When you place a bet at any of the racetracks you are betting against everyone who is making the same type of wager in the same race, whether they are on-track patrons or participating in the wagering process from simulcast sites across the nation. The racetrack simply deducts a percentage from each dollar wagered for payment of purses, expenses and state taxes. This deduction or takeout is less than 20 percent with over 80 percent of all wagers returned to the bettors. Unlike casino gambling, where you are betting against the house, Thoroughbred racing is a "parimutuel venture."
Pierre Oller introduced "parier mutuel" in his native France in 1865 meaning "mutual stake" or "betting among ourselves." As this form of wagering was adopted in England it became known as "Paris mutuals," and soon thereafter "parimutuels." Pari-mutuel odds reflect how much is wagered on each horse or combination relative to the size of the mutuel pool.
WIN, PLACE AND SHOW
Win: You win if your horse finishes first.
Place: You win if your horse finishes either first or second.
Show: You win if your horse finishes either first, second or third.
The odds commonly displayed on the Tote Board and on television monitors throughout the track are the "win" odds. Here are the minimum payoffs on $2 win wagers:
Win Odds
|
Minimum Payoff
|
Win Odds
|
Minimum Payoff
|
1-9 |
$2.20 |
3-1 |
$8.00 |
1-5 |
$2.40 |
7-2 |
$9.00 |
2-5 |
$2.80 |
4-1 |
$10.00 |
3-5 |
$2.80 |
9-2 |
$11.00 |
4-5 |
$3.60 |
5-1 |
$12.00 |
1-1 |
$4.00 |
6-1 |
$14.00 |
6-5 |
$4.40 |
8-1 |
$18.00 |
7-5 |
$4.80 |
10-1 |
$22.00 |
3-2 |
$5.00 |
12-1 |
$26.00 |
8-5 |
$5.20 |
15-1 |
$32.00 |
9-5 |
$5.60 |
20-1 |
$42.00 |
2-1 |
$6.00 |
50-1 |
$102.00 |
5-2 |
$7.00 |
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The easiest bet to win is a show bet. If your selection finishes third or better, you win. The Pick 6, requiring the bettor to select six consecutive winners in as many races, or the Superfecta, requiring the bettor to select the correct 1-2-3-4 order of finish in a given race, are the most difficult. The higher the risk, the greater the payoff.
2-HORSE WAGERS
Exacta: Selecting the two horses to finish first and second in exact order.
Quinella: Selecting the two horses to finish first and second in either order.
Daily Double: Selecting the winners of two designated (consecutive) races.
Wagers must be placed before the running of the first of the two races. The Daily Double is generally offered on the day's first two and last two races.
3-HORSE WAGERS
Pick 3: Selecting the winners of three designated races run in succession.
Trifecta: Selecting three horses to finish first, second and third in exact order.
EXOTIC WAGERS
Pick 6: Selecting the winners of six designated races run in succession.
Wagers must be placed before the running of the first of the six races. In the event there is no winner, there is a carryover pool (jackpot) to the next day's racing. There is also a daily consolation payoff to those who select five winners.
Superfecta: Selecting four horses to finish first, second, third and fourth in exact order. The Superfecta is generally offered on the day's final race.
WINDOW BETTING
When you visit a mutuel window where tickets are sold and cashed, simply provide the following information:
1. Name of track
2. Race Number
3. Amount of your wager
4. Type of Wager
5. Program (Horse) Number(s)
Example: Belmont Park...Race 5...$2...to Win...on Number 10 Be sure to take your mutuel ticket before leaving the window. And remember, use the number and not the name of the horse when placing your wager.
SELF BETTING MACHINES
For your convenience and privacy, SAMs (Screen Activated Machines) are located throughout the track and the OTB’s. SAMs accept winning pari-mutuel tickets or betting vouchers, which can be purchased at any mutuel window throughout the track and OTB’s, and the bettor can place his or her wager on the touch-screen terminal.
MINIMUM WAGER
The minimum wager for all bets, except the Pick 6, at all tracks is $1.
The Pick 6 minimum is $2.
However some tracks require a $2 minimum bet, the teller will inform you of this if the track rejects the $1 bet.
ADVANCE WAGERING
Please be sure to state the correct race number when making an advance wager. For your convenience, advance wagering is available on all races approximately 45 minutes before the day's first race.
MORNING LINE ODDS
The morning line odds are displayed in the official track program and serve as the opening line for wagering on all races. The morning line is simply an educated opinion of how the wagering public will bet on each horse.
ODDS
The odds posted at the track on television monitors and on Tote Boards are a reflection of money wagered on a given horse relative to the total win pool. The odds change every 30 seconds as new money is wagered in the win pool.
TOTE BOARD
The track's main Tote board (graphic boards is located in the infield of the racetrack and smaller boards are available at designated locations throughout the track. The main tote board in the infield provides the following information:
Post Time of the upcoming race and time of day
Current Odds
Total money wagered on each horse individually in the win, place and show pools
Fractional times and the final time of a race
Official results and payoffs of the most recently concluded race
Additional messages and program changes
COUPLED ENTRY
A coupled entry in a race is when two or more horses with either a common owner or trainer are deemed an entry for wagering purposes. Thus, the coupled entry is comprised of two or more horses and is regarded as a single betting interest.
Example: On the program there is a listing for horse #1 and also horse #1A and there may be a horse #1B, or horse #2 and #2A, etc – in any event the bet placed on #1 covers all the horses with that program number, it’s like getting two or three horses for the price of one single bet on those horses, if any of them come in on your bet you win!