Horse Racing Betting in the USA

• When: First Saturday in May
• Where: Louisville, Kentucky
• Length: 1 and 1/4 miles

The Kentucky Derby is the single most celebrated event in all of horse racing and marks the start of Triple Crown season every year. The Derby has been held at Churchill Downs every year since 1875 and even non-horse racing fans dress up in flashy clothes and outlandish hats to celebrate. For those who can’t make it to Churchill Downs in Kentucky to watch the festivities in person, the odds are there’s a Kentucky Derby watch party not too far away.

• When: Third Saturday in May
• Where: Baltimore, Maryland
• Length: 1 and 3/16 miles

After the Kentucky Derby is the Preakness. This race doesn’t draw as much of a crowd as the Kentucky Derby, but it’s still a massive event in its own right. This is also where you’ll start to see some of the drama that comes with the possibility of a Triple Crown. All eyes are on the winner of the Kentucky Derby.

• When: Three weeks after the Preakness
• Where: Elmont, New York
• Length: 1 and 1/2 miles

And the last leg of the Triple Crown is the Belmont Stakes. At 1.5 miles long, this is the longest race in the series. This one is run three weeks after the Preakness and ranks somewhere in the top 5 in terms of attendance and viewership. However, this race becomes the biggest of them all whenever there is a horse that has taken 1^st in the Kentucky Derby and Preakness Stakes, giving that horse a shot at the coveted Triple Crown title.

• When: First Friday in May
• Where: Louisville, Kentucky
• Length: 1 and 1/8 miles

The Kentucky Oaks is held on the Friday before the Kentucky Derby each year at the same racetrack in Louisville. The Kentucky Oaks is an extremely popular race that regularly attracts a crowd of 100,000. The winner gets a share of the $600,000 purse and the famous garland of lilies, hence the phrase Lilies for the Fillies.

• When: First weekend in November
• Where: Varies
• Length: Varies

The Breeders’ Cup is a series of 14 races held across a single weekend every November. This event is usually held at a different track in the United States each year. It is one of the most-watched events in horse racing, with more than $30,000,000 in prize money up for grabs.

The biggest event in the Breeders’ Cup is the Breeders’ Cup Classic, which is a 1.25 mile race worth $5,000,000. The smallest event in the series is worth $500,000; every other event is worth $1 million or more.

• When: First weekend in November
• Where: Varies
• Length: Varies

The Breeders’ Cup is a series of 14 races held across a single weekend every November. This event is usually held at a different track in the United States each year. It is one of the most-watched events in horse racing, with more than $30,000,000 in prize money up for grabs.

The biggest event in the Breeders’ Cup is the Breeders’ Cup Classic, which is a 1.25 mile race worth $5,000,000. The smallest event in the series is worth $500,000; every other event is worth $1 million or more.

• When: Every August
• Where: Arlington International Racecourse
• Length: 1 and 1/4 miles

The appropriately named Arlington Million first ran in 1981 and immediately generated significant interest as it was the first horse race to boast a $1 million purse. The race regularly attracts some of the best runners in the world and serves as a feeder for the Breeders’ Cup. Winning the Arlington Million automatically qualifies the winner for the Breeders’ Cup.

• When: Every January
• Where: Gulfstream Park
• Length: 1 and 1/8 miles

The Pegasus World Cup is one of the youngest races on the thoroughbred calendar and was at one point the richest race in the world. Purses have fallen since its first couple of runnings, but the Pegasus World Cup is still worth millions.

• When: Every January
• Where: Gulfstream Park
• Length: 1 and 3/16 miles

The Pegasus World Cup Turf accompanies the Pegasus World Cup every January as another big-money race with a $1 million purse. The big prize money on offer and organizers’ insistence on making this an entirely drug free race combine to set the stage for a highly competitive race each year.

• When: Every January
• Where: Gulfstream Park
• Length: 1 and 3/16 miles

The Pegasus World Cup Turf accompanies the Pegasus World Cup every January as another big-money race with a $1 million purse. The big prize money on offer and organizers’ insistence on making this an entirely drug free race combine to set the stage for a highly competitive race each year.

• When: Every January
• Where: Gulfstream Park
• Length: 1 and 3/16 miles

The Pegasus World Cup Turf accompanies the Pegasus World Cup every January as another big-money race with a $1 million purse. The big prize money on offer and organizers’ insistence on making this an entirely drug free race combine to set the stage for a highly competitive race each year.

• When: Every January
• Where: Gulfstream Park
• Length: 1 and 3/16 miles

The Pegasus World Cup Turf accompanies the Pegasus World Cup every January as another big-money race with a $1 million purse. The big prize money on offer and organizers’ insistence on making this an entirely drug free race combine to set the stage for a highly competitive race each year.

