Wager Glossary
Exotic Wagers
These wagers are generally more difficult to win than Straight Wagers and may require some advance handicapping. However, the potential payouts are significantly greater.
Daily Double - To win you must pick the winners of two consecutive races. Wagers must be placed before the first of the two races.
Pick Three - To win you must pick the winners of three consecutive races. Wagers must be placed before the first of the three races.
Exacta - To win you must pick the first two horses to finish in exact order in a single race.
Trifecta - To win you must pick the first three horses to finish in exact order in a single race with eight or more betting interests.
Quinella - To win you must pick the first two horses to finish in either order in a single race.
Superfecta - To win you must pick the first four horses in exact order of finish in a single race with eight or more betting interests.
Pick Four - To win you must pick the winners of four designated consecutive races. Wagers must be placed before the first of the four races.
Pick Five - To win you must pick the winners of five designated consecutive races. Wagers must be placed before the first of the five races.
Pick Six - To win you must pick the winners of six designated consecutive races. Wagers must be placed before the first of the six races. If no ticket has all 6 winners, a major portion of the pool carries over to the next racing day's program.
Place Pick All - You win a major payoff if you pick the winner or second-place finisher of the entire card (8, 9 or 10 races). If no ticket contains the winning combination for all races, the payoff will go to the ticket with the highest number of correct selections.
Win, Place and Show Parlay - Parlay means to take your winnings (if any) and wager them on the next race.
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Straight Wagers
Win - You win if your horse finishes First.
Place - You win if your horse finishes First or Second.
Show - You win if your horse finishes First, Second or Third.
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Kentucky Horse Racing Commission
The Red Mile's Pari-Mutuel rules are governed by the Kentucky Horse Racing Commission.
You may visit their website at www.khrc.ky.gov to view the Harness and Quarter Horse Pari-Mutuel Regulations
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Legal States
Legal States for BET RACE Account Holders
Bet Race Account Holders shall not make wagers from their account while residing or located in a Non-Wagering jurisdiction in which pari-mutuel wagering is forbidden. In particular, account holders may not place wagers while residing or located in Alaska; Georgia; Hawaii; Mississippi; Missouri; Nebraska; Nevada; New Jersey; North Carolina; Puerto Rico; South Carolina; US Virgin Islands; Utah; and Canada. Placing an account while in one of these jurisdictions may result in the criminal prosecution of the account holder.
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Net Pool Pricing
An Explanation of Net-Pool Pricing
Historically, prices on pari-mutuel races have been calculated by dividing the GROSS amount of winning bets by the net pool. The net pool is the total amount of wagers reduced by the commission rate, or take-out. This process returns a fair price provided all wagers were made using the same take out. Not all international jurisdictions, however, are allowed by local law to wager into U.S. pools using the local take-out rates, and must use the standard take-out rate for their locality. They have, therefore, been forbidden from wagering into our pools.
To accommodate multiple take-out rates, the Net-Pool pricing model was established in approximately 1995. Under the Net-Pool pricing model, the payouts are calculated by dividing NET amount of winning bets, (rather than the GROSS amount as in Standard Pricing) by the net pool. Each locality then multiplies the payout by the compliment of the commission rate (1-commission rate) to arrive at the local payout.
This process weights each wager according to the local commission rate, as the higher the local commission rate (take-out), the lower the local price. For example, $100 bet at 17-percent commission is worth $83, and $100 bet at 18-percent commission is worth $82. The payout at the locality with a 17-percent commission rate will therefore be slightly higher than the payout at the locality with an 18-percent commission rate.
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$2.10 Payouts and Minus Pools
Fans will notice that show pools with a heavy favorite that you would expect to return $2.10 for all three runners, now may pay significantly higher on the two non-favorite horses. This is because that even though the payout on the favorite is reduced to a number even farther below the minimum $2.10 payout, it still must return $2.10. But the other horses are not participating in the minus pool as they were under the Standard Pricing model.
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Place and Show Pools
For most pools and payouts, if all localities were using the same take-out rate, the prices would be identical under both the Standard and Net-Pool pricing models. But in any multiple winning runner pool (Place and Show and any other pool in which a dead-heat creates two or more different payouts), the Net-Pool model distributes the same amount of winnings based on their NET winnings rather than their GROSS winnings. The total amount of monies paid out will not change, but the net effect, in these cases, is that the favorites will pay a little less, while long shots will pay a little more.
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Calculating Projected Payouts using Tote Board Information
One of the results of Net Pool pricing model is that one can no longer accurately calculate the payouts using only the information available on the tote board. This is true for all pools, including the Win pool. The reason for this is one needs to know the commission rate of the wagers on each runner in each pool to determine the true NET pool and NET winning wagers. (The tote odds continue to be accurate, as tote has all of the necessary information to properly calculate and display the current odds/payouts.)
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Help For Problem Gambling
How can you tell if you or someone you know has a gambling problem?
Gambling becomes a problem when a person:
- Loses time from work, school or family life in order to gamble
- Gambles until all the money is gone
- Gambles to win back money lost through gambling
- Lies to hide gambling activity
- Boasts about winnings, vague about losing
- Fails time after time to reduce or stop gambling
Help is available 24 hours a day. Every day. Call 1-800-GAMBLER (1-800-426-2537)
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