How To Bet on Horse Racing

Overview of Horse Racing

Horse racing is a widely enjoyed sport where horses compete in races around a track. The races vary in length and can take place on surfaces like dirt, turf, or synthetic. Jockeys guide the horses around the track, aiming to finish ahead of the competition.

Most casual horse racing bettors focus on the U.S. Triple Crown, consisting of the Kentucky Derby, the Preakness Stakes, and the Belmont Stakes. The first race of the 2024 Triple Crown, the 150th Run for the Roses, will take place on Saturday, May 4th at Churchill Downs, starting just before 7 p.m. ET.

Horse racing has a rich and extensive history, but it is primarily known for its close connection to betting. Betting on races is a popular activity among many fans, who try to predict the top-performing horses. Various types of bets, such as win, place, and exacta bets, can be placed to participate in the excitement of horse racing.

Some individuals approach horse racing betting with a meticulous strategy, dedicating hours to analyzing data and researching horses and jockeys for a competitive advantage. On the other hand, some simply relish the adrenaline rush of the race and the potential rewards that accompany a winning bet.

Tips for Betting on Horse Racing

Research the Track and Horses

Research is essential when betting on horse racing as it can help you make informed decisions and increase your odds of winning.

It is crucial to take into account the characteristics of the track when betting on horse races. Factors such as surface type, shape, and size can greatly influence the performance of horses. Some horses may thrive on a specific surface or may be more suited to a particular track shape or distance. By studying the track conditions and their potential impact on the horses, you can make wiser betting decisions.

Another crucial aspect to take into account is the individual horses. Each horse possesses distinct traits and abilities that can be discovered through thorough research. Key factors to examine when researching the horses include their past performances, the jockeys who ride them, and the trainers who oversee their training.

Taking into account any recent injuries or alterations in training that may impact their performance is crucial. By analyzing the horses and their past performances, you can make more informed wagers and improve your odds of winning.

Familiarize Yourself with Different Types of Bets

To excel in horse race betting, one must grasp the various types of bets offered. By becoming acquainted with the options, one can select bets that align with their betting preferences and enhance their likelihood of winning.

Later in this guide, we will cover the various types of bets.

Select the Right Underscoreg

Selecting the appropriate sportsbook is essential for successful horse race betting. It is imperative to begin by consulting our compilation of top horse racing betting sites. Additionally, consider these tips to ensure you choose the perfect sportsbook for your horse race betting requirements.

1. Look for a sportsbook with a good reputation: Check out online reviews and ratings to see what other bettors have to say about a sportsbook. Look for a sportsbook with a good reputation for fair odds, timely payouts, and good customer service.
2. Check the sportsbook’s track record: Look at the sportsbook’s history and track record to see how long they’ve been in business and how reliable they are. You can also check to see if they are licensed and regulated by a reputable authority.
3. Check the sportsbook’s horse racing offerings: Look for a sportsbook that offers a wide variety of horse racing events and markets. Some sportsbooks may specialize in certain types of races, so make sure they offer the types of races and betting options that you are interested in.
4. Look for competitive odds: Compare the odds offered by different sportsbooks to see which one offers the most competitive odds. This can help you maximize your winnings and get the best value for your bets.
5. Look for bonuses and promotions: Some sportsbooks offer bonuses and promotions to new and existing customers, such as free bets or enhanced odds. These can help you get more value out of your betting and increase your chances of winning.

Don’t Chase Losses

One crucial piece of advice for horse race betting is to avoid chasing after your losses. While it may be tempting to continue betting in hopes of recouping losses, doing so can result in further financial setbacks and a negative cycle.

There are several reasons why you should avoid chasing your losses:

1. Emotional decisions: When you’re chasing losses, you’re likely making emotional decisions rather than logical ones. This can cloud your judgment and lead to impulsive betting decisions.
2. Increased risk: Chasing losses often involves betting more money than you normally would, which increases your risk and can lead to even bigger losses.
3. Reduced focus: When you’re focused on trying to win back what you’ve lost, you’re less likely to be paying attention to the race itself. This can lead to poor betting decisions and missed opportunities.
4. Decreased enjoyment: Chasing losses can take away from the enjoyment of horse race betting, making it a stressful and unpleasant experience rather than a fun and entertaining one.

Instead of chasing losses, consider sticking to your betting strategy and acknowledging that losses are a normal aspect of horse race betting. Establish a budget for yourself and stop when you reach it. Avoid attempting to recoup your losses, as this may result in further losses. Instead, take a break and return to betting with a clear mind on another day.

