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Horserace Pari-Mutuel Wagering
When you make a wager at a horserace track you are not betting against
the "house" as with most casino games. Pari-mutuel wagering
means "betting amongst ourselves." The odds are dynamic and
are solely dependent upon how you, the participants, place
your wagers. When you're at the track or a simulcast wagering
facility, the track extracts a commission (the "takeout")
from all wagers made (the "handle") and redistributes
the remaining funds (or wagering "pool") among the winners.
In fact, the racetrack has absolutely no interest in the outcome
of a race. The track receives its commission per wager, similar
to a stockbroker's compensation, no matter if a favorite or
longshot wins. Your wagering determines all the odds, not
racetrack management.
At most racetracks and off-track wagering locations the minimum
straight win, place or show wager is $2. The final winning
prices are based on a $2 wager. For example, if you bet $10
to Win on a horse, and the Win price is $5.20, you receive
a total of $26 (the "return"). The return is computed
as the number of $2 wagers made time the Win price, or in
this example $10 divided by $2 multiplied by the Win price
of $5.20 = $26.00. Your profit on the win is the return of
$26.00 minus the original wager of $10 equals a profit of
$16. Your return on investment (ROI) is the profit of $16
divided by the wager of $10 = 160%.
Straight $2.00 Horserace Wagers
Win - - You win if your horse finishes
first
Place - - You win if your horse finishes
first or second.
Show - - You win if your horse finishes
first, second or third.
Win/Place/Show - - An equal amount
bet "across the board" to win and place and show. For example,
$2 across the board, or $2 win and place and show.
Exotic Horserace Wagers
These wagers are generally more difficult to win than Straight
Wagers and may require some advance handicapping. However,
the potential payouts are significantly greater. (Not all
racetracks offer every exotic wager. These are general guidelines;
different tracks offer slight variations.)
Daily Double - To win you must pick the winners of two
consecutive races. Wagers must be placed before the first
of the two races.
Pick Three - To win you must pick
the winners of three consecutive races. Wagers must be placed
before the first of the three races.
Exacta - To win you must pick the
first two horses to finish in exact order in a single horserace.
Quinella - To win you must pick the
first two horses to finish in either order in a single horserace.
(Easier than an Exacta, because either horse can finish first
or second.)
Trifecta - To win you must pick the first three horses
to finish in exact order in a single horserace with eight or more
betting interests.
Superfecta - To win you must pick
the first four horses in exact order of finish in a single
race with eight or more betting interests.
Pick Six - To win you must pick the
winners of six consecutive races. Wagers must be placed before
the first of the six races. (This is a very difficult wager,
but the payouts can be very high!).
Pick Four - Similar to the PICK SIX,
but uses the last four races.
Place Pick All- You win a major payoff
if you pick the winners or second-place finishers of the entire
card (8, 9 or 10 races). If no ticket contains the winning
combination for all races, the payoff will go to the ticket
with the highest number of correct selections.
Approximate Payoff for a $2.00 Win
Bet
| Odds |
Returns |
Odds |
Returns |
| 1-9 |
$2.20 |
2-1 |
$6.00 |
| 1-5 |
$2.40 |
5-2 |
$7.00 |
| 2-5 |
$2.80 |
3-1 |
$8.00 |
| 1-2 |
$3.00 |
7-2 |
$9.00 |
| 3-5 |
$3.20 |
4-1 |
$10.00 |
| 4-5 |
$3.60 |
9-2 |
$11.00 |
| 1-1 |
$4.00 |
5-1 |
$12.00 |
| 6-5 |
$4.40 |
6-1 |
$14.00 |
| 7-5 |
$4.80 |
7-1 |
$16.00 |
| 3-2 |
$5.00 |
8-1 |
$18.00 |
| 8-5 |
$5.20 |
9-1 |
$20.00 |
| 9-5 |
$5.60 |
10-1 |
$22.00 |
Helpful Horserace Information
Age - Every horse celebrates a birthday
on January 1, regardless of the actual date of birth. Yes,
this would mean a horse born on December 31st would be a yearling
on January 1st. However, the breeding industry avoids this
problem by timing the breeding season to start in February.
