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Find out all you need to know about how to bet on horse racing. From betting on the Kentucky Derby to intricate combination bets, and much more.
Keep reading to discover the types of horse racing bets available, how to bet on live races, and our top pick for the best horse racing betting site for beginners. Check out the tricks that horse betting experts use to pick winners and see the latest news ahead of the next big race.
Click the links below to access our expert guides for everything you need to know about how to bet on horse racing:
Types Of Horse Racing Bets
The world of horse race betting offers more than just picking the winner. Here are the most popular horse racing bets:
Win
The win bet is a classic wager where you choose a single horse to be the victor in the race.
Example: You bet $10 on Timberlake to win the Kentucky Derby at odds of +800. Timberlake wins, so you get $80 profit, plus your $10 stake back.
Place
In the US, a place bet allows you to back a horse to finish in first or second place. This broadens your chances of winning compared to a win bet, which requires picking the exact victor.
Example: Track Phantom has odds of +1000 in the Preakness Stakes. You make a $10 place bet, and he finishes second, which earns you a smaller payout than if he’d won. Still, it’s enough to earn you profit!
Show
A show bet lets you choose a horse to finish anywhere in the top three positions. This widens your chances of winning compared to win and place bets.
Example: You back Common Defense at +700 to show in the Belmont Stakes. Your $100 bet wins as Common Defense finishes third, and you receive a cut of the total wagered.
Exotic Bet
A horse racing exotic bet allows you to make predictions about multiple horses and their finishing positions. Beyond the standard win, place, and show bets, exotic bets are similar to parlays in sports betting. Combine selections from different races, or focus on a single race with multiple horse picks.
Example: You bet on three horses to win their respective races at Churchill Downs. You create a three-bet exotic at mega odds, since all three horses need to win for you to win your bet. All three horses win and you take home huge profits.
Exacta
Exacta bets require you to predict the first two horses to cross the finish line, and in exactly the right order. They are ideal bets for those who want to increase their potential profits.
Example: You’re confident Timberlake will win the Kentucky Derby and think Stronghold is a good wager to finish second. You make an exacta on both horses (Timberlake to win, Stronghold to place) at much higher odds than two individual bets.
Trifecta
Trifecta bets require bettors to select which horses they think will finish first, second, and third in the exact order. They are notoriously difficult to master but come with enormous odds.
Example: You wager on the Kentucky Oaks and spot three horses you know will impress at Churchill Downs. You decide to maximize your profit potential by selecting which of the three will win, place, and show. All three need to finish in the exact order for you to win your wager.
Superfecta
A superfecta is like a trifecta, but it requires predicting the first four finishers of the race in the correct sequence. Superfectas carry very, very big odds. Even with smaller wagers, you can win a lot of money.
Example: You bet on four horses in the Preakness Stakes. You create your superfecta and wager just $0.20. Your stake is small, but your potential profits are huge because the odds of nailing a superfecta bet are enormous.
Quinella
Beginners who don’t want to make their bets too complicated often thrive when placing quinella bets. Here, you choose just two horses you think will finish first or second, in any order.
Example: You can’t decide which of two horses will win the Melbourne Cup, so you choose to place a quinella on both selections. This means you can cheer on both horses and not worry which one beats the other.
Pari-Mutuel Betting
Pari-mutuel betting is when all wagers placed on a particular race are put together into a single pool of money. Dividends are calculated based on the number of people who bet on the successful horse, and the size of each individual bet. Pari-mutuels are popular across the U.S.
Example: You back Tuscan Sky in the Kentucky Derby and place a $10 wager on the pari-mutuel market, rather than the racebook odds. 99 other bettors also back Tuscan Sky and the overall pot for the race hits $50,000. Tuscan Sky wins, so you receive 10x the Total Outlay ($50,000) / Sum of Winning Wagers (100) = $5,000 (minus a small house take).
EXPERT TIP:
Place and show bets are a great starting point. They focus on a single horse’s performance (finishing in the top two or three positions) and are easier to understand than more complex wagers like superfactas and quinellas.
Guide To Live Betting On Horses
Live wagers are made on race day, with the latest jockey/horse lineups. Odds constantly shift based on bets. Spot a potential underdog or value bet with up-to-the-minute insights. Here’s what to look for when betting on live horse racing:
Choose How You Bet
Most top live betting sites allow you to choose between wagering on fixed odds or on an exchange.
Fixed odds bets are a direct wager with the racebook.
Exchanges allow you to wager against other bettors.
Exchange odds can vary far more than fixed odds, but sometimes it’s harder to lock in a deal. A fixed odds site is more appropriate for beginners.
Understand The Odds
Understanding the basics of horse racing odds is essential for successful betting. A horse with odds of -300 might be the frontrunner, suggesting a high likelihood of winning. However, betting on a favorite will result in a smaller return on your investment and, unexpected outcomes, such as underdog victories, can happen.Check out our betting odds guide for more insight into navigating betting odds and making informed betting decisions.
Check Out What Experts Think
Racing tipsters should be your first line of research when betting on horses. They often know about prospective Kentucky Derby, Pegasus, and Belmont winners long before the races take place. We recommend following them on social platforms during live races to get their minute-by-minute take on the race.