Place Smaller Bets to Start

For those new to horse race betting or wanting to enhance their strategy, beginning with smaller bets can help reduce risk and build skills. Here are a few reasons why starting with smaller bets is beneficial:

• Minimize risk: Starting with smaller bets allows you to minimize your risk, especially if you’re still learning the ropes of horse race betting. Smaller bets also help you avoid large losses, which can be discouraging and harm your confidence in the long run.
• Gain experience: Horse race betting is a skill that takes time to develop. By starting with smaller bets, you can gain experience and become more familiar with the betting process without risking too much money.
• Test your strategy: Starting with smaller bets also allows you to test your betting strategy and see what works and what doesn’t. This can help you refine your approach and develop a more effective strategy over time.
• Build your bankroll: Starting with smaller bets can also help you build your bankroll gradually over time. As you become more experienced and confident, you can gradually increase your bets and potentially win more money.

Keep in mind that when it comes to horse race betting, it’s a long-term game, not a quick win. By starting off with modest bets and slowly increasing your bankroll, you can lower your chances of losing big, gain valuable experience, and enhance your betting tactics as you go along.

Consider Exotic Wagers

Exotic wagers offer a fantastic opportunity to boost your potential winnings in horse race betting. These types of bets usually require predicting the exact order of finish for multiple horses or selecting the winners of multiple races.

In the following section, we will delve further into these topics.

Types of Horse Racing Bets

Win Bet

The most popular type of bet in horse racing is the win bet. By making a win bet, you are predicting that a particular horse will come in first place. If your chosen horse does win the race, you will receive a payout based on the odds at the time of placing your bet.

Let’s say you place a $10 bet on a horse with 3-1 odds to win. If the horse is successful, you would receive $40 ($30 in winnings plus your initial $10 bet). But if the horse does not win, you would lose the full $10 bet.

Place Bet

In horse racing, a place bet is a wager on a horse to finish either first or second in the race. It is seen as a safer alternative to a win bet because it increases your chances of winning with the horse only needing to place in the top two positions.

Place bets usually have lower payouts compared to win bets because the chances of the horse finishing in the top two positions are higher.

Show Bet

Placing a show bet means you are predicting that a specific horse will come in first, second, or third place in the race. This bet is considered safer than a place bet because it increases your likelihood of winning, requiring the horse to finish in one of the top three positions.

Exacta Bet

A horse racing exacta bet involves predicting the first and second place finishers in the exact order you specify. While more difficult than a win, place, or show bet, it has the potential for a larger payout.

In order to place an exacta bet, you need to choose two horses in a single race and predict which horse will come in first and which will come in second. Your chosen horses must finish in the precise order you selected in order for you to win the bet.

The amount you can win on an exacta bet is not fixed and depends on the odds of the horses you select. Additionally, an exacta bet is usually pricier compared to other types of bets. Nonetheless, if you accurately predict the exact order of the top two horses, the potential payout can be substantial.

If you bet $2 on Horse A to win and Horse B to place in an exacta with odds of 5-1 and 3-1, and they finish in that order, you would win $32 ($2 x 5 x 3) in total.

Exacta Box

In this bet, you select two horses to finish in the top two positions, regardless of their order of finish. Your goal is to predict the first and second place finishers in a race, without specifying their exact placement.

If you place an Exacta Box bet on horses 1 and 2, you win if either horse finishes first or second in any order. If horse 1 finishes first and horse 2 finishes second, you win, and vice versa.

Please remember that Exacta Box bets may have a higher cost compared to other types of bets as you are essentially placing two separate bets. If you wager $2 on an Exacta Box involving two horses, the total cost will be $4 because you are betting on both potential combinations of those two horses finishing first and second.

If you have two horses that you think have a strong chance of finishing in the top two but are unsure which one will win, consider placing an Exacta Box bet.

Trifecta

A Trifecta is a type of bet in which you select three horses to finish in the top three positions in the precise order you predict. This means you are wagering on the specific order in which the horses will finish the race – first, second, and third.

If you bet on horses 1, 2, and 3 in a Trifecta, you must correctly predict that horse 1 finishes first, horse 2 finishes second, and horse 3 finishes third in order to win. Any other outcome will result in losing your bet.

Trifecta bets pose a challenge as they require predicting the top three finishers in precise order, making them hard to win. Nevertheless, they offer higher payouts than other bets if successful. Keep in mind that trifecta bets can be costly as they involve placing six separate bets for each potential combination of the three horses finishing in the top three spots.

In general, Trifecta bets are a viable choice when you are confident in predicting the top three finishing horses and their specific order.

