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To ensure that you don't lose a large amount of money while betting on a horse race, decide in advance how much you are willing to spend. Think about what type of bets you would like to place and how much risk you are willing to take. Note that the minimum bet is $2 USD for the most basic wager. Go to the betting window and tell the clerk the number of the race you're betting on. Tell them how much you are betting, the type of wager, and the number of the horse as it is listed in the program. Be sure to check your betting ticket before leaving the window to correct any mistakes that might be on it. Automatic tellers are also available at some racetracks. Horse betting can be done online through sites that use advance deposit wagering. Read the rules and regulations of a site and register to be able to place a bet. Look for a site that offers free video streaming of the horse races, and doesn't demand a sign-up fee or wagering fees for each bet. A straight win wager is the simplest bet to place at the racetrack. Choose 1 horse and bet on it winning first place. The odds of winning a “win” wager are average. ” Place a bet on your horse “placing” (i.e., either winning or coming in second), which will increase your odds of winning. The payout will be less, but the risk of losing is also smaller. To make the bet even safer, bet on your horse “showing,” which means you will get a payout if it comes in first, second, or third. If you're feeling confident, place an “across the board” bet, which is essentially 3 bets in 1. It is usually 3 times more expensive than “win,” “place,” or “show” bets because you're betting on your horse winning all the first 3 places. If your horse wins, you get the money from all 3 bets. Unlike “straight” wagers, “exotic” wagers involve multiple horses and very specific situations. These bets are often 3 or 4 times more expensive than simple bets and have lower odds, but hold the potential for a larger payout if you win. Choose your bet carefully and only go through with it if you have enough cash to handle a likely loss. Some examples of “exotic” bets are:  A “quinella” bet, where your horses must finish first and second, in any order. This is the simplest “exotic” bet to place. An “exacta” bet, where your horses must finish first and second in the specific order you choose. A “trifecta” bet, where your horses must win first, second, and third place in the specific order you choose. A “daily double” bet, where your horses must win two consecutive races on the same day. This varies in risk given the number of horses you bet on. A “pick 3” race, where your horses must win three consecutive races on the same day. This is essentially a “daily double” plus another race.
Set a betting budget. Place your bet at the betting window if you are at a racetrack. Place a bet online if you want to bet from home. Make a straight “win” wager. Bet on your horse “placing” or “showing. Place an “across the board” bet. Make an exotic wager.