A wager on a horse race is very different than many other forms of gambling. Horse racing payoffs are calculated on a "pari-mutuel" basis. Basically, this means the house (the racetrack) does not particularly care who wins a given race. The odds on each horse to win are determined by what proportion of the total money wagered is placed on that horse.
The "favorite," or the horse with the most money wagered on him to win by the public, will have the lowest odds. The "longshots" have the least amount of money wagered on them and therefore have the highest odds.
The racetrack handles the money, keeps a commission, and calculates a given horse's odds based on the public's preferences. The remaining money is then paid back to the players who hold winning tickets. To the racetrack, the result of a given race is usually insignificant. To the wagering public, however, it means everything!
Understanding the odds and payoffs can be a little intimidating, but it's actually quite simple. Win odds on the tote board are displayed based on $1, unless otherwise noted. A "3" displayed next to a horse's number indicates that the horse is 3-1. An example of an exception to this general rule is when "5-2" is shown. This simply means that the odds on this horse are actually 5 divided by 2, or 2.5-1.
Win payoffs are calculated based on a $2 wager because at most tracks this is the minimum bet. A horse that wins at 3-1 will return $3 for every $1 wagered. For example, a $2 wager on a horse at 3-1 would return approximately $8:
$2 x 3 = $6 + $2 wagered = $8
Generally, when calculating a horse's win price, multiply two times the horse's odds and add $2. Notice that some odds pay through a range. Our horse with odds of 3-1 could pay anywhere from $8 to $8.80 in 20-cent increments. This occurs because the tote board can only display rounded odds.
Five Easy Steps in Making a Bet
Step 1: State the Name of the Track You Wish to Bet
Not only does Harrah's Chester offer wagering on our own races during our racing season, we also present simulcast wagering on tracks from all over the country. On many days, we offer more than 20 tracks, so this is an important first step in getting your bet down accurately.
Step 2: State the Race Number
It's not necessary to state the race number as long as you are betting the next upcoming race. If you are advance wagering (placing a wager on a race later in the day) it is very important that you say the race number.
Step 3: State the Amount You Wish to Bet
That's an easy one!
Step 4: State the Type of Wager
Win, place, show, exacta, superfecta, etc. The options are many, and that's one of the things that makes horse race betting so much fun! For help, take a look at the kinds of bets below.
Step 5: State the Program Number of the Horse You Wish To Bet
Using the horse's number, in combination with the other steps provided here, will ensure your bet is made correctly. It's a good idea to always check your printed ticket to confirm your bet was recorded correctly.
That's it! Simple, right?
Here are examples of some common bets:
"Harrah's Chester, race 8, $5 to win on number 5." (In this bet, Harrah's Chester is the race location, and the bet is for race number 8. Remember, no need to say it if it's the next race to be run. The bet is $5, to win, on horse number 5.)
"Ocean Downs, please. Race 6, a $2 exacta, 2-5." (Ocean Downs is the track, race 6, and the bet is for $2. This bet is for an exacta. Refer to our handy list below for the types of races. In an exacta, two horses are chosen, so in this example, the horses are number 2 and number 5.)
"The Meadowlands, $10 daily double, 7-10." (Getting the hang of it? The track is Meadowlands, and it's a $10 bet, a daily double, for horses 7 and 10.)
Self-Service Wagering
Self-Service wagering is also available at many terminals throughout the Simulcast Center. Self-Service wagering can be done using cash, vouchers or FastBet Cards. The FastBet Card is paperless. All bets are recorded and winnings are automatically credited to the account balance. The card may be funded at any Self-Service terminal using the "deposit" key or at a teller. There is no minimum amount required to fund the card. Funds may be added or withdrawn at any time. Just go to a teller to make deposits or withdrawals using cash or a winning ticket/voucher. A Self-Service terminal can also be used for deposits and withdrawals. No cash is dispensed by a Self-Service terminal, however. A paper voucher is issued to be cashed at a manned terminal.
Types of Bets
Win
A horse bet to win must cross the finish line first, with the exception of any disqualifications.
Place
A horse bet to place must cross the finish line either first or second. This bet is less risky but also normally pays less than a winning win wager on the same horse.
Show
Any horse bet to show must finish either first, second, or third. Again, this wager is not as risky but will usually pay less than either a win or place wager on the same horse.
Daily Double
The object is to choose the correct horses that will win two designated consecutive races. Take, for example, a 1-5 daily double placed in the first race. The number 1 must win the first race and the number 5 horse must win the second race.
Pick-3
Correctly select the winners of three designated consecutive races.
Pick-4
Correctly select the winners of four designated consecutive races.
Exacta
The object is to correctly select the first two horses across the finish line in the exact official order. For example, if you placed a "3-4" exacta, the number 3 horse must win the race and the number 4 must finish second.
Trifecta
The trifecta is basically just an extension of the exacta. The object of a trifecta is to select the first three horses across the finish line in the exact official order. An example trifecta would be "4-2-7." The number 4 horse must win, number 2 must finish second, and the number 7 must finish third in that exact order.
Superfecta
A winning superfecta must select the first four horses across the finish line in the exact official order. Due to their probabilities, superfectas are routinely one of the most difficult wagers to hit but often pay hundreds and even thousands of dollars.
It's Off to the Races
Again, always check your printed ticket before you leave the betting window to make sure your bet was recorded correctly. Once you leave the window, your bet can't be changed!
One last tip! Never tear up your ticket until the race has been declared "official." See you at the track!
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