How do I wager?

To the surprise of many, wagering on pari-mutuel events, such as thoroughbred, harness, quarter horse, greyhound racing is not like wagering at a Casino. Pari-mutuel wagering means that you and other bettors wager amongst each other into common pools, not against the track.

In fact, the track has no interests in the results of the race, and deducts a statutory commission from each dollar wagered. This is called the "take out" or "retention rate". This rate varies from track to track and the type of wager. It can be as low as 15% for a win bet, or as high as 32% for an exotic wager. The amount the track retains allows it to generate revenue to pay purses, taxes, salaries, and other expenses. The remaining percentage goes back to the public into what is known as common pools. Each type of wager has a specific common pool. As an example, all "win" wagers go into a win pool. All exacta wagers go into an exacta pool.

There are numerous types of wagers that can be made depending on the track. All tracks offer win, place, and show wagers on each race. Other wagers offered
depend on the track the state, and possibly the number of runners in each race. Most wagers require a $1 or $2 minimum wager. All simple wagers, such as win, place, and show wagers require a $2 minimum wager. Most exotic wagers also require a $2 minimum wager, but some exotic wagers can be completed with a $1 wager. The following is a simple guide, depicting types of wagers and strategies that a beginner may want to employ: