Horse Racing Bets

Pari-mutuel horse racing betting is one of the oldest forms of continuous gambling in the US, with racetracks taking these types of bets since 1908. Now, you can enjoy pari-mutuel betting online and place a wide range of wagers on races across the US and the world.

If you want to learn more about what bets online horse racing betting sites offer in the US, you’re in the right place. Check out our complete guide to learn more about the most common bet types, how to place these wagers, and how odds and markets work with pari-mutuel horse racing betting platforms.

Types of Horse Racing Bets

You can place a wide variety of bets on any horse race, not just on which horse will win. Below, we’ve listed some of the most common bet types at the best US horse racing betting sites.

Win Bets

The most basic bet you can place at an online horse racing betting site is a win bet that asks you to predict the winner of a race.

Place Bets

You get more leniency with a place bet than a win bet, as your wager will succeed if your horse finishes first or second.

Show Bets

With a show bet, your horse can finish first, second, or third, and the online racebook will pay out your profits.

Double

A double bet is a wager across two races featuring the same horse. You pick one horse and need it to win both races for the wager to pay out. You’ll find daily doubles covering multiple races on a single race day or other doubles extending over a longer period.

Exacta

An exacta bet is a wager on which horses finish first and second. Not only must you predict the correct horses, but you must also state in which order the runners will finish. For example, if you place an exacta and both horses finish in the top two, but your horse predicted to win comes second and vice versa, you’ll lose your bet.

Trifecta

A trifecta ups the stakes on an exacta, requiring you to predict the exact order of the first three places in a race.

Superfecta

When you place a superfecta, you’re betting on the exact order of the first four horses in a race. You must get every part of this prediction correct to win the wager. If even one horse doesn’t finish in the exact place you predict, you’ll win nothing.

Super High-Five

You can place a super high-five wager if you want to predict the exact order of the first five horses in a race.

Omni/Swinger

When you place an omni/swinger, you predict which two horses will finish in the top three. These horses can finish in an order. So, your bet will win if your horses come first and second, first and third, or second and third.

Quinella

If you want to place an exacta without having to guess the correct order of horses, a quinella is for you. You can wager on the horses to finish in the top two without correctly guessing which will win and which will come second.

Trio

A trio bet is like a trifecta where you must predict which horses will come in the top three. However, you don’t need to predict the exact order for your bet to be successful.

Pick Bets

You can select winners from multiple races and combine them into a pick bet. Every part of your pick bet must come through to get your payout. As there is more risk with a pick bet rather than betting on the winners of each race individually, you’ll get a more significant profit.

Win/Show

Some online horse racing betting sites will let you place win/show bets, where you can back a horse to finish first or third. If your horse comes second, you’ll lose the wager.

Place/Show

You can also find place/show wagers, where you can bet on a horse to come second or third specifically.

How to Bet on Horse Racing

While every racebook is different, getting started with these sites and placing a wager follows broadly the same process. Follow our step-by-step guide below to sign up and place a bet with top US racebooks.

1. Select an online horse racing betting site available in the state where you are playing and visit the site. If you’re unsure which platform to use, read our complete reviews to learn more about the best US racebooks.
2. Begin the registration process and provide your name, address, email, phone number, and the last four digits of your Social Security Number. Online horse racing betting sites need this information to verify your identity and help protect your account from fraud.
3. Please confirm that you meet the legal gambling age in your state and for the online racebook, then agree to the terms and conditions to create your account.
4. Go to the cashier section and choose to make a deposit. Select a payment provider supported by your online horse racing betting platform and enter the required details to add it to your account. Decide how much money to deposit and confirm your transaction.
5. Your funds should hit your account instantly. Browse the pari-mutuel markets available at your chosen advance deposit wager site. Select a betting line and decide how much to risk in your bet slip. Confirm your wager and see your final odds when the race begins.
6. If your bet is a winner, return to the cashier with your profits and choose to withdraw. Follow the instructions to complete your transaction.

Understanding Horse Racing Odds

There are two things you need to understand how horse racing odds work. The first is the odds system, with most online horse racing betting sites using fractional odds. Fractional odds tell you how much profit you can make from a particular. For example, you can make a $9 profit from a $2 bet with odds of 9/2, giving you a total payout of $11 (profit + stake)

You can complete the division to determine how much other amounts will make. As nine divided by 2 is 4.5, you’ll profit $4.50 from a $1 bet. Many horse racing betting sites will complete these calculations if you enter your stake into your bet slip.

With pari-mutuel horse racing betting, players are betting against one another rather than against the racebook. The key difference with this type of betting is that because a betting pool determines your odds and payout, your odds can change until post-time (when the race starts). While you could bet on a horse at 6/1, it could be at 12/1 by post-time. Racebooks will pay out at post-time prices.

This is different to what US sportsbooks offer on other sports, as all sites offer fixed-odds betting. This is where you bet on a price, which stays the same from then on, no matter what happens. Because online racebooks need to lock prices at post-time, there is no in-play betting on horse racing events.

Horse Racing Bets FAQs

Q: What types of bets are available at online racebooks?

A: You’ll find various wagers available at online racebooks, including win bets on which horse will come first in a race. You can also bet on the exact order of the first few places, which horses will finish in top places in any order, or race winners across multiple events.

Q: How do you place bets online?

A: You can place horse racing bet online by signing up with a racebook. These platforms will provide live pari-mutuel betting lines on races across the US and the world. You can deposit money on these sites, place bets, and withdraw any profits. Online horse racing is available in dozens of US states.

Q: How do you read horse racing odds?

A: While most US sports betting sites use American odds, horse racing betting platforms use fractional odds to show pari-mutuel betting lines. Fractional odds show you the amount of money you can win versus the stake. For example, odds of 4/1 show you can win a profit of $4 from a $1 bet.