Horse Betting is a form of pari-mutuel wagering. It can be fun and entertaining, but it can also be confusing to the beginner. In addition to the basic bets, race fans can choose from an array of advanced wagers. Depending on the type of bet, the odds can vary wildly.
For example, the traditional odds for a horse to win a race are 2-1. This means that for every $1.00 you invest, you will receive $2 back. However, if you have a better bet, you may be able to get up to three times your money back.
A more complex type of wager is an across-the-board bet. With this type of bet, you must select a single horse to win, place and show in the same race. These bets can be useful for horses that are too expensive to bet on separately.
Another type of bet is the superfecta. This involves putting three or more horses in the same order. You will need to select a winning combination and the order must be right.
Finally, you might want to try a wheel bet. Here you place more money than usual on a single horse, which spreads your bets over a larger field.
While these types of wagers might seem complicated to the uninitiated, they are very useful. They also add to the entertainment value of the sport.
Odds in horse racing are based on public betting chances, jockey reputation and the horse’s previous record. The odds will also change based on the number of bets placed on each horse.