Horse racing guide: How to bet on horse racing, types of bets and more

Horse racing is among the oldest sports in America, and there is no sport more directly tied to betting. In the United States, state laws separate sports betting sites and the best horse racing apps. Even though you cannot bet on horse racing at sportsbooks, there are many racebook promos for the Kentucky Derby and other big races every year. On this page, we will offer an introduction on how to bet on horse racing, including the best apps for horse racing betting and what everything inside a racebook means. 

Finding the best U.S. horse racing betting apps and sites

Three of the major U.S. horse racing betting sites are FanDuel Racing, TwinSpires and 1/ST BET. Each one offers promos and bonus offers for both new and existing users, and the Kentucky Derby is the best time of the year to unlock the best horse racing bonus offers as it represents the start of the Triple Crown.

Using multiple racing books can allow you to take advantage of each book’s offers and promos to try and maximize your returns.

FanDuel Racing promo: No Sweat First Bet up to $500

FanDuel Racing is currently offering a No Sweat First Bet. If your first win bet loses, get racing credits up to $500. Just click the link in the table above if interested in claiming now. No special FanDuel Racing promo code is required. 

For those who may bet on sports with FanDuel, FanDuel Racing is a separate entity that requires creating a separate account. 

TwinSpires promo: Up to $400 Sign-Up Bonus

TwinSpires is offering up to $400 in bonus credits for new users. Get a $100 bonus credit for every $400 wagered, with a maximum of $400 in bonus credits available for this welcome offer. No TwinSpires promo code is required. Those interested can click the link in the table above. 

After $400 in wagers settle (after races finish and results are official), TwinSpires will add a $100 bonus credit to your account balance. If you wager $800, another $100 will be added for a total of $200 in bonus credits. Bonus credits pay out the same as cash wagers on winning bets. 

1/ST BET promo: Up to $250 in wagering credits

New users can get up to $250 in bonus bets with 1/ST BET by using the promo code “250BET” when signing up. New users will receive a $25 wagering credit for each $100 wagered on the app in their first 60 days. The maximum in wagering credits that is $250, which would require wagering $1,000. 

How to bet on horse racing: Most popular types of wagers

There are a number of different wagering options available on each race, and here we will go through the three traditional bets – Win, Place and Show – as well as the combinations of each. 

Each horse will have different odds for each bet type. These odds let you know what the expected return on that horse will be. It’s important to note the odds on each horse fluctuate throughout the day and payouts are calculated based on the final odds, not the exact odds from the time you place your bet. That is because racebooks use parimutuel wagering.

Differences in horse racing odds vs. sportsbook odds

Horse racing odds rely on parimutuel wagering, which is a system that pools together all of the money bet on each market up until the race begins. The track and the books take a certain percentage or rake for their operations (the Takeout), and the remainder of the pool is then divided among the winning ticket holders. The takeout is divided between the house (track) and horsemen, including race purses.  

What is particularly unique about this system for those who are accustomed to betting on sports is that your odds can shift after you place the bet until they lock when the race begins. In sports betting, if you bet something at 10-1 and it later moves to 8-1, you still receive the 10-1 payout. In horse racing your payout will change based on the way the market moves to create the final odds. The final odds you’ll be paid out at are determined by how much gets bet on each horse and the Takeout. 

Using the 2024 Preakness Stakes as an example, Seize The Grey opened with 15-1 odds on the morning line but had post-time odds of 10-1. It would not have mattered if you bet 15-1 on your favorite horse racing betting app. Everyone was paid out at 10-1 odds.

The standard horse racing unit for win, place or show bets is $2. Let’s explain how those basic horse racing wagers work.

Win

The win bet is simply betting on which horse will come in first place in the race. Using the 2025 Kentucky Derby as an example, the winner was the No. 18 horse (Sovereignty) and finished with 7-1 odds, A $2 Win bet on the 18 horse paid $17.96, a product of the standard $16 for a 7-1 payout on a $2 bet, plus a bit more from how the parimutuel wagering panned out.

Place

The Place bet allows you to wager on whether a horse will finish first or second in a race, meaning two Place bets will pay out on each race. This gives you a greater chance of winning, but lowers your odds on the horse if they place. 

Using the 2025 Kentucky Derby as the example again, a $2 Place bet on the No. 18 horse only returned $7.50 compared to the $17.96 for a Win bet. But also, a $2 Place bet on the No. 8 horse (Journalism), who was the favorite but came in second, paid $4.94 while the Win bet lost. 

Show

The Show bet is an even more conservative betting option, as you are wagering on whether that horse will finish in the top three positions. That means three Show bets will pay out each race. In the 2025 Kentucky Derby, a $2 Show bet on the winner returned $5.58, a $2 Show bet on Journalism paid $3.70 and a $2 Show bet on the third-place horse (Baeza) paid $8.38.   

Win/Place

You can also combine these bets on each horse when you’re placing your wagers. That means if you want to bet on a horse to win and place, you can do that. A $2 Win/Place bet really means you’re betting $4 – a $2 Win bet and a $2 Place bet. If the horse you bet on wins, you will win both bets. If the horse finishes second, you would only win the Place bet. 

Place/Show

The same is available for a Place/Show bet, where a $2 Place/Show bet would be $4 wagered on a $2 Place bet and a $2 Show bet. If your horse finishes first or second you would win both, but if it finishes third you would only win the Show bet. 

Win/Place/Show (Across The Board) 

Finally, you can bet on all three options in what is often referred to as an Across The Board bet. A $2 Across The Board bet would really be $6 wagered – $2 on Win, $2 on Place and $2 on Show. If you make an Across The Board bet and your horse wins, you pay out on all three wagers. 

It’s important to note that betting on Win/Place/Show combinations may not result in a net return even if one of the bets pays. For example, at the 2024 Kentucky Derby, an Across The Board bet on the 11 horse would’ve returned just $5.58 on $6 wagered. 

How to bet on horse racing: Exotics wagering

Many horse racing bettors will place exotic bets where they try to predict where multiple horses will finish in a race. These combination wagers offer the chance for bigger payouts, but come with a lower probability of winning (just like same game parlays in sports betting). 

It is important to note that, unlike sports betting, there is not a standard odds calculation to use for determining exotic payouts. Because of Parimutuel wagering, odds can fluctuate until the race begins, depending on which horses other bettors are backing. 

Exactas

An exacta bet is picking the two horses that finish first and second in the exact order. Once again using the 2025 Kentucky Derby as an example, a $2 exacta on the No. 18 and No. 8 horses (who closed with final odds of 7-1 and almost 3-1) paid $48.32.

Exotics winnings will vary based on the number of horses in the race, the odds of the top-finishing horses, and the size of the pool. For example, the field for the 2024 Kentucky Derby saw a longer shot horse win, so the exacta pool paid $258.56 — significantly more than the 2025 Derby. 

Trifectas

This horse racing wager is placing a bet on the exact order of the top-three finishers in a race. A straight trifecta will pay handsomely, but is extremely difficult to hit. Trifecta payouts are often shown for $0.50 bets, but some will show for $1 bets as well. The payout screen will tell you which, but that’s important to note so you’re aware of how much you are getting back. 

The 2025 Kentucky Derby Trifecta paid $231.12 on a $1 Trifecta bet. 

Superfectas

Superfecta bets try to predict the exact order of the top-four finishers in a horse race. The superfecta payout is usually shown for a $1 bet. For the 2025 Kentucky Derby, a $1 superfecta that added the fourth-place No. 3 horse to the trifecta paid $1,682.27.

Super High 5

Some books will even allow you to bet on the top-five finishers in their exact order in what is called a Super High 5 bet. Those payouts will again be shown for a $1 wager. The odds of hitting a Super High 5, especially in a large field race, are exceptionally low. 

The 2025 Kentucky Derby’s $1 Super High Five paid $38,405.96.

Box

A box bet allows you to have every possible combination for exotics. If you think you know which two horses will hit the exacta but are not sure in what order, you can box it. The same goes for trifectas and superfectas. The more horses you box together, the lower your total profits on the payout will be. 