(Mares carry their foals for approximately 11 months.)
Two-year-olds only race against other two-year-olds. Three-year-olds
normally only compete amongst themselves during the first
half of the year then begin to challenge older horses as they
gain experience. Many handicappers watch for older horses
racing against three-year-olds. It takes a special three-year-old
to challenge their elders and win. Handicappers also watch
four-year-olds as they come of age. Because most three-year-olds
are protected for a majority of their racing lives, as a-four-year
old they may have trouble making the transition to becoming
a competitive older horse.
Chalk - When a horse is the favorite
-- or has the most money bet on it -- that horse is termed
the "chalk." Interestingly, this term comes from the pre-computer
era of the bookie. When a bookie recorded bets on a blackboard,
the odds would change over and over as more and more people
bet on the favorite. The horse became known as the "chalk"
because the horse's name would disappear in chalk dust as
the bookie constantly erased and lowered the horse's odds.
Coupling - In general, when two or
more horses entered in a race belong to the same owner and/or
are trained by the same trainer, they are called "coupled"
horses. The coupled entry is comprised of two or more horses
and are a single betting interest. For example: Mrs. Smith
owns horse A and horse B. Mrs. Smith's entry would thus be
1 and 1a. This is considered a bet on #1 for betting purposes.
Once in awhile, there will be more than one coupled entry:
Mrs. Smith owns Horses A and B while Mr. Jones owns Horses
C and D. Mr. Jones' entry would be numbers 2 and 2a.
While this seems complex, what it means is that you get two
horses for the price of one. However, it usually means that
a horse you thought would be at long odds may be affected
by the other "coupled" entry
Handle - Amount of money wagered on
a single race or a full-day of racing (e.g., the handle for
the day was $2,000,000).
Morning Line - A prediction by the
Track Line Maker of what the final odds will be, based on
how the public wagers. It depends on the line maker whether
the prediction is accurate. Many people often get confused
thinking that the Morning Line is an indicator of the possible
winner.
The public can and does choose the wrong horse, termed a "false"
favorite. Many people bet exclusively on favorites without
handicapping the races.
Past Performances - A history of each horses' racing performance:
how he/she ran, placed, the jockey, trainer, at what track,
etc. The past performances are often referred to as the "pp's."
Post position - The post position
is the position from which the horse breaks out of the gate.
Most of the time a horse comes out of the same gate number
as his/her program number. However, if there are coupled entries
in the race, that isn't possible. Both the 1 and the 1a cannot
break from the 1 slot so they draw for the post positions.
Post position may also change based on scratches.
Some handicappers keep track of post positions believing there
is a track bias. They may have observed, for example, that
the outside is playing better than the inside (or reverse).
As a result, they might be willing to bet a certain horse
that is not quite as good as the others because of its post
position.
Post Time - The time the horses are
expected to reach the starting "post"; when a race begins.
Race Card - The schedule of races
on a specific day.
Horserace Types
Stakes and Handicap Races - Graded
stakes and handicap races are the highest level of racing
at any race track. The best horses usually compete in stakes
competition. The owner must pay nomination fees and entry
fees in order to run their horse. An example of a very early
nomination fee is the Breeders Cup. This fee is paid in the
foal's weanling year. Other fees are due a month or several
weeks before the race is scheduled to run. The owner may also
have to pay a fee to enter the horse during the entries. These
fees are usually paid back in the purse. The nominations will
frequently include many horses. The conditions of the race
will determine who gets to race.
The Racing Secretary assigns weights to horses in a handicap
race. The toughest horse must bear the highest weight, while
the least competitive horse will have the lowest weight. Assigning
different weights is an attempt to level the playing field
between competitors, just like a handicap in golf. There are
also weight breaks for younger horses or for a filly racing
against colts. A stakes or handicap race can also list age
conditions like "two-year-olds," "three-year-olds," "four-year-olds"
or "three and up."
Overnight Stakes - The main difference
between an overnight stakes race and a stakes race is the
amount of entry fees a trainer must pay to enter the horse.
