Horse Racing Bet Types

Basic Bet Types

Win

A Win bet is the simplest and most popular bet type. You choose one horse you think will finish 1st in the race. If your horse crosses the line first — you win! Minimum and maximum bet amounts depend on the betting agency, but the concept remains the same: pick the winner.

Place

A Place bet is slightly safer than a Win bet. Your horse only needs to finish in the top 3 (1st, 2nd, or 3rd) for you to collect, as long as the race has 8 or more runners. Since the odds of placing are higher than winning, the payouts are usually lower — often around a quarter of the win odds.

Each Way

An Each Way bet combines two bets: one for your horse to win, and one for it to place. If your horse wins, you collect both the Win and Place payouts. If it finishes 2nd or 3rd, you only get the Place portion.

Exotic Bet Types

Exotic bets involve selecting combinations of horses. They’re trickier than Win and Place bets but can deliver much larger payouts.

Quinella

Pick two horses to finish 1st and 2nd — the order doesn’t matter. If both finish in the top two, you win.

Exacta

Similar to a Quinella, but with one key difference: the horses must finish 1st and 2nd in the exact order you selected.

Duet

Select two horses to finish in the top three, in any order. There are three possible winning combinations, so your chance of a payout is higher, but the return is lower compared to Exacta or Quinella. A minimum of 8 horses must be in the race for this bet.

Trifecta

Predict the first three horses to finish, in exact order. You can also "box" your selections, which allows them to finish in any order, though this increases the cost of the bet.

First 4

Similar to the Trifecta, but you must pick the first four horses to finish, in the correct order. Boxed First 4s allow any order but cost more to cover all combinations.

Daily Double

Pick the winners of two specified races (usually at the same meeting). If both selections win, you collect.

Running Double

Choose the winners of two consecutive races at the same event. If both your selections win, the bet pays out.

Treble

Pick the winners of three separate races. All three must win for the bet to succeed.

All Up (Parlay / Accumulator)

A multi-race bet where your winnings from each leg roll over to the next. You can pick horses to Win or Place in each race, but all selections must be correct for the bet to pay out.

Trixie

Select three horses in different races. Your bet covers three doubles and one treble, so even if one horse loses, you could still win a partial payout. A $1 Trixie requires a $4 stake.

Patent

Similar to a Trixie but includes three single bets as well, for a total of seven bets. A $1 Patent costs $7.

Lucky 15

Choose four horses and place 15 bets: 4 singles, 6 doubles, 4 trebles, and 1 four-fold accumulator. Even one winner guarantees some return.

Yankee

Pick four horses and place 11 bets: 6 doubles, 4 trebles, and 1 four-fold accumulator. No single bets are included.

Boxed Bets

Boxed Exacta, Trifecta, or Quinella

Instead of locking horses into a set order, you select a group of horses that can finish in any order within the bet type's rules. For example, a Boxed Exacta with three horses creates six combinations. The more horses you include, the higher your chances — but also the higher your total stake.

Common Questions

What types of bets can you place on horse racing?

You can place simple Win, Place, or Each Way bets, or more complex exotic bets like Exactas, Quinellas, Trifectas, and more.

What is the best bet for horse racing?

It depends on your confidence and risk tolerance. Win bets are great for favorites, Each Way bets offer safety for longer shots, and exotic bets like Trifectas can deliver big returns from small stakes.

What’s the difference between Win, Place, and Each Way?

A Win bet requires your horse to finish first. A Place bet pays if your horse finishes in the top 3. An Each Way bet covers both outcomes — win or place.

How does a Boxed Trifecta work?

You choose three or more horses, and they can finish 1st, 2nd, and 3rd in any order. The cost depends on how many combinations your box creates.

How do I place a bet on horse racing?

Sign up with a licensed betting site, select a race, choose your horse, enter your stake, and confirm your bet. You can place single bets or combine selections into exotics and multis for higher payouts.