• When: Every March
• Where: Santa Anita Park
• Length: 1 and 1/4 miles

California’s Santa Anita Handicap is a key race for horses four and older with a storied history and purse worth more than half a million dollars. A spate of horse racing deaths at the track resulted in the 2019 edition of the Santa Anita Handicap being postponed and track officials implementing new safety standards such as limiting race-day medications.

• When: Every July
• Where: Monmouth Park
• Length: 1 and 1/8 miles

The Haskell Invitational is New Jersey’s biggest race of the year and one of the most important on the national calendar in general. Winning this race is a big deal for more than just the prize money; the winner is also presented with the coveted Haskell Invitational Trophy and a guaranteed spot in the Breeders’ Cup Classic.

There are three different types of straight bets. These wagers are pretty simple and act as a good starting point for newbies.

• Win: This is a bet on a single horse to take 1^st place
• Place: A bet on a single horse to take either 1^st or 2^nd place
• Show: A bet on a single place to take 1^st, 2^nd or 3^rd place

Exotic bets are more complicated than straight bets. In an exotic bet, you make multiple picks that include more than one horse and maybe even more than one race.

• Exacta: A bet on two horses to take 1^st and 2^nd place. Your horses must finish in that exact order to win
• Quinella: A bet on two horses to take 1^st and 2^nd but the order doesn’t matter
• Trifecta: A bet on three horses to take 1^st, 2^nd and 3^rd place in that exact order
• Superfecta: A bet on four horses to take 1^st, 2^nd, 3^rd and 4^th place in that exact order
• Daily Double: A bet in which you pick the 1^st place finishers of two different races
• Pick 3: A bet in which you pick the 1^st place finishers of three consecutive races
• Pick 4: A bet in which you pick the 1^st place finishers of four consecutive races

Boxing comes in handy when you know that a few horses are solid favorites, but aren’t sure which order they will finish. You can “box” these horses to cover every possibility.

• Quinella Box: You pick three horses and you will win if any two of those horses finish in 1^st and 2^nd place. A quinella box on horses #3, #4 and #5 would cover all possible outcomes: 3-4, 3-5, 4-3, 4-5, 5-3 and 5-4.

You can also box exactas, trifectas and superfectas in this manner.

You can key horses when you have a strong feeling that one horse will finish first but you aren’t as sure about the horses that will take 2^nd and 3^rd place. In other words, you have one “key” horse picked to win the race and a few other horses that will come in after that one.

So let’s say you make a $1 trifecta key of #1 over #2, #3 and #4. In this example, you need the #1 horse to win, and then any of the other three horses to finish in 2^nd and 3^rd place in no particular order.

The first thing you’ll have to do to bet online is sign up for an account at a legal horse racing site (see the legal betting sites recommended near the top of this page). All you have to do is visit the race betting site of your choice, click one of the big “join now” buttons and fill out the new account form. It should be pretty self-explanatory.

The next step is to fund your account. You do so by logging in to your account at your betting site and then hitting the “deposit” link in your account area. If you have never made a deposit before, you’ll probably get a pop-up asking you to deposit.

Then, you can choose from a number of deposit methods:

• Wire transfer
• Credit cards and debit cards
• Check or money order
• E-Check
• Green Dot Moneypak

Note: The Green Dot Moneypak is a type of prepaid voucher that you can purchase at stores like Wal Mart and Walgreens. You pay cash for the Moneypak and then redeem that Moneypak online by typing in the unique number on the back of the card. Basically, it’s an easy way to fund your account with cash.

After you have an account funded with money, you can begin placing your wagers. Click on the “bet now” button and this will take you to an area that shows a list of all the tracks supported by your betting site. Click on the name of a track and then you’ll see a list of upcoming races and the horses competing in each race.

Every betting site does it a little differently but in general, you will see a screen that allows you to select your bet amount, the type of bet and the horses that will be competing. As you make your selections, you should see a bet slip that shows a summary of your current bet. You will also have the option to box and key your horses at this time.

When you think you have your bet all set up, you’ll see a “verify” or “submit” button near the bet summary box. Hit that button and then it will ask you one more time if you’re sure this is the bet you wish to place. If everything looks good, click the confirm button and your bet will go live.

After you submit your bet, you can go back and place more wagers, watch the race live on the website or go about your day as usual. The website will track your bet and pay out your winnings if applicable. If any of your wagers are winners, the racebook will instantly credit your account with the money. You can then cash out your winnings or use them to place more wagers.

Yes. Numerous states no longer have active racetracks but still allow residents to bet on races held in other states over the internet.

Most states establish a minimum age of 18 to bet on horse or greyhound races online with the exceptions being Alabama (19+) and Texas (21+).

The first odds to be posted for any particular race are the morning line odds, often abbreviated as ML. A track oddsmaker determines the morning line by comparing the horses slated to run and his or her expectation of the public betting action.

There are two important things to keep in mind when dealing with morning line odds. First of all, the morning line is not necessarily a reflection of the oddsmaker’s actual opinion. The oddsmaker’s primary goal is to predict how the public will bet. Secondly, the ML only serves as a rough estimate. As wagers start coming in, the odds will change to reflect the betting action.

