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The Kentucky Derby and Preakness Stakes are in the record books, leaving only the Belmont Stakes in June to complete horse racing’s Triple Crown. If you are going to bet on races, this is for you.
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Even a small bet can turn into a big profit if you pick the right horse and place the right bet, and it’s not impossible to turn that $5 bill in your pocket into $100 or more. Here are some tips to keep in mind when you run up to the Churchill Downs window, stop by the betting site or log into your favorite betting site.
Once you’ve narrowed the field down to a few horses you like, it’s time to find out what the experts think about your options. Check the morning line, the odds assigned to each horse by the racetrack’s professional handicappers before anyone starts betting on the race.
It represents who the handicapper thinks will win. With Quick Sam at short odds, perhaps 2/1, the handicappers think he has a good chance of winning the race. With Slow Poke morning line odds of 50/1, handicappers suspect every other horse in the field will finish ahead of him. Morning line odds are usually listed right next to the horse’s name in the program or on the online race card with the designation “ML”.
Let’s say you decide to bet on Fast Sam because he looks like a sure winner at morning line odds of 2/1. If he wins, your $5 bet will only return $15: twice the value of your bet plus your original bet.
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But if Slow Poke works a miracle at 50/1 and somehow comes out on top, your $5 will earn you $255 – 50 times the value of your bet, plus your bet. The problem with this bet, of course, is that you’re more likely to be holding a worthless betting ticket when the race is over than a wad of cash. Pundits have given him a 50/1 long shot for a reason – he will compete with better horses.
Then the question becomes whether you want to play it safe or get a hefty payout. Even a «chalk» – a horse deemed so good that he has equal or lesser money odds – will see a return on investment if he wins. It won’t be close to $100.
The morning line rarely, if ever, accurately shows what a horse will pay in the end if he wins. As race time approaches, each horse’s odds will increase or decrease slightly as people across the country – and in the case of the Derby, around the world – bet on him.
Keep an eye on the odds and the latest odds as the race approaches. It’s a big sign on the field if you’re at Churchill Downs, usually lit up with flashing lights. If you’re betting online, you can check the current odds right next to the horse’s name on the race card.
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Over time, the betting odds reflect the actual gambling activity of each horse. As more bets are placed on him, his chances decrease. If bettors refuse to bet on him, his odds will increase.
If you win, you get paid based on the odds after the hour, not what the pundits were thinking when they lined up in the morning. If bettors find something they like in the Slow Poke and bet up to 30/1, your $5 winning ticket will pay $155 instead of $255, regardless of what the morning line says.
This is how betting on horses differs from betting on other sports. If you place a bet on your favorite team to win the Super Bowl at 20/1 at the start of the season and the odds drop to 7/1 as the season progresses, your odds are locked. With horses, your payout is based on the odds when the race starts, not when you place your bet.[x]
Here’s a tip: If a Slow Poke drops from 50/1 to 20/1 or less in a few seconds, it means bettors are placing a big bet on a horse somewhere. They either know something you don’t or they have too many mints.
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«Straight» bets are your most complicated option and are the safest. This involves betting on your horse to win, win or show, meaning he will finish first, second or third respectively.
If you bet on him to win, and he does, so can you. If he finishes second or third, you lose. But if you bet on his place, you win money if he wins or finishes second, and if you bet that he shows, you win money if he comes first, second, or third.
Of course, there is a caveat. Horse bets are ‘win odds’. That’s what he’ll pay if he actually wins. Second and third place payouts depend on how many other people bet for his place, as well as which horse will finish ahead of him, so it’s harder to calculate.
Suffice it to say that the winnings in each place are always less than if the horse had won. Third place is worth less than second place.
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The result is that you probably won’t win $100 or more if you bet on Fast Sam’s showing, because even if he wins or finishes second, you’ll only get his third-place winnings. And remember, he went out at odds of 2/1, so he wasn’t much of a cost to begin with. Slow Poke will pay better than show rate because of his long odds, but not $100.
So how do you bet to get the most out of your bets? One option is to bet on the horse «across the table».
Show Technically, this is three separate bets, so your bet value increases from $5 to $15. But if your horse wins, you collect three times – the win bet, the place bet and the show bet – and each. the payout, of course, is greater than your $5 bet.
However, you can lose money if he finishes third because you bet $15 to cover all the odds, but you only get the third place payout. Fast Sam can pay $6.50 for a $5 bet to be shown, so you lose the difference. Again, if Slow Poke finishes third and you bet on him, you can get your original $15 back because of his huge odds. You won’t just win $100.
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«Exotic» bets pay the most for the reason – they are difficult to make. This involves betting on more than one horse, so Fast Sam and Slow Poke need to be funded for you to win.
Accuracy betting involves picking the first and second place horses in order and usually pays more than winning straight tickets betting on one or both horses. If Slow Poke finishes first, the winnings will be significant, over $100 with an exact bet of $5.
And here’s some good news: Churchill Downs, home of the Kentucky Derby, is offering boxes for $1. You can bet on five different combinations of horses in $5 bets to increase your chances of winning $100 or more.
Let’s say you add I’m Pretty Good to the horses you want. You can bet Fast Sam and I’m Pretty Good, one with Fast Sam and Slow Poke, one with I’m Pretty Good and Slow Poke, and maybe throw in some horses.
How To Turn A $5 Horse Bet Into $100
Accuracy paid off handsomely for some bets in 2019. Bettors who picked perennial Farmhouse (65-1) and Code of Honor (14-1), the 1-2 winners, won $3,009.60 for a $2 accuracy .
You can choose from some other odd bets if you think your horses are solid and you want to win big instead of playing it safe. Trifecta bets mean picking the top three finishers in order. It’s hard, but the pay is greater than the product. In 2019, with third-place finisher Tacitus, the $2 bet paid $11,475.30.
Superfecta is the granddaddy of them all, one of the hardest bets to win in horse racing. This includes picking the top four horses in order. But if you’re right – and depending on the odds of the horses involved – you might be able to
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