Overnight stakes do not usually require nomination, entry
and starting fees. Nominations for overnight stakes are generally
taken up to a week (or less) before the race. Overnight stakes
bring out quality horses to compete for excellent purse money,
though usually not as much as in the highest quality stakes
horseraces.
Allowance Races - Allowance races
are exactly like their name implies. Allowances are made or
"conditions are set" in order for the horse to be eligible
in that race. Examples of allowance races are: Non-Winners
of 2 (races), Non-Winners of 3 (races), Non-Winners of 4 (races).
As you can see, each level is more competitive. A horse that
has never won two races might have a hard time winning a race
against horses that have won three. There are often other
conditions like "of a race since August 5th, 1998" or "at
a mile or over." Sometimes there are monetary conditions set,
such as "Non-Winners of $3000" or "Non-Winners of 5000 lifetime."
A good handicapper will make note of these conditions. Some
horses entered in the race may be competitive against Non-winners
of $5000 lifetime, but not at all competitive against Non-Winners
of three races.
Often a horse will be run through all of their conditions
before they are ever entered in a stakes race. Some feel that
it is important to season a horse by going this route. Others
feel that it is better to strike while the iron is hot and
go after the better purses in stakes level racing. Some horses
can't make the cut and go from the allowance to the claiming
ranks and back over their careers.
Claiming Races - A claiming race means
that the horses may be purchased by a qualified, licensed
person for the claiming price listed in that race. Many people
do not understand why someone would want a horse to be claimed.
Just as in other professional sports, not all horses are good
enough to be top competitors in stakes level races. Racing
in the claiming ranks allows the owners, as well as the horses,
the opportunity to win against horses of the same caliber.
Depending on the track, a horse may be entered for as low
as $5,000 or as high as $100,000. There is also another type
of race called the optional claimer. In this case, the horses
may be eligible to be claimed or they may be allowance horses,
competing under allowance conditions, and therefore are not
eligible to be claimed. This type of race was created to combine
two types of races and help the Racing Secretary have a fuller
field of horses for this type of race.
Starter Allowance Races - A horse
entered in a starter allowance race cannot be claimed. The
horse, however, must have run at a certain claiming level
(depending on how the conditions are written) during a designated
time (for example "since August 1998"). The starter allowance
generally brings together the best of the claiming-level competitors.
Maiden Races - The term "maiden" means
non-winner, the horse has never won a race. Some maidens,
in fact, have never raced at all (nonstarter). There are two
types of maiden races. Generally, the maiden special weight
race is the best. A horse cannot be claimed out of a maiden
special weight Race. The purses are also better than the maiden
claiming race as well. Most of the time the maiden special
weight races have the best youngest horses on the race track.
They are often the best bred horses and often have the best
connections (owners, breeders and trainers).
Scratch - When a horse is withdrawn from a race in which
it's scheduled to run. Depending upon the type of wager you've
placed, you're entitled to either a refund or your interest
will automatically be transferred to the betting favorite.
Horsemen are allowed to "scratch" their horses up to 24-hours
after entries are taken, sometimes because a more suitable
race has become available. There are many reasons to scratch
a horse, however, including illness or injury. If the scratch
occurs before the writing of the program, the numbers of the
other horses change, which is where the confusion lies between
entry and program numbers. If the scratch occurs after the
program has been written and sent to the printer, the scratch
is called a 'program scratch.' In that case, the other horses
in the race do not change program numbers.
There are many rules regarding scratches. If a horse is scratched
due to injury or illness, for example, the horse can't immediately
be entered in another race. Depending upon the injury or illness
(for example, if the horse was administered medications),
there may be a time frame when a horse may not be entered.
Simulcast Wagering - The option to
watch and wager on the races live via television broadcast.
If you are unable to enjoy live racing at the track, you can
attend any one of hundreds of simulcast wagering facilities.
Tote Board - The infield graphics
board, or tote board, provides the following information:
the amount of money wagered on each horse individually in
the win, place and show pools, updated odds, fractional and
final race times, the results of the preceding horserace and additional
messages including program changes, post time for the upcoming
race and the time of day. The tote board is updated constantly.
There are a number of online Tote Boards available on the
internet.
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