beginner
7 min readBet Types
Win, place, show, exacta, trifecta, and exotics.
BonusBell Team
Horse racing offers a dizzying array of bet types—from simple win bets to complex exotics. Understanding the different wagers helps you choose the right bet for your analysis and risk tolerance.
Straight Bets
The simplest wagers, betting on a single horse:
Straight Bet Types
| Bet | What It Means | Payout | Difficulty |
|---|---|---|---|
| Win | Horse finishes 1st | Highest | Most risky |
| Place | Horse finishes 1st or 2nd | Medium | Safer |
| Show | Horse finishes 1st, 2nd, or 3rd | Lowest | Safest |
Strategy Insight
An "Across the Board" bet is Win + Place + Show on the same horse. It's three separate bets that collect based on where your horse finishes.
Horizontal Exotics
These bets involve the same race, predicting multiple horses' positions:
Common Multi-Horse Bets
| Bet | Requirement | Example | Takeout |
|---|---|---|---|
| Exacta | Pick 1st and 2nd in order | #3 then #7 | ~18-22% |
| Quinella | Pick 1st and 2nd any order | #3 and #7 | ~18-22% |
| Trifecta | Pick 1st, 2nd, 3rd in order | #3-#7-#2 | ~22-25% |
| Superfecta | Pick 1st through 4th in order | #3-#7-#2-#5 | ~22-30% |
Good to Know
Box bets cover all combinations of your horses. A 3-horse exacta box is 6 bets; a 4-horse trifecta box is 24 bets. Cost adds up quickly!
Vertical Exotics
These bets span multiple races—harder to hit but bigger payouts:
Multi-Race Bets
| Bet | Races | Difficulty | Typical Payout |
|---|---|---|---|
| Daily Double | 2 | Moderate | $50-$500+ |
| Pick 3 | 3 | Hard | $100-$1,000+ |
| Pick 4 | 4 | Very Hard | $500-$5,000+ |
| Pick 5 | 5 | Extremely Hard | $1,000-$50,000+ |
| Pick 6 | 6 | Nearly Impossible | $10,000-$1,000,000+ |
Pick pools often have carryovers when no one hits
Keying and Boxing
Boxing
Cover all combinations of your selected horses:
- 3-horse exacta box = 6 combinations
- 4-horse exacta box = 12 combinations
- 4-horse trifecta box = 24 combinations
Keying
Use one "key" horse in a specific position with others filling remaining spots:
- #5 key over #2, #3, #7 = 3 exacta combos with #5 winning
- Cheaper than boxing when you're confident about one horse
Strategy Insight
If you love a horse to win but aren't sure about 2nd place, key them on top of 4-5 others for more coverage at lower cost than boxing.
Exotic Bet Strategy
Good Exotic Approach
- Have strong opinions on some horses
- Use keys to reduce ticket cost
- Target races with clear standouts
- Look for prices (longshots) in 2nd/3rd
Bad Exotic Approach
- Betting every race without analysis
- Full boxes with all favorites
- Pick 6 tickets in maiden races
- Chasing jackpots without edge
Calculating Costs
Pro Tip
Common formulas:
- Exacta box: n × (n-1) combinations
- Trifecta box: n × (n-1) × (n-2) combinations
- Superfecta box: n × (n-1) × (n-2) × (n-3) combinations
Which Bets Should You Make?
Bet Selection Guide
| Your Situation | Best Bet Type |
|---|---|
| Love one horse, uncertain about rest | Win + exacta key |
| Strong opinion on top 3 | Trifecta key |
| See value in multiple horses | Exacta/Trifecta box |
| Want low-risk entertainment | Place/Show |
| Looking for big score | Pick 4/Pick 5 with keys |
Key Takeaways
- 1Win/Place/Show are the simplest bets for beginners
- 2Exacta, Trifecta, Superfecta predict multiple positions
- 3Boxing covers all combinations but gets expensive fast
- 4Keying saves money when you're confident about one horse
- 5Multi-race bets (Pick 4-6) offer huge payouts but low hit rates