Horse racing betting has its own unique language, which can be challenging for both new and experienced bettors. Understanding key terms is essential for making informed decisions, analyzing horse racing odds, and improving your betting strategy.
This guide will cover basic to advanced vocabulary, helping you navigate the world of horse racing and make the most of the horse racing schedule.
Basic Horse Racing Betting Terms
These are the fundamental terms that every bettor should know when starting out in horse racing.
1. Win
A bet placed on a horse to finish first in a race. If the horse wins, the bettor collects the payout. This is the simplest and most straightforward type of wager.
2. Place
A bet where you are wagering on a horse to finish either first or second. If your horse finishes in either of these positions, you win, but the payout is smaller than a win bet due to the higher chance of success.
3. Show
A bet placed on a horse to finish in the top three positions (first, second, or third). This bet has a higher probability of success than win or place bets but offers the smallest payout.
4. Across the Board
This is a combination of win, place, and show bets on the same horse. If the horse wins, you collect on all three bets; if the horse finishes second, you collect the place and show bets; and if the horse finishes third, you collect only the show bet.
5. Exacta
A bet where you must correctly predict the horses that will finish in first and second place in the exact order. While harder to win, an exacta offers larger payouts compared to win, place, or show bets.
6. Quinella
A bet where you pick two horses to finish first and second in any order. As long as your chosen horses finish in the top two, you win. The payout is typically lower than an exacta, but you don’t need to predict the exact order.
7. Trifecta
A bet where you must predict the top three finishers in exact order. This is a challenging bet but offers significantly higher payouts than simpler bets.
8. Superfecta
A bet that requires you to predict the first four finishers in exact order. Although difficult to win, a successful superfecta can result in massive payouts, making it a popular choice for bettors looking to take a bigger risk.
9. Daily Double
A bet where you must select the winners of two consecutive races. This is a common wager and is usually offered on the first two and last two races of a race card.
10. Pick 3, Pick 4, Pick 5, Pick 6
These bets require you to select the winners of three, four, five, or six consecutive races, respectively. The payouts increase with the number of races you’re betting on, but so does the difficulty of winning.
Intermediate Horse Racing Betting Terms
Now that you have a handle on the basic terms, let’s dive deeper into some more advanced betting concepts that can improve your strategy.
11. Box Bet
When you “box” a bet like an exacta, trifecta, or superfecta, you are betting on all possible finishing orders of the horses you have selected. For example, a trifecta box allows you to bet on three horses to finish in any order in the top three. The more combinations you box, the more your bet costs.
12. Key Bet
A key bet is where you choose one horse to finish in a specific position (like first), and then select other horses to finish in other positions. For example, in a trifecta key, you might bet on a particular horse to win and two other horses to finish second and third in any order.
13. Parimutuel Betting
This is the most common form of horse racing wagering in the U.S. All the money bet on a specific race goes into a pool. After the track takes its cut, the remaining money is divided among winning bettors. This means the odds can fluctuate up until race time, as they are determined by the total amount of money wagered on each horse.
14. Morning Line
The odds set by the track’s handicapper before betting begins. These are predictions of what the odds will be by race time. Morning line odds can give you an early indication of which horses are favored.
15. Takeout
The percentage of the total betting pool that the track retains for itself before paying out winning bettors. The takeout can vary from track to track but typically ranges between 15% and 20%.
16. Handle
The total amount of money wagered on a race or group of races. Tracks often report the handle after major races to highlight the popularity of the event.
17. Overlay
A horse that is going off at odds higher than its perceived chances of winning. Bettors often look for overlays because they represent potential value in a bet.
18. Underlay
A horse that is going off at lower odds than its perceived chances of winning. Underlays are generally considered poor betting choices because the payout does not match the risk involved.
19. In the Money
This term refers to horses that finish in the top three positions (first, second, or third). If a horse “finishes in the money,” it means it placed well enough to pay out on a show bet.
20. Chalk
The horse with the shortest odds in the race, or the favorite. Bettors who consistently bet on the chalk are betting on the perceived safest choice, though the payout is typically lower.
Advanced Horse Racing Betting Terms
For seasoned bettors who want to take their understanding to the next level, here are some advanced terms used by professional handicappers and high-level bettors.
21. Exotic Wager
A type of bet that goes beyond traditional win, place, and show wagers. Exotic wagers include exactas, trifectas, superfectas, daily doubles, and Pick 3/4/5/6 bets. These bets are more difficult to win but offer higher payouts.
22. Hedging
A strategy where a bettor places multiple bets on different outcomes to minimize risk. For example, if a bettor has a large bet on a horse to win but sees that a different horse is gaining favor, they might place a smaller bet on that second horse as a hedge.
23. Bridge-Jumper
A bettor who places a large amount of money on a heavy favorite to show (finish in the top three). While the payout is small, the large bet compensates for the low odds. If the horse fails to finish in the top three, the bettor loses a significant amount of money.
24. Past Performances (PPs)
A detailed record of a horse’s race history. Bettors use past performances to assess how a horse might perform in a particular race. PPs include information on the horse’s recent finishes, speed figures, jockey, trainer, track conditions, and more.
25. Furlong
A unit of distance used in horse racing, equal to one-eighth of a mile. Races are often measured in furlongs, with sprint races typically ranging from five to seven furlongs and distance races being a mile or more.
26. Closer
A horse that tends to run from the back of the pack and finishes races strongly. Closers are often considered good bets in races with a fast early pace, where the front runners may tire.
27. Speed Figures
Numerical ratings assigned to horses based on their past race performances. These figures help bettors compare horses across different races and tracks. The higher the speed figure, the faster the horse.
28. Trip
Refers to the route a horse takes during a race. A horse with a “good trip” encountered little interference, while a horse with a “bad trip” may have been blocked or forced to change paths, affecting its performance.
29. Bounce
A term used when a horse performs significantly worse in a race following an unusually strong performance. Bettors sometimes avoid horses that might “bounce” after an exceptional race.
30. Trainer Angle
A betting strategy based on the tendencies and strengths of a particular trainer. Some trainers excel with certain types of horses or in specific race conditions, and savvy bettors use these patterns to inform their wagers.