There may be several different types of bets, in which case each type of bet has its own pool. The basic bets involve predicting the order of finish for a single participant, as follows:

In North America

• Win – A first place finisher wins the bet.
• Place – Either a first or a second place finisher wins the bet (at most tracks the race must have at least four runners in it for place betting to be conducted).
• Show – First, second, or third place finisher wins the bet (at most tracks the race must have at least five runners in it for show betting to be conducted).
• Across the Board: A combination triple-bet of Win, Place, and Show

In Australia

• Win – Runner must finish first.
• Place – Runner must finish first, second or third place. (In events with five to seven runners, no dividends are payable on third place (“NTD” or No Third Dividend) and in events with 4 or less runners, only Win betting is allowed).
• Each-way – A combination of Win and Place. A $5 bet Each-way is a $5.00 bet to Win and a $5.00 bet to Place, for a total bet cost of $10.

In Ireland and the United Kingdom

• Win – Runner must finish first.
• Place – Runner must finish within the first two places (in a 5-7 runner race), three places (8-15 runners) or four places (16+ runners).
• Each-way – Charged and settled as one bet to win and another bet to place (if asking for a bet of “five pounds each way” you will be expected to pay ten pounds).

Depending on the facility rules, which might vary from event to event, other bets may also be offered which allow the user to pick the finish of more than one participant, or more than one event. These are called exotics, and generally pay higher dividends. However, the facility’s take is usually higher for these bets as well. The major exotics (in North America and Australia) are:

• Exacta (exactor, perfecta) – Picks the first and second place finishers, in order.
• Quinella – Picks the first and second place finishers, in either order.
• Trifecta (triactor) – Picks the first, second, and third place finishers, in order.
• Superfecta – First four finishers in order.
• Daily/Extra Double – Picks the first place finishers in two different events.
• Quadrella – First in four consecutive races.
• Pick 3 and pick 4 – first in three or four consecutive races, not necessarily the first three or four races of the day. Some tracks offer a “rolling pick 3,” on the first three races, the second through fourth, third through fifth, and so on.
• Pick 6 (jackpot) – Picks the winners in six consecutive events.

This guide is licensed under the GNU Free Documentation License. It uses material from the Wikipedia.

Video: Libertarian Jack Cashin Parimutuel Wagering (Libertarian candidate Jack Cashin explains how Parimutuel wagering or betting on horse races would benefit Georgia.)

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