Straight Bets: Straight bets are the simplest and the easiest for beginners to dive into the world of horse racing. There are three types of betting: Win, Place, and Trio.
The Win Bet: All or nothing! If your horse finishes the race first then your 'bet' is a winner if not the bet losses.
The Place Bet: When you are betting on your horse to finish either first or second. Here as the amount of the risk is relatively low, so is the payout! The Trio: Select 3 horses to finish first, second or third in any order.
Tierce: Select three horses to grab the top 3 finishes in the perfect order!
Quartet: Select four horses in perfect order to finish the race in top 4 positions.
Place Forecast: Here you’re betting on your selection to finish first or second. You only see a return if the selection crosses the line in one of these positions.
What is a mutual bet? This is a system of gathering all the wagers for the bet and pooling it together. All wagers go into a pool, and later on, the pool is shared equally between those who have made a winning selection. A small percentage of all total wagers is deducted by the “house", which is typically a state-run organization or a private company.