The three basic bets
| Bet | Pays when your horse finishes | Chance of cashing | Typical payout |
|---|---|---|---|
| Win | 1st | Lowest | Highest |
| Place | 1st or 2nd | Higher | Lower |
| Show | 1st, 2nd or 3rd | Highest | Lowest |
These are called straight bets because they involve one horse. In Canada and the United States the usual minimum is $2, though many tracks and apps accept smaller amounts.
How payouts work: the pari-mutuel pool
Horse racing in North America uses pari-mutuel betting. You are not betting against the track. You are betting against everyone else who bet the same type of bet on the same race.
- All win bets go into the win pool. Place and show bets have their own pools.
- The track removes its share, called takeout.
- The rest is shared among the winning tickets.
In the place pool, the money is split between the backers of the first two finishers. In the show pool, it is split three ways. That is why place and show payouts depend on which other horses finish in the top two or three, and why they are not known until the result is official.
In Canada, pari-mutuel betting on horse racing is supervised federally by the Canadian Pari-Mutuel Agency.
Why show usually pays less
A show bet cashes on three different finishing positions, so many more tickets win, and the pool is shared three ways. On a heavy favourite, a $2 show bet may return only a few cents of profit. Most tracks guarantee a small minimum payout on winning tickets.
What is "across the board"?
An across-the-board bet is three bets in one: win, place and show on the same horse. A $2 across-the-board bet costs $6. If your horse wins, all three pay. If it finishes second, place and show pay. If it finishes third, only show pays.
Exotic bets in one minute
Exotic bets involve more than one horse or more than one race. They are harder to hit and usually carry a higher takeout.
- Exacta: pick the first two finishers in exact order.
- Quinella: pick the first two in either order.
- Trifecta: the first three in exact order.
- Superfecta: the first four in exact order.
- Daily double: the winners of two races in a row.
- Pick 3, 4, 5 or 6: the winners of three to six races in a row.
- Box: covers every order of the horses you choose, at a higher total cost.
StableBet's paper betting starts with win and place, because those are the easiest to record and settle fairly. Show and exotic bets are settled only when an official payout is available, never estimated.
Frequently asked questions
What is the difference between win, place and show?
Win pays if your horse finishes first. Place pays if it finishes first or second. Show pays if it finishes first, second or third. Win pays the most and is the hardest to cash. Show pays the least and is the easiest.
If I bet to place and my horse wins, do I get paid?
Yes. A place bet pays if your horse finishes first or second. You receive the place payout, not the win payout.
How much does a $2 show bet pay?
It depends on the show pool and which horses finish in the top three. On a favourite it can be as little as $2.10 to $2.40 for a $2 bet. On a long shot it can be much more.
What does pari-mutuel mean?
Pari-mutuel means betting into a shared pool. The track takes a fixed percentage, and the rest is divided among the winning tickets. Your final odds depend on how everyone else bet.
Next: Horse racing odds explained.