'Straight' wagering

Win — When a bettor picks a horse to win, the horse must finish the race in first place in order for the bettor to collect.

Place — When a horse is bet on to place it must either win the race or place second for the bettor to collect.

Show — When a horse is bet on to show, it must finish first, second or third for the bet to be collected.

Betting limit — The minimum amount of money that can be wagered to win, place or show is $2. There is no maximum.

What to say at the betting window — State the name of the track (because Emerald sometimes simulcasts races at other tracks), the race number (if it's not the next race), the amount to be wagered, the kind of wager and the horse(s). For example: "At Emerald, give me $5 to win on four." Or: "At Emerald, in the sixth race, a $1 trifecta box: 2-7-8-9." Or: "A $2 Daily Double, 4 with 3."

Betting etiquette — Don't dawdle and prevent others behind you from getting their wagers in. Have your decision made and your money ready when you go to the windows.

'Exotic' wagering

Daily Double — A bettor selects two horses, one in the first race and one in the second. To collect, both horses must win. It is permissible to bet combinations, i.e., matching one horse in the first race to more than one in the second, or vice versa. Each combination requires a minimum of $2.

Exacta — A bettor selects two horses, one to win and one to place. There are races designated for exacta wagering minimums of either $2 or $5. A popular exacta wagering method is the "box." In a $2 exacta, two horses can be "boxed" for $4 and if they finish 1-2 in either order the bettor collects; three horses can be boxed for $12 and if two of them run 1-2 the bettor collects.

Pick Three — For a $2 minimum, select the winners of three successive races.

Pick Six — For a $2 minimum, select the winners of six successive races.

Trifecta — For a $1 minimum, select three horses in win-place-show order.

How payoffs are determined

The pari-mutuel wagering system basically is a contest among bettors, with the track holding the stakes. Money bet in each of the pools (win, place, show) is divided among those who have winning tickets, after deductions for track operations and taxes (about 20 percent of each dollar wagered).

Payoffs for place and show bets are less than for win because the money in those pools has to be divided either twice for place (first- and second-place horses) or three times for show (first-, second- and third-place horses).

Before the day's racing, "morning line" odds are set by a track official and appear in the program. Once wagering begins, however, the amount of money bet on each horse determines the odds that are shown on the infield tote board and throughout the track on television monitors. Also, an up-to-the-minute total of money bet on each horse in each of the pools (win, place, show) is shown on the tote board.

The approximate payoffs for a $2 win ticket on a horse that begins a race with the following odds are: 1-9 ($2.20); 1-5 ($2.40); 2-5 ($2.80); 3-5 ($3.20); 4-5 ($3.60); 1-1 ($4); 6-5 ($4.40); 7-5 ($4.80); 3-2 ($5); 8-5 ($5.20); 9-5 ($5.60); 2-1 ($6); 5-2 ($7); 3-1 ($8); 4-1 ($10); 5-1 ($12); 6-1 ($14) and 7-1 ($16).

Separate pools are established for the auxiliary, or gimmick, wagers such as Daily Double, Pick Six and Trifecta.

The pari-mutuel form of racing was established in 1865 by a Frenchman, Pierre Oller. He called his system "parier mutuel", meaning "mutuel stake" or "betting among ourselves." When the system was adopted in England, it became known as "Paris mutuals" and then "pari-mutuels."

Selecting a horse

Bettors can either play a hunch or they can become involved in handicapping a race. Sometimes it's difficult to tell which method works better.

Hunches can be based on a variety of things, including a horse's name.

Handicappers attempt to determine a winner by evaluating information contained in the program, newspapers and Daily Racing Form. The best handicappers are those who become good at assessing factors ranging from past performances, track conditions, workout times and jockey and trainer records.

Types of races

Allowance — For horses that have won only a certain number of races or a certain amount of money. Example: a race for 3-year-olds that have not won two races. Weights carried by a horse can be based on a horse's age, sex and/or past performance. The most common type of allowance race is a "maiden race" of horses that have never have won a race.

Claiming race — Most races are of this type. All horses entered are automatically available for purchase at a predetermined price before the race. When a horse has been claimed, the new owner assumes title after the starting gate opens, but the former owner is entitled to purse money for that race. Claiming prices differ from race to race, according to records and abilities of the horses involved. For example: if the claiming price of a race is $8,000, then the horses entered in that race can be purchased for $8,000.

Derby — Only 3-year-old horses are eligible to race in derbies.

Futurity — Futurities are for 2-year-olds nominated for a specific futurity race at birth. Purses are enhanced by fees paid by owners at varying intervals in order to keep their horses eligible.

Handicap — A race in which the track handicapper assigns weight to be carried by each horse. Weight is assigned in an effort to equalize the competition. Weight in excess of the jockey is achieved by inserting lead into pockets of a cloth under the saddle.

Stakes race — A race in which the owner must pay a fee to run a horse. The fees can be for nominating, maintaining eligibility, entering and starting. Often, the track adds money to make up the total purse. Usually the best horses available run in stakes races.