Seen on:
as known from New York Timesas known from USA Todayas known from yahoo!
VA
The Grueling Truth - Where Legends Speak / Horse Racing / How to Bet on Horse Racing in 2024

How to Bet on Horse Racing in 2024: Betting on Horses Explained (+ Best Bookies)

How to bet!
Publish Date: 04/29/2022
Fact checked by: Mark Lewis
New Mandate Frankie Dettori wins The Paradise Stakes from L Sir Busker Jim Crowley. Ascot Horse Races, UK - 27 Apr 2022

Today we are going to look at how to bet on the Horses

This is the best time of the year for a new gambler to throw his hat in the ring to bet on the horses. The Kentucky Derby is less than two weeks away and today we are going to show you how to bet on the Run for the Roses! Check out the best bookmakers for betting on the Kentucky Derby!

Where to bet on Horse Racing

US Sports Betting Sites for Horse Racing Best Apps for Horse Race Betting, these apps make it even easier to bet on tracks all across the world! It used to be the only way to legally bet was to go to your local track but with advancements in technology, all the races sit in the palm of your hand.

Where to find odds on horse racing

Maybe the most important thing when betting on the horses is getting the best odds on the races.

Odds can very on different sites so it is always a wise idea to check out all of the different odds for the race or races you want to bet.

Check out the top sportsbook bonuses for betting on the Kentucky Derby!

Bet365
1.
Favicon
4.6/5
Bet $5 Get $200 or $1000 First Bet Safety Net
Virginia
Players from Virginia accepted
Requirements (WR): 1x Bonus, Min. Deposit: $10
Go to Bet365
Get bonus now
Whatever the sport. Whatever the moment. It’s Never Ordinary at bet365. That’s why if you sign up now you’ll get the choice of two great New Customer Offers, the First Bet Safety Net up to $1000 or Bet $5 and Get $200 in Bonus Bets. Deposit required. Bonus Bets wager excluded from returns. T&Cs, time limits and exclusions apply.Gambling Problem? Call 1-800-Gambler 21+
BetMGM
2.
Favicon
4.6/5
Up To $1500 in Bonus Bets Paid Back if your First Bet Does Not Win
Virginia
Players from Virginia accepted
Min. Deposit: $10
Go to BetMGM
Get bonus now
T&Cs apply, 21+
FanDuel
3.
Favicon
4.5/5
Bet $5 Get $300 in Bonus Bets if you win + 3 Free Months of NBA League Pass
Virginia
Players from Virginia accepted
Requirements (WR): 1x Deposit, Min. Deposit: $10
Go to FanDuel
Get bonus now
T&Cs apply, 21+
Caesars
4.
Favicon
4.5/5
First bet back as a bonus bet up to $1000
Virginia
Players from Virginia accepted
Requirements (WR): 1x Deposit
Copy
Get bonus now
T&Cs apply, 21+
BetRivers.com
5.
Favicon
4.5/5
Second chance bet: Get up to $500 in Bonus Bets
Virginia
Players from Virginia accepted
Requirements (WR): 1x Bonus, Min. Deposit: $10
Copy
Get bonus now
T&Cs apply, 21+

Types of betting

Straight Wagers

When newcomers first encounter horse racing, the three most common “straight” bets they are familiar with are Win, place, and show. All three of these wagers required a minimum stake of $2 in the past, but they are now available for as little as $1 at most places. Let’s take a closer look at each of these wagers.

WIN This bet, like its name, requires that your selection finishes as the winner of the race. The track will vary the takeout rate for a Win bet, which includes Place and Show wagers. It is usually between 15-20%. The rest is distributed to the Win ticket holders on the horse that placed first. (The Place and Show pools are separate. The Win pool is not included.

Win odds, unlike Place and Show, are easily accessible by looking at the tote board or TV monitors. If you’re using an internet device, your screen will also display the win odds. These odds are often calculated using the horse’s odds. To make winning and finding the right sportsbook even easier we put together a guide rating the top horse race betting sites!

With seven minutes left to post, the #6 horse is the favourite at 8-5 or 1.6-1. You would win $1.60 per $1 wagered and get your stake back if the horse wins. A $2 win bet would pay $5.20.

The payoff for the #4 horse that wins at 29-1 would be a minimum of $60, and up to $61.80 depending on breakage. Breakage, a track that calculates payoffs, is used to round them to the nearest 20-cent increment (10c in New York). This allows for more flexibility than paying exact amounts (e.g. Instead of paying $60.80, a $60.94 calculated payoff would be $60.80.

The level of play received by each horse determines the Win odds. It’s difficult to gauge the difficulty of this wager. However, it is more complicated than Place or Show wagers. You would only bet on the favorite to win each race and you would cash on an average of one out three races. Despite the higher rewards, the average decreases for higher-priced horses. Check out the top new sportsbooks for betting on the Derby!

