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Betting on Horse Racing

Betting on Horse Racing

Horse racing betting has evolved into a fast, accessible, and thrilling experience for Canadians. No longer limited to racetracks or betting shops, you can now place bets online with just a few clicks. Whether you're completely new to the sport or already familiar with the basics, understanding the different types of horse racing bets is key to improving your strategy and enjoying the action. From simple Win bets to complex wagers like Trifectas and Superfectas, this guide breaks down all the popular options. Get ready to bet smarter and boost your confidence at the virtual track.

Everett Campbell
Written by Everett Campbell - Updated 2025-03-17 - Reading time: 7 minutes.

Win, Place, and Show Bets

When you're getting started with horse racing betting, the simplest and most popular wagers are Win, Place, and Show bets. A Win bet is exactly what it sounds like—you’re backing a horse to finish first. If your horse wins the race, you’ll collect a payout based on the odds set by the bookmaker.

A Place bet gives you more wiggle room: your horse only needs to finish first or second. While the payout is smaller than a Win bet, your chances of winning increase.

A Show bet offers the highest likelihood of success because your horse can finish first, second, or third. The trade-off? Lower returns. These bets are perfect for beginners who want to play it safe while still enjoying the thrill.

Most horse racing uses a pari-mutuel betting system, meaning all bets of a specific type go into a pool. After the house takes its cut, the pool is divided among the winners. This means your final payout isn’t locked in until betting closes and the race finishes.

Each-Way Bets

Each-Way bets are a popular option in horse racing, especially in events with large fields. This type of bet is actually two bets in one: a Win and a Place bet. If your horse wins, you get paid for both parts. If your horse places (typically finishes in the top two, three, or four depending on the race), you’ll still receive a payout on the Place portion. The odds for the Place bet are usually a fraction of the Win odds, often 1/4 or 1/5.

Quinella Bets

A Quinella bet involves picking two horses to finish first and second, in any order. If both of your picks take the top two spots, you win. This bet is easier to hit than an Exacta, which requires the correct order, but the payout is generally lower.

For example, if you select Horse #3 and Horse #7 in a Quinella, and they finish 1st and 2nd in any order, your bet pays off. This flexibility makes Quinellas a great mid-level option between safe and risky bets.

Exacta Bets

In an Exacta bet, you're betting on the first and second place finishers—in the exact order. This means you need to be spot-on with your prediction. Because of the added difficulty, Exacta bets usually offer higher payouts than Quinella bets.

You can increase your chances by boxing your Exacta. Boxing allows your selected horses to finish in any order, but it doubles your bet because you’re effectively covering two outcomes. For example, an Exacta box with Horse #4 and Horse #8 covers both 4-8 and 8-4.

Trifecta Bets

A Trifecta bet takes things up a notch. Here, you're predicting the first, second, and third place finishers in exact order. The challenge is significant—but so is the payout.

Just like with Exactas, you can box your Trifecta to allow any order of finish among your chosen horses. However, this quickly increases the number of combinations and the total cost. A Trifecta box with three horses results in six possible combinations—so your $1 bet becomes $6.

Superfecta Bets

Feeling lucky? The Superfecta bet requires you to predict the top four finishers in exact order. This is one of the hardest bets to win but offers some of the most eye-popping payouts in horse racing.

Many bettors opt to box their Superfectas, but keep in mind this significantly increases your total wager. For instance, boxing four horses in a Superfecta leads to 24 possible combinations. At $1 per combination, that’s a $24 bet.

Daily Double Bets

The Daily Double involves picking the winners of two consecutive races. It’s a fun way to extend the excitement across multiple events. To win, both of your selections must win their respective races. It’s a harder bet to hit, but payouts can be rewarding.

Pick 3, Pick 4, Pick 5, and Pick 6 Bets

These are multi-race wagers where you must correctly predict the winners of three, four, five, or six races in a row. These bets are high-risk but offer massive payouts for those who nail their selections. Some tracks and betting platforms offer consolation prizes if you get most, but not all, of your picks right.

Future Bets

Future bets allow you to place wagers well in advance of a major race. You might bet on a horse to win the Kentucky Derby months before the lineup is even finalized. These bets often offer fixed odds, which can be quite generous if you spot a promising contender early. The downside? A lot can happen before race day—injuries, changes in form, or even withdrawals—so it’s a riskier move.

Virtual Horse Racing

Virtual horse racing is the digital version of the sport. These are computer-simulated races available 24/7. They use certified random number generators to produce fair and unpredictable results. While they lack the drama and variables of live racing, virtual races offer fast-paced fun and instant gratification. You’ll find most of the same betting options: Win, Place, Show, Exacta, Trifecta, and more.

Understanding Betting Terminology

  • Boxing a Bet: Increases your chances by covering all finishing order combinations among your selected horses.
  • Pari-Mutuel Betting: A system where all bets of a certain type go into a pool and the payout is based on the total amount wagered and number of winners.
  • Fixed Odds: Odds that are locked in at the time of your bet, common in future bets.
  • Field: Refers to all the horses running in a race.
  • Underdog: A horse with longer odds and lower expectations to win.
  • Chalk: The favorite in the race.

Questions about Horse Racing Bets

  • What is the difference between Win, Place, and Show bets?

    A Win bet means your horse must finish first. A Place bet wins if your horse finishes first or second. A Show bet pays out if your horse finishes in the top three. Payouts decrease as the likelihood of winning increases, with Show offering the lowest returns.

  • What does it mean to 'box' a horse racing bet?

    Boxing a bet means covering all possible order combinations of your selected horses. For example, a boxed Exacta with Horse 2 and Horse 5 covers both 2-5 and 5-2. It increases your chances but also raises the total cost, as each combination is treated as a separate wager.

  • How do Trifecta and Superfecta bets work?

    A Trifecta bet requires you to pick the first three finishers in exact order. A Superfecta raises the stakes, needing the first four in the correct sequence. Both can be boxed to cover multiple combinations, but this increases the cost of your bet significantly.

  • What are Daily Double and Pick 3/4/5/6 bets?

    Daily Double bets involve choosing the winners of two back-to-back races. Pick bets expand this to three, four, five, or six races. You must correctly pick all winners in sequence to claim a payout. These bets are riskier but offer higher returns, especially for Pick 5 or Pick 6.

  • Are virtual horse races fair to bet on?

    Yes, virtual horse races use certified random number generators (RNGs) to ensure fairness and unpredictability. Reputable online platforms regularly test their software to meet gaming standards. While virtual races don’t reflect real-world horse performance, they are transparent and secure for betting.

  • What are future bets in horse racing?

    Future bets allow you to wager on races well in advance—like picking a Kentucky Derby winner months before the event. These bets often offer fixed odds and higher potential payouts but come with more risk since a horse’s form can change dramatically over time.