SportsLine presents Betting on Horse Racing 101. Terms like exacta, trifecta and superfecta are explained, along with a full guide to horse racing terms, jockeys, trainers, how to bet on horse racing, and famous horses.
SportsLine Published: May 21, 2022 3:08PM UTC . 12 min read
The big horse race is quickly approaching, and you need to know how to bet on horse racing. Well, you're in luck. SportsLine's beginner's guide to horse racing covers the basics of placing a bet on a race for those who don't know the difference between an exacta and a daily double, or a trifecta and a Pick 3.
You'll start by learning the definitions of basic racing terms like win, place and show and then graduate to box, key and across the board. You'll even learn how to communicate your bet with the clerk at the mutuel window like a pro.
By the end of this handy guide, you'll have everything you need to know about gambling on horse racing. Once you're up to speed, see what picks and bets SportsLine's expert handicappers are making on the big race.
To get started, be sure to see these short informational videos by Jonathan "The Coach" Coachman of The Early Edge, a Daily SportsLine Betting Podcast that explain some of horse racing's basic betting terminology.
Here's more on some horse betting terms:
TRADITIONAL BETS
Win
A bet on a horse to finish first in a race. The bettor wins only if the horse finishes first. How to make this bet: "Churchill Downs, Race 7, $2 to win on 5."
Place
A bet on a horse to finish second in a race. The bettor wins if the horse finishes first or second. How to make this bet: "Churchill Downs, Race 7, $2 to place on 5."
Show
A bet on a horse to finish third in a race. The bettor wins if the horse finishes first, second or third. How to make this bet: "Churchill Downs, Race 7, $2 to show on 5."
Across the board
Three equal win, place and show bets on a horse in a race, hence this bet also is known as Win Place Show. A $2 bet across the board would cost $6. If the bettor's horse finishes first, the bettor wins win, place and show money. If the bettor's horse finishes second, the bettor wins place and show money. If the bettor's horse finishes third, the bettor wins show money. How to make this bet: "Churchill Downs, Race 7, $2 across the board on 5."
MULTIHORSE BETS
Exacta
Pick the top two finishers in a race in the exact order. The bettor wins only if the horses finish first and second in the exact order. How to make this bet: "Churchill Downs, Race 7, $2 exacta, 5 over 8." (The 5 horse has to win, and the 8 has to finish second for the bettor to win.)
Exacta box
Pick the top two finishers in a race in any order. The bettor wins if the horses finish first and second in any order. The bettor can include more than two horses in an exacta box. A $2 exacta box would cost $4 using two horses, $12 using three horses and $24 using four horses. How to make this bet: "Churchill Downs, Race 7, $2 exacta box, 5-8-9." (The top two finishers have to come from the 5, 8 or 9 in order for the bettor to win.)
Exacta key
An exacta bet using one horse (the "key") to finish first in a race with multiple horses in second. How to make this bet: "Churchill Downs, Race 7, $2 exacta, 5 over 8-9." (The 5 has to win, and either the 8 or 9 has to finish second for the bettor to win.)
A bettor can also key a horse finishing second with multiple horses in first. How to make this bet: "Churchill Downs, Race 7, $2 exacta, 8-9 over 5." (Either the 8 or 9 horse has to win, and the 5 has to finish second for the bettor to win.)
Trifecta
Pick the top three finishers in a race in the exact order. The bettor wins only if the horses finish first, second and third in the exact order. How to make this bet: "Churchill Downs, Race 7, $2 trifecta, 5 over 8 over 9." (The 5 has to win, the 8 has to finish second and the 9 has to finish third for the bettor to win.)
Trifecta box
Pick the top three finishers in a race in any order. The bettor wins if the horses finish first, second and third in any order. The bettor can include more than three horses in a trifecta box. A $2 trifecta box would cost $12 using three horses, $48 using four horses and $120 using five horses. How to make this bet: "Churchill Downs, Race 7, $2 trifecta box, 5-8-9-11." (The top three finishers have to come from the 5, 8, 9 or 11 in order for the bettor to win.)
Trifecta key
A trifecta bet using one horse (the "key") to finish first in a race with multiple horses finishing second and third. How to make this bet: "Churchill Downs, Race 7, $2 trifecta, 5 over 8-9-11 over 8-9-11." (The 5 has to win, and the 8, 9 or 11 have to finish second and third in any order for the bettor to win.)
