookie and that includes having horse betting options as well. The bonuses and promotions for all different types of sports are here and there will be free entrances for some of these bets. The only thing that is required to have an account is to be 18 and older which should be no problem for most players.

To know that prop bets on horse races are here on MyBookie is a clear reason why players know they should have an account and start making money as soon as possible. More of the reason that money will be made is the fact that MyBookie has a lot of prop bets that have upsets options as well. Picking the upset is a good strategy as well on MyBookie because when you choose the horse to upset others, the odds set is there a big payday! With as many sports on here, the horse betting is overlooked but players know that this is a bonus for MyBookie

Sportsbook
Deposit Bonuses
USA?
Visit Sportsbook
$250 Max - 50% Match All States - ex. DE, MD, NJ, NV, NY Go To Bovada
$1,000 Max - 50% Bonus All States - ex. NJ, NV, NY Go To BetOnline
$1,000 Max - 50% Bonus All States - ex. NJ, NV, NY Go To MyBookie
$1,000 Max - 50% Bonus All States - ex. NJ, NV, NY Go To Sportsbetting
$300 Max - 100% Bonus All States Go To Xbet
100% to $500 All 50 States Go To BetDSI