Horse Race Betting: Exotics
Why be boring when you can be exotic?
That sentiment rings true for many situations (some which we won’t mention), but it also fits for horse racing (which we can discuss).
For example, we could bet on a single horse to win, but hey, that’s boring. Besides, when you win, the payout usually isn’t very high. Bet $2 on Ragged Jim to win and enjoy your $10 or so in winnings. For people wanting higher payouts in horse racing, betting exotics is the answer.
Exotic betting is a bet that combines multiple horses and/or races on a single wager. An exotic is any bet that doesn’t bet that a single horse will “Win”, “Place” in first or second, or “Show” by finishing in first, second, or third place. “Across the Board” bets aren’t really exotics since they’re multiple bets on one of the previous options.
Possibly the most common exotic is the “Daily Double”. To win, pick the winning horse in two consecutive races. Some tracks offer Daily Doubles at the beginning and end of the racing day to entice people to stay at the track - although many tracks will offer rolling Daily Doubles where you can bet on any two consecutive races.
Another common bet is the “Quinella” which is picking the horses in first and second place. The two horses can come in any order so it doesn’t matter if Ragged Jim beats Electric Slide or vice versa, as long as those two horses are your choices.
The “Exacta” is the more precise (or “exact”) version of the Quinella. You still pick two horses but you must pick one to finish first and another to finish second. “Trifecta” is the triple version of the Exacta. Pick three horses in finishing order to win. Take it one further and you have the “Superfecta” which is picking four horses in winning order.
“Pick 3”, “Pick 4”, “Pick 5”, and “Pick 6” are picks on the winners of consecutive races. The number tells you how many races you must pick. There are more exotic bets available but those listed so far are the most common.
Consider “Boxing a Bet” when betting exotics. For example, if you think Seattle Sue, Electric Slide, and Ragged Jim will place in the top three but aren’t sure of the order, you can make six bets on all possible combinations. Just tell the person to “Box the bet” and cover all the options.
While we hope you win your exotic bet, keep in mind the payouts can be high and attract the attention of your local tax collector. A $200 win may not be reported but a $6,000 win probably will (tracks usually report big winnings). We’re sure you’ll be happy when you win, but remember the tax collector salivating to the side.
Good luck!