For example, a three-horse exacta box bet costs $12 to bet, as you are betting $2 on all six potential combinations between those three horses:

• $2 on No. 1 in first, No. 2 in second
• $2 on No. 2 in first and No. 3 second
• $2 on No. 3 in first and No. 1 in second
• $2 on No. 3 in first and No. 2 in second
• $2 on No. 2 in first and No. 1 in second
• $2 on No. 1 in first and No. 3 in second

You can do the same for Trifectas and Superfectas, but at exponentially escalating costs. A $1 Trifecta Box with three horses is six combinations, so $6 wagered:

• $1 on No. 1 in first, No. 2 in second, No. 3 in third
• $1 on No. 1 in first, No. 3 in second, No. 2 in first
• $1 on No. 2 in first, No. 1 in second, No. 3 in third
• $1 on No. 2 in first, No. 3 in first, No. 1 in second
• $1 on No. 3 in first, No. 1 in second, No. 2 in third
• $1 on No. 3 in first, No. 2 in second, No. 1 in first

From there, four horses in a $1 trifecta box is 24 combinations for $24 wagered. Five horses is 60 possible combinations for $60. 

A $1 Superfecta box of four horses is $24 wagered, five horses is $120 wagered and six horses is $360 wagered. 

How to bet on horse racing: Multi-race wagers

While those exotics offer a variety of options for betting on individual races, you can also bet on multiple races at the same track in various ways. These combination wagers will pay out based on the betting pool, but they allow you to put together a handful of horses you’re confident in throughout the day to increase your potential payout. 

Daily Double

The Daily Double is what it sounds like: Betting on back-to-back race winners from that day. The odds for Daily Doubles vary based on the odds for the individual horses you bet and the Daily Double betting pool. As an example, the $2 Daily Double at Horseshoe Indianapolis on April 15, 2025 from the first two races with the 7 horse in the first race (went off at 1-1 odds) and the 4 horse in the second race (went off at 3-5 odds) paid $8. 

Once the first race ends, the payouts for each potential Daily Double will be shown under a “Will Pays” tab on the next race’s betting screen. 

Pick-3, Pick-4, Pick-5 and Pick-6

Along with the Daily Double, there are more options for betting the winner multiple races in a row at the same track. The Pick-3 is picking the winner in three consecutive races, Pick-4 in four consecutive races, and so on for the Pick-5 and Pick-6.

Like exotics, the pool amount and the odds for each horse wagered on determine the payouts for these multi-race wagers. The default unit for these bets varies from book to book, with FanDuel showing $0.50 payouts and TwinSpires showing $1 payouts in the Will Pays section. 

The more races you put together on a ticket, the more you can win. But as with any multi-race wager, the more legs you add, the more risk you take on and the harder it is to win. 

For some of the biggest races, the Pick-6 will feature a set guaranteed prize pool for the winner(s) no matter what the actual wagered amount is. The 2024 Kentucky Derby featured a $1 million guaranteed pool on TwinSpires for Pick-6s on races 6 through 11 at Churchill Downs. 

Understanding horse racing payouts

After the race, the winning payouts will be displayed for each bet type at a designated amount. The standard unit for win/place/show and exactas is a $2 bet. Trifectas, superfectas and super high 5s are typically shown as $1 or $0.50, but will say explicitly which on the payout board. 

The payouts for each horse in the top three for the 2025 Kentucky Derby looked as follows:

If you bet more (or less) than the standard $2 unit, you multiply the payout by how much you bet and divide by the standard unit. For example, a $10 Win bet on Sovereignty returned $89.80, while a $25 Show bet on Journalism would’ve returned $46.25. 

For the single-race exotics at the 2025 Kentucky Derby, the payouts were as follows: 

Kentucky Derby Betting and the Road to the Kentucky Derby

The most famous race in horse racing is the Kentucky Derby, with the 151st running taking place on May 3, 2025 at Churchill Downs in Louisville, Kentucky. How to bet on the Kentucky Derby is the same as any other horse race, with one twist that makes it more unpredictable. 

Typically there are a maximum of 20 horses that will run in the Kentucky Derby. Horses must be nominated and also collect enough points through various qualifying series to get a starting gate. The biggest of those is the Road to the Kentucky Derby qualifying series that begins the year prior and includes events nationwide. 

There were 48 races in the prep season leading up to Derby 151 in 2025. The races scheduled closest to the Derby are part of Championship Season, where horses can earn the most points towards qualification for the coveted Kentucky Derby field. 

The Championship Season is headlined by major Grade-1 Stakes races like the Louisiana Derby, Arkansas Derby, Florida Derby and Blue Grass Stakes. 

There are also opportunities for horses overseas to qualify through the Euro/Mideast Road to the Kentucky Derby and the Japan Road to the Kentucky Derby, with the winners from each series getting a Derby post position. 