Trifecta Box

In this bet, you are selecting three horses to finish in the top three positions, without needing to specify the exact order of their finish.

If you place a Trifecta Box bet on horses 1, 2, and 3, you will win as long as those three horses finish in the top three positions in any order. For instance, if horse 1 finishes first, horse 2 finishes second, and horse 3 finishes third, you win. Similarly, if horse 2 finishes first, horse 3 finishes second, and horse 1 finishes third, you still win.

Trifecta Box bets can be pricier compared to other wagers due to the fact that you are essentially making multiple bets. For instance, a $2 bet on a Trifecta Box with three horses will total $12 as you are betting on every potential combination of those three horses finishing in the top three.

Superfecta

A superfecta bet requires the bettor to accurately predict the top four finishers of a race in the precise order. This type of bet is difficult to win, but it has the potential for a significant payout if the prediction is correct.

The term “superfecta” combines “super” and “perfecta,” with “perfecta” referring to a bet where the bettor correctly predicts the first two finishers of a race in sequence.

Superfecta Box

A superfecta box is a horse racing bet where the bettor chooses a set of horses to finish in the top four positions, regardless of their specific order of finish.

The bettor will win if the chosen horses finish in the top four, regardless of their finishing order. However, the bet is more expensive than a regular superfecta because the bettor is essentially placing multiple bets on all possible combinations of the selected horses finishing in the top four.

For instance, selecting a superfecta box with four horses would encompass every potential arrangement of those four horses finishing in the top four, resulting in a total of 24 bets.

Daily Double

The Daily Double is a type of bet where the person placing the bet predicts the winner of two races in a row.

The racetrack sets the races in advance, and bettors must choose the winners of both races to win the bet. The Daily Double typically includes the first two or last two races of the day, but this may vary depending on the racetrack and schedule.

In order to place a Daily Double bet, the bettor needs to specify the race numbers and the horses they wish to bet on. They have the option to choose multiple horses in each race to improve their chances of winning, but this will come at a higher cost. If the bettor’s chosen horses win both races, they will receive a payout determined by the odds of the winning horses in each race.

Horse racing enthusiasts often favor the Daily Double bet for its chance to win big with a modest wager.

Pick 3

When placing a Pick 3 bet, the bettor aims to predict the winners of three races in a row.

In order to win the bet, the bettor must choose the winner of all three races, which are predetermined by the racetrack. The Pick 3 can consist of any three races on the race card, typically the first three races, the last three races, or three consecutive races in the middle of the card.

In order to make a Pick 3 bet, the bettor needs to visit the betting window or utilize a self-service machine to select the race numbers and horses they wish to bet on. The bettor has the option to choose multiple horses in each race to improve their chances of winning, but this will result in a higher bet cost. If all of the bettor’s chosen horses win in the three races, they will receive a payout calculated based on the odds of the winning horses in each race.

Pick 4

The Pick 4 bet is like the Pick 3, but the goal is to pick the winners of four races in a row.

Triple Crown Betting

Kentucky Derby

The Kentucky Derby attracts millions of dollars in bets each year, making it one of the most popular betting events worldwide. Here are some facts about this year’s race.

The Kentucky Derby is more than just a horse race – it captivates horse racing enthusiasts, casual bettors, and even non-sports fans who are enticed by its thrilling atmosphere. Known as the “most exciting two minutes in sports,” the Derby has evolved into a cultural phenomenon that extends beyond the realm of horse racing.

In 2019, the Kentucky Derby received a record-breaking $250.9 million in wagers, establishing it as the highest-grossing race in North America. Bets were placed both at the track and through various online and mobile platforms, with wagering starting as soon as the Kentucky Derby odds were released long before the actual race.

The Kentucky Derby is a major source of revenue for the state, contributing an estimated $400 million in economic activity annually. In 2023, Kentucky legalized sports betting, paving the way for up to 27 online betting operators to be regulated and launch in the state by the end of the year, including well-known brands such as Caesars, FanDuel, and DraftKings.

With a high demand for betting on the race, it’s wise to rely on Underscoregs to help you find the top Kentucky Derby betting sites before the Run for the Roses.

Preakness Stakes

The Preakness Stakes, the second race in the Triple Crown of Thoroughbred Racing, is a highly anticipated betting event within the horse racing community. Although it may not attract as much betting action as the Kentucky Derby, it remains a notable event in the world of sports betting.

The Preakness Stakes in 2019 saw a total handle of $61.7 million, marking a decline from previous years. Despite this decrease, the event continues to draw a substantial amount of interest from horse racing enthusiasts and bettors, particularly those eager to witness a potential Triple Crown champion.