A bettor can also key a horse to finish second or third.
Superfecta
Pick the top four finishers in a race in the exact order. The bettor wins only if the horses finish first, second, third and fourth in the exact order. How to make this bet: "Churchill Downs, Race 7, $2 trifecta, 5 over 8 over 9 over 11." (The 5 has to win, the 8 has to finish second, the 9 has to finish third and the 11 has to finish fourth for the bettor to win.)
Superfecta box
Pick the top four finishers in a race in any order of finish. The bettor wins if the horses finish first, second, third and fourth in any order. The bettor can include more than four horses in a superfecta box though the cost can be prohibitive. A $2 superfecta box would cost $48 using four horses, $240 using five horses and $720 using six horses. How to make this bet: "Churchill Downs, Race 7, $2 superfecta box, 5-8-9-11." (The top four finishers have to come from the 5, 8, 9 and 11 in order for the bettor to win.)
Superfecta key
A superfecta bet using one horse (the "key") to finish first in a race with multiple horses finishing second, third and fourth. How to make this bet: "Churchill Downs, Race 7, $2 superfecta, 5 over 8-9-11 over 8-9-11 over 8-9-11." (The 5 has to win, and the 8, 9 and 11 have to finish second, third and fourth in any order for the bettor to win.)
A bettor can also key a horse to finish second, third or fourth.
MULTIRACE BETS
A-B-C-X method
Many handicappers use the A-B-C-X method, popularized by Steve Crist, for multirace wagers so that they can most efficiently bet multirace wagers (the Pick 3, Pick 4, Pick 5 or Pick 6) and leverage their strongest opinions. Here's how it works: Bettor Bob begins by grouping every horse in each race into four tiers: A (top horse or horses), B (backup horses), C (even deeper backup horses) and X (throwouts). Many times Bob will have only a single A horse -- or just one A and one B horse -- and designate the other horses as Xs.
Then, Bob constructs his wagers. First, he takes all of his A horses in each of the four legs of the Pick 4 and pairs them onto one ticket. This is his "All-A" ticket.
He then takes all of his B selections in the first leg of the Pick 4 and pairs them on one ticket with his A selections in the second, third and fourth legs. This is his first "three-A, one-B" ticket. He repeats this process with the B selections in the second leg (pairing them with the A selections in the first, third and fourth legs), the B selections in the third leg (pairing them with the A selections in the first, second and fourth legs) and the B selections in the fourth leg (pairing them with the A selections in the first, second and third legs). He now has four "three-A, one-B" tickets.
If the budget allows, Bob will use the same process above to construct "two-A, two-B" tickets.
Daily double (or double)
A bet selecting the winners of two consecutive races. How to make this bet: "Churchill Downs, Race 6, $2 double, 4-7 with 6." (The 4 or 7 has to win Race 6, and the 6 has to win Race 7 for the bettor to win.)
For the Kentucky Oaks and Kentucky Derby every year, Churchill Downs offers a special Oaks-Derby double.
Pick 3
A bet selecting the winners of three consecutive races. How to make this bet: "Churchill Downs, Race 6, $2 Pick 3, 4-7 with 6 with 2-8." (The 4 or 7 has to win Race 6, the 6 has to win Race 7 and the 2 or 8 has to win Race 8 for the bettor to win.)
Pick 4
A bet selecting the winners of four consecutive races. How to make this bet: "Churchill Downs, Race 6, $2 Pick 4, 4-7 with 6 with 2-8 with 1-3-5." (The 4 or 7 has to win Race 6, the 6 has to win Race 7, the 2 or 8 has to win Race 8 and the 1, 3 or 5 has to win Race 9 for the bettor to win.)
Pick 5
A bet selecting the winners of five consecutive races. How to make this bet: "Churchill Downs, Race 6, $2 Pick 5, 4-7 with 6 with 2-8 with 1-3-5 with 7-10." (The 4 or 7 has to win Race 6, the 6 has to win Race 7, the 2 or 8 has to win Race 8, the 1, 3 or 5 has to win Race 9 and the 7 or 10 has to win Race 10 for the bettor to win.)