The actual odds are what the odds actually are at any given time based on public action. Remember, dog and horse racing are parimutuel activities. That means the payout odds are determined by the amount of money wagered on each horse. After a horse is declared the winner, the pool is split among all people who backed that horse.

To recap: the morning line odds are an estimated of what the oddsmaker thinks will happen that day based on the relative strengths of each horse and anticipated wagering activity. Actual odds are what you actually get paid after all the wagers have been taken in.

The upside to parimutuel wagering is that it does not put you in direct competition against a highly-skilled oddsmaker. The sportsbook does not care who wins any given race because it receives its commission regardless of the outcome. The downside is that you never really know for sure what the final odds will be until after the race begins.

The basic idea of parimutuel wagering is that patrons bet with one another rather than against the house. To put it simply, all wagers taken on a particular race are pooled together, the house takes a cut of the pool as commission and the rest is paid back out to the winning bettors.

Let’s use an example to illustrate how this works. Note that this is a very simplified example, but it depicts the concept in action.

Imagine a simple 3-horse race with the following amounts bet on each horse to win:

• Horse A: $100
• Horse B: $200
• Horse C: $300

The total betting pool is $600. Now, let’s say the racetrack enforces a 10% “take” (a.k.a. commission). That leaves us with a total pool of $540.

Now, let’s say Horse A wins the race. A total of $540 would be split evenly among the backers of Horse A. Every $1 wagered on that horse would receive $5.40 in payouts.

Now, imagine Horse B wins the race. The $540 pool would be split evenly among the backers of that horse. Because more money was bet on Horse B, every $1 wagered on that horse would receive $2.70 in payouts.

The upside to parimutuel wagering is that it does not put you in direct competition against a highly-skilled oddsmaker. The sportsbook does not care who wins any given race because it receives its commission regardless of the outcome.

Not all horse and greyhound racing sites serve the exact same list of states. The licensing requirements vary from state to state, and not all betting sites have chosen to acquire licenses in the exact same set of states.

The easiest way to see which betting sites operate where you live is to see our state pages here. Each state page provides an up-to-date list of sites that are licensed in that state. Alternatively, you can always just try signing up at one of the major racing betting sites. They’ll let you know early in the registration process if players from your state are not accepted.

ADW is short for “advance-deposit wagering” and refers to betting sites or betting shops that require bettors to fund their accounts prior to placing wagers. In other words, ADW requires you to pay for your bet at the time it is placed as opposed to being able to wager on credit with a shop that settles accounts at the end of the month.

All racing betting sites and most phone betting operations are operated in the ADW format. You might be able to deposit with a credit card at a betting site, but the site itself will not lend you credit.

OTB is short for “off-track betting.” As the phrase implies, it refers to placing wagers while not physically present at the racetrack. In most cases, you’ll see OTB used in reference to small betting shops that accept wagers on a variety of in-state and out-of-state races.

Not exactly. Florida voters approved Amendment 13 in the 2018 midterm elections to outlaw exactly two activities:

• Hosting greyhound races in Florida
• Betting on greyhound races held in Florida

Florida residents may still bet on greyhound races held in other states through online betting sites. Greyhound racing is definitely an industry in decline, but Floridians do still have the ability to bet on races held in other states. Horse racing is still alive and well in Florida.

Major horse racing events draw impressive crowds to this day, but the sport as a whole has experienced a slow, steady decline over the past couple of decades. Betting handle is down significantly since the 1970s and many horse racing tracks are suffering financially.

One can point to a variety of reasons for the decline. Americans have more gambling options, other sports have grown in popularity, it’s easier to sit at home and watch TV and so on. Today, you can get the general public to tune in to the Kentucky Derby, but other races tend to be the realm of serious horse racing fans.

Racetracks first looked into adding other gambling games to their premises as a way to bump up revenues. We can see this with state legislatures finally opening to the idea of racinos and slot machines. The tracks that have managed to add slots have benefitted greatly from the new income.

Likewise, tracks are depending more and more on off-track betting – specifically internet betting. The horse racing industry still holds considerable clout in politics, and that is probably one reason why horse racing received a carve-out from the UIGEA in 2006.

Online betting benefits the tracks directly, and it gives smaller tracks access to a much wider audience. This additional betting handle is a huge benefit to the industry, but we still have a long way to go before we see horse racing reach anything near its glory days of years past.

Accessibility has done wonders for increasing revenues, but the industry still has a long way to go. There are still concerns about PEDs, inhumane horse treatment, risks to racehorses and life for horses after racing. If the industry can combat these issues and improve the industry’s reputation, there is plenty of room to grow.

Internet racebooks and mobile horse racing betting apps aren’t the end-all solutions to horse racing’s financial woes, but they do help. Combine that with unique marketing strategies, such as what Churchill Downs has accomplished over the past few years, and there are bright spots in the future.