The timing of the Preakness Stakes, occurring just two weeks after the Kentucky Derby, can impact its popularity as a betting event. Bettors may struggle to evaluate the horses’ form and make well-informed bets due to the short turnaround time. Furthermore, the absence of top horses who choose to skip the Preakness to rest and focus on future races can result in a less competitive field, making it less appealing for bettors.

Belmont Stakes

Similar to the Preakness Stakes, the last race of the Triple Crown may not generate as much betting activity as the Kentucky Derby, but it remains significant, particularly when the possibility of a Triple Crown win is at stake.

The total handle for the Belmont Stakes in 2019 reached $102.2 million, showing growth from the previous year. This boost in numbers was likely driven by the anticipation of a potential Triple Crown winner, a factor that consistently draws high levels of interest and betting.

The Belmont Stakes is famous for its tough 1.5-mile distance, making it a tough race for horses and a tricky one for bettors to predict. Despite this, the race has a reputation for creating surprising upsets and underdog winners, making it an appealing betting option for those seeking high payouts.

​Popular Horse Racing Tracks in the U.S.A.

​Santa Anita Park (California)

Santa Anita Park, situated in Arcadia, California, is a renowned thoroughbred racetrack celebrated for its picturesque location at the base of the San Gabriel Mountains and its storied tradition of hosting prestigious horse races in the United States.

Since its establishment in 1934, Santa Anita Park has built a rich and illustrious legacy. It has been the venue for renowned horse racing events such as the Santa Anita Derby, Santa Anita Handicap, and Breeders’ Cup World Championships. Additionally, the track has served as a popular filming location for various movies and TV shows, and has witnessed numerous world records and significant milestones in the sport of horse racing.

Santa Anita Park is renowned not only for its racing events but also for its stunning facilities and extensive amenities. The venue boasts a grandstand accommodating over 26,000 spectators, along with multiple dining establishments, bars, and entertainment options. Additionally, Santa Anita Park hosts a diverse array of events and festivals year-round, such as concerts, wine tastings, and activities suitable for the whole family.

​Belmont Park (New York)

Belmont Park, situated in Elmont, New York, is most famous for being the venue for the Belmont Stakes, the third and last race in the Triple Crown of Thoroughbred Racing.

The race takes place every year in early June and is renowned as one of the most difficult and prestigious horse races globally. Belmont Park has been the venue for numerous other significant races over the years, such as the Jockey Club Gold Cup, the Metropolitan Handicap, and the Acorn Stakes.

Belmont Park is renowned not only for its exciting racing events but also for its stunning facilities and extensive amenities. The track boasts a grandstand that can accommodate more than 32,000 attendees, along with multiple dining options, bars, and entertainment choices. Throughout the year, Belmont Park hosts a diverse array of events and festivals, such as concerts, wine tastings, and family-friendly activities.

​Churchill Downs (Kentucky)

Located in Louisville, Kentucky, Churchill Downs is a renowned thoroughbred racetrack that is steeped in history. It is best known as the host of the prestigious Kentucky Derby, which is the first leg of the Triple Crown of Thoroughbred Racing and draws spectators from around the globe.

Churchill Downs, established in 1875, boasts a rich history in horse racing. Along with the prestigious Kentucky Derby, the track is home to significant races like the Kentucky Oaks, Stephen Foster Handicap, and Clark Handicap. Throughout its existence, Churchill Downs has witnessed countless world records and unforgettable moments in the world of horse racing.

The grandstand at Churchill Downs can accommodate over 170,000 spectators.

In 2023, Churchill Downs CEO Bill Carstanjen announced a partnership with FanDuel to introduce online sports betting, including horse racing wagers, to Kentucky.

Gulfstream Park (Florida)

One of the most renowned and prestigious horse racing tracks in the United States, Gulfstream Park is situated in Hallandale Beach, Florida. It boasts beautiful facilities, a year-round racing program, and serves as the esteemed host of numerous significant horse races.

Originally opened in 1939, Gulfstream Park has undergone multiple renovations and upgrades over the years. The track now boasts a modern grandstand that can accommodate over 16,000 spectators, along with a casino, restaurants, and various entertainment options. Additionally, Gulfstream Park Racing and Casino, located on the premises, offers a variety of gaming options including slot machines and table games.

In addition to its year-round racing program, Gulfstream Park hosts several important races throughout the year, including the Pegasus World Cup Invitational, the Florida Derby, and the Gulfstream Park Turf Handicap. The track is also a popular location for simulcast wagering, allowing fans and bettors to watch and wager on races from around the world.