Horse betting involves betting on horses in a race. You can bet on a number of horses, or on the main horses. The payouts depend on the type of bet. Some bets pay a lot more than others.
Win bets are the most common bets, and usually give the best payout. A win bet is made on the horse to come in first. If a horse does not finish first, it will be disqualified.
Place bets are placed on a horse to finish in second or third place. A place bet will usually pay out half of the win bet.
Exacta bets are also placed on the first and second place finishers. These bets must be placed in the correct order. For example, if a horse finishes first, its odds are 2-1. But if a horse finishes second, its odds are 2-2.
Place and show bets are more complex to calculate. They are typically made on a long shot and have low payouts. In some countries, the bookmaker is allowed to set the odds.
Wheel bets are also a type of straight bet, but these bets require more money. This is because the odds are rounded to avoid decimals.
Another type of wheel bet is called a trifecta. It requires picking the first, second, and third place finishers. Using an exacta wheel, you could bet on a horse to finish first, the first and second place finishers, and the first, second, and third place finishers.