Pick 6
A bet selecting the winners of six consecutive races. How to make this bet: "Churchill Downs, Race 6, $2 Pick 6, 4-7 with 6 with 2-8 with 1-3-5 with 7-10 with 2-6." (The 4 or 7 has to win Race 6, the 6 has to win Race 7, the 2 or 8 has to win Race 8, the 1, 3 or 5 has to win Race 9, the 7 or 10 has to win Race 10 and the 2 or 6 has to win Race 11 for the bettor to win.)
$1 MILLION RACES IN THE UNITED STATES*
January
Pegasus World Cup Turf
Pegasus World Cup
March
Florida Derby
April
Arkansas Derby
Santa Anita Derby
Kentucky Oaks
May
Turf Classic
Kentucky Derby
Preakness Stakes
June
Metropolitan Handicap
Manhattan Stakes
Belmont Stakes
July
Belmont Derby
August
Arlington Million
Pacific Classic
Travers Stakes
September
Cotillion Stakes
Pennsylvania Derby
October
Shadwell Turf Mile
November
Breeders' Cup Juvenile Fillies
Breeders' Cup Juvenile
Breeders' Cup Filly & Mare Turf
Breeders' Cup Distaff
Breeders' Cup Mile
Breeders' Cup Sprint
Breeders' Cup Turf
Breeders' Cup Classic
* Many purses and race dates were changed in 2020 due to the coronavirus epidemic.
LEADING JOCKEYS IN 2021 (BY EARNINGS)
1. Joel Rosario ($35.2 million)
2. Luis Saez ($32.9 million)
3. Irad Ortiz Jr. ($29.3 million)
4. Jose Ortiz ($24.9 million)
5. Flavien Prat ($23.1 million)
LEADING TRAINERS IN 2021 (BY EARNINGS)
1. Brad Cox ($33.2 million)
2. Steve Asmussen ($31.5 million)
3. Chad Brown ($22.2 million)
4. Todd Pletcher ($21.9 million)
5. Bob Baffert ($17.9 million)
TRIPLE CROWN WINNERS
1919 Sir Barton
1930 Gallant Fox
1935 Omaha
1937 War Admiral
1941 Whirlaway
1943 Count Fleet
1946 Assault
1948 Citation
1973 Secretariat
1977 Seattle Slew
1978 Affirmed
2015 American Pharoah
2018 Justify
RACING GLOSSARY
Claiming
Type of race in which any horse in it can be bought for a predetermined price.
Exotic bet
A multihorse or multirace bet, such as an exacta, trifecta, Pick 4 or Pick 6.
Furlong
The most commonly used unit of measurement in horse racing, equal to one-eighth of a mile.
Hit the board
A first-, second-, third- or fourth-place finish.
In the money
A first-, second- or third-place finish.
Juvenile
Two-year-old colt or filly.
Maiden
A horse who has never won a race.
Morning-line odds (or morning line)
The odds set by the track's oddsmaker prior to the opening of betting based on the oddsmaker's predicted final odds for each horse in the race. Note: These odds will change by the time the horses leave the starting gate and are NOT the final odds, only the oddsmaker's prediction of what those final odds will be.
Odds
Usually expressed as a fraction (such as 3-1), the probability of a horse's chance to win a race based on the public's betting to that point.
Overlay
A horse who has odds greater than what a bettor perceives to be fair value and is, thus, a good bet. Opposite of underlay.
Post position (or post)
The stall in the starting gate from which a horse will start. Post positions are drawn randomly. The No. 1 post position is the stall closest to the rail.
Post time
Time a race is scheduled to start.
Speed figure
A metric that rates a horse's performance in a race, factoring in several variables including final time, distance of the race, track or turf condition and level of competition, among others. The Beyer Speed Figure is the most prevalent speed figure today.
Underlay
A horse who has odds less than what a bettor perceives to be fair value and is, thus, not a good bet. Opposite of overlay.
Looking for the best picks against the spread, sharp action on the total and props you can take to the window? Join Jonathan Coachman on the Early Edge as he speaks with SportsLine's top handicappers to preview every day's biggest games. We promise to keep it short, sweet and to put some green in your pocket. Early Edge is under 10 minutes and in your feed every single day by 11 AM ET. Download right here or wherever you get your podcasts.