PLACE Place betting requires that your selection finish either first or second. Although it’s easier than a Win bet to cash, the payouts are usually smaller because the Place pool is divided in two (bettors who place money on the first and second horses divide the pool).

Because they depend on the order in which the horses are run, place odds and probable payoffs may not be readily available to all. Although there are methods to calculate approximate payoffs using the money placed on each horse in the Place pool, it is best to just enjoy the race and not obsess over the math.

SHOW This is the easiest of all three straight wagers to win cash. It requires that your selection finish either first, second or third. It’s the easiest of the three straight wagers to cash. Due to the fact that the pool is split among three ticket holders, the payoffs may be low. The Return on Investment (ROI), if you are betting favorites, can be as low as $1 per $2 wagered. Place bets have similar odds, but it is possible to calculate an approximate return.

Check out the top sportsbooks for betting on Horse Racing!

Bet365
4.6/5
Bet365 Review
Bet $5 Get $200 or $1000 First Bet Safety Net
Bet now
Whatever the sport. Whatever the moment. It’s Never Ordinary at bet365. That’s why if you sign up now you’ll get the choice of two great New Customer Offers, the First Bet Safety Net up to $1000 or Bet $5 and Get $200 in Bonus Bets. Deposit required. Bonus Bets wager excluded from returns. T&Cs, time limits and exclusions apply.Gambling Problem? Call 1-800-Gambler 21+
BetMGM
4.6/5
BetMGM Review
Up To $1500 in Bonus Bets Paid Back if your First Bet Does Not Win
T&Cs apply, 21+
Bet now
FanDuel
4.5/5
FanDuel Review
Bet $5 Get $300 in Bonus Bets if you win
T&Cs apply, 21+
Bet now

Show bets can be very exciting for beginners, especially if they have a low-risk threshold. However, for those who are more experienced than that, the equivalent of pocket money may not be as thrilling.

The race is over and the winners have been announced. What have we won? Based on the graphic above:

$2 win on #1$7.40$4 Win$0$2 win on #3$0$2 Placement on #1$4.00$4 Placement at $2$12.80$2 Placement on #3$0$2 Show on #1$2.80$4 Show, $2$9.20$3 Show on #3$6.20

Straight bets on horses other than these three are losing ones.

For a potential higher return, newcomers may be interested in placing $2 to Place, Win, and Show (or “across the board”) on their horse. The $6 investment made on #1 would have yielded $14.20, $22 on #4, and $6.20 on #3. Yes, it is possible to lose money betting on all horses if your horse finishes in the second or third place and the cumulative payouts are less than $6. Make sure you check out all of the upcoming horse racing odds!

Exotic Wagers

All nonstraight wagers can be referred to as exotic. They are often difficult for newcomers to horse racing to win unless they have amazing beginner’s luck. The EXACTA (picking the first two finishers of a race in exact order) and QUINELLA are the easiest to cash on. This bet does not have wide availability, but it is possible to pick the winners of both races.

It is best to use multiple horses to tackle the Double or Exacta. A $1 Exacta wheel with horses 1 and 2, in first place, and horses 3, 4 and 5, in second place would run $6 ($1 per combination). A $1 Double wheel of horses 1 & 2 in Race 1 would cost $4.

The SHOW PALAY is a popular way to bet on horse racing. This can be done individually or as a group. Let’s say four friends invest $10 each in a Show Parlay. Then they collectively decide which horse to show $40 on. The group will have $80 to spend in the next race’s Show Pool if the horse finishes in top three and pays $4. They will continue to re-bet their winnings until they lose (where the maximum each person loses is $10) or they will choose to stop after spending several hundred dollars.

Although there is some luck involved, it’s a great way for those who aren’t afraid to try horse racing betting without taking on a large amount of risk. This is a great way to make a low risk, low reward Show wager more exciting and can create a lot of excitement for your first horse racing experience. Of course, knowing how to win is the biggest thing of all when it comes to any form of betting. Betting on the horses, especially for the first time is never easy but here at the Grueling Truth, we are here to help you win right from the very start. So we put together a quick guide to help you win Horse racing betting.

