When it comes to wagering on horse racing, there are many different horse racing bet types. There are wagers as simple as a Win wager, or as complex as a Pick 6.
Here is a quick overview of the types of bets you can make on the Iron Bets betting platform:
Win
You bet on a horse to finish first. This is the most straightforward bet. If your horse wins, you win. The traditional wager and payoff that is shown on the toteboard is based on a $2 wager. Many tracks offer a $1 increment on a Win wager. A $2 Win wager on a horse listed on the toteboard at 2-1 would return $6.00 to win.
Place
Betting on a horse to finish in the top two. This offers lower odds than a win bet because it’s easier to win. If you bet a horse to Place, as long as the horse finishes first or second, you cash the ticket. Since there are two winners, expect a lower payoff than wagering on a horse to Win.
Show
You bet on a horse to finish in the top three. This is usually the lowest risk wager you can make when playing the ponies. As long as the horse to wager on finishes in the top three, you cash. However, with the winnings split among three horses, the dividends can be low.
A great way to pad your bankroll is to take advantage of the Iron Bets Daily Promos.
Exacta
You pick the first and second place finishers, in exact order. This can offer higher payouts due to its difficulty. A common Exacta wager is an Exacta Box. If you box the #1 and #2 horse for $2, as long as it came in 1-2 or 2-1, your ticket cashes.
Quinella
Similar to an Exacta but you don’t have to pick the order of finish; just the first two horses. It is much like playing an Exacta Box, but it is a separate and usually smaller betting pool, so the payoffs can vary.
Trifecta
Predicting the first three finishers in exact order. Offers potentially high payouts because it’s harder. Since it is hard to predict the exacta order of a Trifecta, a trifecta Box or trifecta Key is a good strategy. A three-horse trifecta Box for $1 would cost $6.
Here are costs for using a Trifecta Box with a $1 increment:
$1 box using 3 horses = $6
$1 box using 4 horses = $24
$1 box using 5 horses = $60
$1 box using 6 horses = $120
A useful strategy would be a Trifecta key, where you use your strongest opinions in the top spot, or two spots, spreading deep in the third slot.
Here are a few ways to get good coverage with modest investments:
#1,#2 with #1,#2,#3 with #1,#2,#3,#4,#5,#6 = $16
#1,#2 with #1,#2,#3,#4 with #1,#2,#3,#4,#5,#6 = $24
#1,#2,#3 with #1,#2,#3,#4 with #1,#2,#3,#4,#5,#6 = $36
Most tracks now have$0.50 increment for Trifecta wagers.
Superfecta
Forecasting the first four horses in the exact order they will finish. More challenging than hitting a Trifecta, as you must correctly choose the fourth place finisher as well. Most tracks have a $0.10 or a $0.20 increment on Superfectas.
Daily Double
You bet on the winners of two consecutive races. Most tracks have rolling Daily Doubles with a minimum $1 increment.
Pick 3, 4, 5, or 6
Betting on the winners of three, four, five, or six consecutive races. The longer the sequence, the higher the potential payoff.
The Pick 5 has become a very popular wager and many tracks offer a lower takeout on the Pick 5, sometimes as low as 12%. The takeout on Pick 3 and Pick 4 wagers can range from 15% all the way up to 25%, so it is a good idea to know what tracks offer lower pricing on these wagers.
On big days like the Breeders’ Cup, there are often special Pick 5 and Pick 6 wagers. Check the betting menu and seek our low takeout wagers that offer more value.
If you ever have any questions on wagering, reach out to our team via the Live Chat or send us an email at help@ironbetsracing.com