Choose Your Horse
Consider factors like horse form, track conditions, expert tips, and jockey/trainer connections. Look for horses with good results on the track, suited to the conditions, and offering competitive odds.
Bovada is the best horse race betting site for beginners, thanks to a user-friendly interface and a thorough racebook. It’s easy to quickly pull up straight and exotic bets, see their list of upcoming races, and bet live. You can also access exciting futures bets such as the Kentucky Derby winner (or which horse will finish last), or horse racing specials, such as the Triple Crown winner.
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A Brief History Of Horse Race Betting
Horse racing has a rich history, dating back to the 1650s. It gained significant traction in Britain and Ireland with the rise of thoroughbred horses. By the 20th century, the sport had galloped across the globe, captivating audiences worldwide. Horse racing is now a multi-billion dollar business that attracts hundreds of millions of bettors each year. Here’s a quick history of the sport:
Horse Race Betting Timeline
August 2021 – New Jersey becomes the first state to legalize fixed-odds horse race betting. Governor Phil Murphy signs the Fixed-Odds Wagering Act into law.
February 2020 – Saudi Arabia launches the Saudi Cup with a total prize pool of $20M. It instantly becomes the richest horse race in the world.
May 2006 –The Green Monkey becomes the greatest stud flop of all time when he is sold at auction for $16M, having never run a race. His stud fees were no more than $5,000. He produced very few race winners.
June 2000 – Kentucky Derby winner Fusaichi Pegasus is sold to racehorse breeder Coolmore Ireland for a record $70M. His stud fees begin at $150,000 but drop to just $7,500 by 2017.
March 1996 – Horse racing’s seat of power begins to shift to the Middle East with the launch of the Dubai World Cup. Cigar (USA) wins the race and collects the $2.4M first prize.
February 1983 – Shergar, an Irish horse that won the Epsom Derby and Irish Grand National, is kidnapped by an armed gang. They demand £2M for the horse’s release but his owners refuse the ransom. Shergar’s body has never been recovered.
April 1977 – The most famous racehorse in the world, Red Rum, wins his third Grand National at Aintree.
May 1973 – Secretariat wins the Kentucky Derby in a track-record time, before going on to set records in the Belmont Stakes and Preakness States. He remains the most famous US racehorse of all time.
1940s-50s – The majority of US states change their laws to allow parimutuel betting on horses.
January 1927 – The Illinois General Assembly approves parimutuel wagering on horse racing to curb illegal wagering practices. Arlington Racetrack opened in Chicago’s suburbs later in the year.
June 1919 –Sir Barton claims the Belmont Stakes to become the world’s first Triple Crown winner. He wins at odds of 7-20 and earns owner J. K. L. Ross $11,950 in prize money.
1908 – Twenty-five racetracks operate in the United States, despite the horse racing ban in every state bar in Maryland and Kentucky.
May 1875 – The first Kentucky Derby runs at Louisville Jockey Club. Jockey Oliver Lewis rides Aristides to victory from a field of 15 runners.
February 1839 – Lottery wins the first-ever Grand National at Aintree, Liverpool. The race becomes famous for its long distance, 30 jumps, and large field of runners. It remains the most-watched horse race on the planet.
May 1780 – Lord Derby of Epsom organizes the first Epsom Derby. The one-mile dash becomes the template for other derbies around the world, including the Kentucky Derby.
1730 – America imports its first thoroughbred racehorse from England, Bulle Rock. More than 180 more thoroughbreds crossed the Atlantic, forming the base for the United States’ thoroughbred breeding industry.
1680 – The first thoroughbred horse is imported to England from the Middle East. The Byerley Turk is soon followed by the Darley Arabian (1704), and the Godolphin Arabian (1729). All thoroughbred horses can trace their lineage back to one of these three stations.
1664 – The first organized race in America takes place in New Amsterdam (now New York City) in 1664. British commander Col. Richard Nicolls lays out a two-mile course on the plains of Long Island.
The Latest Horse Racing News
Click below to check out the latest horse racing news and updates from The Sports Geek.
We encourage you to gamble responsibly and consider online betting as a form of entertainment, not a source of income. Set loss limits and time limits, and don’t bet more than you’re comfortable losing.
Here are some resources to help you, or someone you care about, gamble responsibly and get help:
Horse racing betting online can be both fun and profitable. If you’re new to the sport, we recommend starting with simpler ‘win, place, show’ bets before moving on to more intricate trifectas.
Bovada is our top sportsbooks for beginners with its easy-to-use interface and dedicated horse betting racebook.
Betting on live horse race can be thrilling, and we have all the expert horse racing tips you need to make the most of your wagers. Good luck! We’re rooting for you!
About the Author
Joe Short
Content Writer
Joe is a UK-based journalist working primarily in sports. He splits his time between Belfast and Liverpool, and has a passion for horse racing. He is also an experienced gaming writer and always has one eye on his favorite baseball team, Baltimore Orioles. His dream is to attend the Kentucky Derby one year and pick a winner at Churchill Downs.