Biggest horse races beyond Kentucky Derby betting

The horse racing calendar operates year-round but there are six events on the schedule that serve as the biggest and feature the largest purses, thus attracting the best fields. The three Triple Crown events headline for the general public, but the Breeders’ Cup, Pegasus World Cup and Dubai World Cup all offer massive purses and attract some of the best horses and fields in all of racing.

• May 3, 2025: Kentucky Derby
• May 17, 2025: Preakness Stakes
• June 7, 2025: Belmont Stakes 
• October 31-November 1, 2025: Breeders’ Cup 
• January 24, 2026: Pegasus World Cup
• March 28, 2026: Dubai World Cup

Triple Crown of horse racing

The Kentucky Derby, Preakness Stakes and Belmont Stakes make up horse racing’s Triple Crown. There are 13 horses that have completed the Triple Crown, winning all three events, and just two – American Pharoah (2015) and Justified (2018) – have accomplished that feat in the 21st century. 

Not every horse competes in all three Triple Crown events, as each race operates at different lengths and the turnaround time can be too quick for trainers to be comfortable running their horse again at the next race. Some Derby winners don’t run the Preakness and some have made it two legs before withdrawing from the Belmont. 

The Kentucky Derby is a 1 1/4 mile race, the Preakness Stakes is 1 3/16 mile, and the Belmont Stakes is a grueling 1 1/2 mile event (although it is being run currently at 1 1/4 mile at Saratoga Race Course due to renovations at Belmont Park). 

Tips and advice for betting on horse racing

There are a number of strategies for betting on horse racing, but it all starts with understanding the horses and knowing their strengths, weaknesses and past performances. 

Racing forms and past performances

These are race-day publications and programs available at tracks and online to preview the day’s races at each track, and they are full of data and information from past races. All of the best horse racing betting apps have integrated much of this information into its betting screens for each race. 

Track conditions

Before you even get to the horses, understanding track conditions is vital. Knowing if a track is dirt or grass, firm and fast or soft and slow is critical information to know so you can look at which horses in a given race run best in certain conditions. 

Horse tendencies 

From there, you want to understand the tendencies of horses in the field. Some horses get out to fast starts and try to push the pace, while others hang back and try to make a late kick. If most of the field is expected to push the pace and run it fast, then a horse that prefers to stay back may be at an advantage due to an unsustainable early pace. 

The opposite could be true, too; if the pace is going to be slower early, frontrunners are more likely to hold their position. Some of this information can be found in PPs or Past Performance data. 

Post position

Post position can also matter to a horse’s success. Some prefer to run the rail (on the inside of the track) while others prefer being on the outside and having more space. This information is all worth factoring in and comparing with the other horses in the field to determine who you will bet on.

Trainer and jockey information

A horse’s trainer and jockey will also have tendencies. Some trainers are better at getting horses ready for a certain type of track, but maybe don’t have a great track record at others. Some jockeys may be more or less aggressive on the track, which may or may not work well with that specific horse’s tendencies, or they may have a long track record with that horse and know how to get the most out of them. 

Workout times

There’s also plenty of data available that can help you. Workout times, if available, can give you an idea of how a horse has been running in training before a big race. 

Speed figures

Speed figures are like advanced stats of the horse racing world, offering a metric to show how well a horse has been running in its recent races that factors in things like field strength and track quality. 

Taking all of that data into account is important to betting on horse racing, and for beginners it’s best to ease in and do as much observing as you do betting. You’ll start to find certain trends for horses, jockeys, trainers and tracks that can help you find edges on the odds board going forward.

Manage your horse racing betting bankroll

How to manage your bankroll with what percentage of money you have set aside for horse racing betting is vital to increasing your chances of scoring big at some point. Just like in sports betting, where most bankroll management experts advise no more than 2% of your bankroll should be bet on any given game, the same principle can be applied to any given horse race. 

Rules and responsible gaming

Responsible gambling is taken very seriously across all racebooks. All provide the necessary resources and contact information if you or someone you know may have a gambling problem. The minimum age is 18 for horse racing betting in most states, but it is 21 in some states.

Responsible gambling resources include the National Council for Problem Gambling (NCPG) and Gamblers Anonymous. Be smart. Bet smart. Wager responsibly. Those in need of help can also call or text 1-800-GAMBLER (1-800-426-2537). Help is available 24 hours a day and seven days a week.