Types of bets In North American racing, the three most common ways to bet money are to win, to place, and to show.
 The Epsom Derby betting post, c. 1835 In Europe, Australia, and Asia, betting to place is different since the number of “payout places” varies depending
on the size of the field that takes part in the race.
The full odds are paid if the horse wins, (plus the place portion), with a quarter or a fifth of the odds (depending on the race-type and the number of runners) if only the
place section of the bet is successful.
For instance, if a $2 across-the-board bet (total outlay of $6) were staked on a horse which finished second, paying $4.20 to place and $3.00 to show, the bettor would receive
$7.20 on what is essentially a $6 wager.
Since it is much easier to select a horse to finish first, second, or third than it is to select a horse just for first, the show payoffs will be much lower on average than
For example, in a race with seven or less runners in the UK, only the first two finishers would be considered winning bets with most bookmakers.
In the UK some bookmakers will pay for the first five (some independent firms have even paid the first six) for a place on the Grand National.
 Gamblers can stake money on the final placement of the horses taking part in a race.
The rough equivalent of the each-way in North America is the across the board (win/place/show) or win/place bet, where equal bets on a horse are made to win, place, and show
(or just win and place).
If there are a small number of horses in the race, show or place bets may not be offered (or if bets have already been made, they are cancelled and the wagered amounts refunded).
Due to new legislation horse race betting in the US could change significantly in the near future.
An each-way bet sees the total bet being split in two, with half being placed on the win, and half on the place.
This allows the gambler to ‘lock in’ odds on a horse at a particular time (known as ‘taking the price’ in the UK).
In a bet to place, you are betting on your horse to finish either first or second.
The legal market handle on horse racing in the United States in 2018 was $11.26 billion while experts predict the illegal sports betting market could be anywhere from $100
billion to $150 billion annually.
A quinella, which boxes an exacta (allowing the first two finishers to come in any order and still win), is the basic box, but boxing can be applied to the trifecta and superfecta
A bet to win, sometimes called a “straight” bet, means staking money on the horse, and if it comes in first place, the bet is a winner.
Bettors receive a payout if the horse either wins, and/or is placed based on the place criteria as stated above.
Occasionally other handicap races with large fields (numbers of runners) receive the same treatment from various bookmakers, especially if they are sponsoring the race.
 United Kingdom Horse race betting is wide and varied in the UK.
Between April 2017 and March 2018, off-course horse racing betting turnover in Great Britain amounted to £4.3 billion.
By the late 19th century over 300 tracks were in operation in the country but those opposed to gambling caused the banning of bookmakers and horse racing at the beginning
of the next century.
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Photo credit: https://www.flickr.com/photos/calliope/112951022/’]