While betting on a horse race may be a good way to get some additional money, there are a number of things to consider when looking at the most appropriate choices. For example, betting on the favorite is often not the best bet to make. Whether the favored wins or not, there are plenty of other bets and ways to make money when betting on a horse race.
The first thing to consider is what type of bet one wishes to place. The most common bets are the straight up bets, such bets to win, place or show. A win bet pays if the horse chosen wins the race. A place bet pays if the horse places first or second. A show bet pays if the horse places third or better. If a horse is bet to show and places first, the person placing the bet will get a lower payout than had he or she bet on the horse to win.
The other types of bets to consider when betting on a horse race are called exotic bets. They run the gambit of choices. An exacta bet is a bet meant to predict the horses that finish first or second in that order, and is the most common type of exotic bet. A quintella bet predicts the horses that finish to the top two spots, no matter the order. A trifecta predicts the first three finishers in exact order. A superfecta predicts the first four in that order.
Naturally, the more difficult the bet, the higher the payout. Therefore, it may be that one win per day at the track on an exotic bet can put a gambler ahead very quickly. These are very lucrative, but very difficult, bets. In some cases, betting on a horse race becomes betting on multiple horse races. Some tracks will offer bets such as a daily double, where gamblers can try to pick the winners of two selected races. In other cases, it may be possible to choose the winners of more than two races.
Betting on a horse race is often done through what is known as a parimutuel betting system. This pools all bets of a certain type into a single entity. Once done, the payouts are based on the amount in that pool, minus a cut for the track. In some cases, a horse can be so heavily favored that, if it wins, the track may actually lose money. However, in these cases, the payouts are usually very low.
Therefore, many of those who try to make a living at the track may try to choose a winning horse that is in the middle of the odds such as being 8/1 to 14/1. This will provide a good return on investment, should the horse win. Choosing horses with lower odds may increase the chances of winning, but in cases of loss, it will take more time to regain those losses.