Read Also
Esteban de Jesus, Roberto Duran y AIDS (1972-89)
Many of us dream of celebrity sports fame, but only cruel individuals ...
Tommy Morrison and AIDS: The Truth about what happened, and how he Died.
Tommy Morrison burst onto the professional boxing scene in 1988. Following a ...
Bet365 Promo
Indiana Basketball Weekly
Welcome to Indiana Basketball Weekly, your dedicated podcast for all things Indiana ...
2022 Kentucky Derby Betting Tips Preview and Predictions
At the Kentucky Derby, the horses will rock like rockstars. Nearly 150,000 ...
Ranking the top 200 players in the NFL ahead of the 2021 season
This list isn’t based solely on performances from the 2020 NFL season. ...
Top 100 NFL free agents entering the 2021 offseason
Below is a list of the top 100 free agents available this ...
Lady Tyger’s Tale: How Marian Trimiar Mauled the Boxing Establishment of the 1970s and 80s
To Feed the Ambition in Your Heart is Like Carrying a Tiger ...
The Forgotten Canadian Champion (And Maybe It’s Deserved): Billy Hawkins
As Mike Goodpaster and I prepare our popular Old-Time Boxing Show podcast, ...
The Army Boxer Who Knocked-Down Muhammad Ali (1960)
I had wanted to write a boxing story about Junebug Hudson for ...
Latest News
Top 12 Greatest Punchers in Heavyweight History
This list includes all heavyweights, including active fighters. ...
Top-14 First Baseman in MLB History: Where does Pujols rank?
I do not include players that are still ...
Top 14 Greatest Pure Shooters in Indiana High School Basketball History
When you think of high school basketball, you ...
4 NFL Coaches that Should be Fired, Right Now!
I know people have a tendency to jump ...
NCAA Football Week 10: Betting All Top 25 Games against the Spread
week one Against the spread: 8-8 Week Two ...
Top Betting Sites
Top Betting Bonuses
Bet365
4.6/5
BetMGM
4.6/5
FanDuel
4.5/5
Caesars
4.5/5
BetRivers.com
BetRivers.com
BetRivers.com Review
4.5/5
Bet365
Bet365 Bonus
Bet $5 Get $200 or $1000 First Bet Safety Net
T&Cs apply
4.6/5
Whatever the sport. Whatever the moment. It's Never Ordinary at bet365. That's why if you sign up now you'll get the choice of two great New Customer Offers, the First Bet Safety Net up to $1000 or Bet $5 and Get $200 in Bonus Bets. Deposit required. Bonus Bets wager excluded from returns. T&Cs, time limits and exclusions apply.Gambling Problem? Call 1-800-Gambler 21+
BetMGM
BetMGM Bonus
Up To $1500 in Bonus Bets Paid Back if your First Bet Does Not Win
T&Cs apply
4.6/5
FanDuel
FanDuel Bonus
Bet $5 Get $300 in Bonus Bets if you win
T&Cs apply
4.5/5
Caesars
Caesars Bonus
First bet back as a bonus bet up to $1000
T&Cs apply
4.5/5
BetRivers.com
BetRivers.com Bonus
Second chance bet: Get up to $500 in Bonus Bets
T&Cs apply
4.5/5
Our Team
Mike GoodpasterJosh SchwartzSimon BriffaMark LewisSamuel Teets
+8
Mike Goodpaster
Mike Goodpaster
Chief Editor
Josh Schwartz
Josh Schwartz
Editor
Simon Briffa
Simon Briffa
Sports Editor
Mark Lewis
Mark Lewis
Editor
Samuel Teets
Samuel Teets
US Sports Veteran
Author Icon
drjaygee
Editor
Find out what the legends have to say about sports this week....
Find out what the legends have to say about sports this week....

21+ and present in VA. Gambling Problem? Call 1-800-GAMBLER.

This site is using Cloudflare and adheres to the Google Safe Browsing Program. We adapted Google's Privacy Guidelines to keep your data safe at all times.
Virginia Town HallCloudflareSSL
Close
Our Sports Pros recommend these awesome sports betting sites this week:
BetMGM
BetMGM Bonus
Up To $1500 in Bonus Bets Paid Back if your First Bet Does Not Win
T&Cs apply, 21+
Promo Code:
Go to BetMGM
Get Bonus
FanDuel
FanDuel Bonus
Bet $5 Get $300 in Bonus Bets if you win
+ 3 Free Months of NBA League Pass
T&Cs apply, 21+
Promo Code:
Go to FanDuel
Get Bonus
Bet365
Bet365 Bonus
Bet $5 Get $200 or $1000 First Bet Safety Net
T&Cs apply, 21+
Whatever the sport. Whatever the moment. It's Never Ordinary at bet365. That's why if you sign up now you'll get the choice of two great New Customer Offers, the First Bet Safety Net up to $1000 or Bet $5 and Get $200 in Bonus Bets. Deposit required. Bonus Bets wager excluded from returns. T&Cs, time limits and exclusions apply.Gambling Problem? Call 1-800-Gambler 21+
Promo Code:
Go to Bet365
Go to Bet365
×
Your Promo Code:
The bonus offer of was already opened in an additional window. If not, you can open it also by clicking the following link:
Play now