Horse Racing for Beginners: How to Read a Program, Understand Odds and Place a Bet

By Gayle Woods Editors Updated 6 min read

A day at the races can be confusing the first time. The program is packed with numbers and abbreviations, people shout about exactas and scratches, and the odds board keeps changing. Underneath, it's simpler than it looks. This guide explains the basics of Thoroughbred racing so you can follow the action and place a bet with confidence.

Types of horse racing

  • Thoroughbred flat racing is the most common form in the US, run on dirt, turf (grass) or synthetic surfaces, usually over distances of about 5 furlongs to 1 1/2 miles. This guide focuses on it.
  • Quarter Horse racing is short and fast, usually a quarter mile or less, run in straight lines.
  • Harness racing uses Standardbreds that trot or pace while pulling a light cart called a sulky.
  • Steeplechase races include jumps over hurdles or fences.

Distances and the track

  • Furlong: one-eighth of a mile, or 220 yards. Poles around the track mark each furlong.
  • Sprints are races shorter than a mile. Routes are a mile or longer.
  • Most US tracks are ovals of about one mile, with races finishing at the same spot.
  • A length is the length of a horse, about 8 or 9 feet. Horses are said to win "by two lengths." In time, a length is often counted as about a fifth of a second.

The Kentucky Derby is 1 1/4 miles, or 10 furlongs. The Preakness Stakes is 1 3/16 miles, and the Belmont Stakes is the longest of the three at 1 1/2 miles. Winning all three races in one year, as a three-year-old, is the Triple Crown, one of the hardest achievements in sport. Only 13 horses have done it.

Classes of races

Horses run against others of similar ability. From lowest to highest:

  • Maiden races: for horses that have never won a race. A "maiden special weight" race is for higher-quality maidens; a "maiden claiming" race lets horses be bought.
  • Claiming races: every horse in the race is for sale at a set price, its "claiming price." Owners can submit a claim before the race and take the horse afterward. This keeps owners from entering horses far above the level of the competition.
  • Allowance races: horses aren't for sale; conditions such as past wins or earnings decide who can enter.
  • Stakes races: the top level, with bigger purses and entry fees. The best are graded stakes, Grade 1, 2 and 3 in North America, with Grade 1 the highest.

Reading the racing program

Each horse in the program has a block of information. Most programs include:

  • Program number and post position: the horse's number and the starting gate stall it breaks from. Inside posts are closest to the rail.
  • Morning line odds (M/L): the track handicapper's prediction of the odds, set before betting opens.
  • Horse's name, age, color and sex, plus its sire (father) and dam (mother).
  • Owner, trainer and jockey, often with their win percentages.
  • Weight: the weight the horse carries, including the jockey and equipment.
  • Medication and equipment: for example, L for the medication Lasix, given to reduce bleeding in the lungs, and b for blinkers, which limit a horse's side vision to help it focus.

Past performances

Below the basics, many programs, and racing forms, show past performances, one line for each recent race. A typical line includes:

  • Date and track of the race
  • Distance and surface, and its condition, such as fast, sloppy or muddy on dirt, or firm, good or yielding on turf
  • Class of the race
  • Fractional times for the leaders at points in the race
  • Position at each call, showing where the horse ran early, in the middle and at the finish, and how many lengths it was behind
  • Speed figure: a number rating how fast the horse ran, adjusted for track and distance. Higher is faster.
  • Odds it went off at, and its finish
  • Comment: a short note such as "rallied wide" or "bumped at start"
  • Workouts: recent timed training sessions

Look for patterns: a horse that's been running well at this distance and class, against similar horses, on a similar surface.

How odds work

US racing uses pari-mutuel betting. All money bet on a race goes into a pool. The track takes a percentage, called the takeout, and the rest is shared among the winning tickets. That's why odds change until the race starts: they reflect how much money is bet on each horse.

Odds of 5-1 mean you win $5 for every $1 bet, plus your stake back. Since the usual minimum is $2, a $2 win bet at 5-1 returns $12.

Odds $2 win bet returns
1-1 (even money) $4.00
2-1 $6.00
5-2 $7.00
5-1 $12.00
10-1 $22.00
20-1 $42.00

The favorite is the horse with the lowest odds. Favorites win roughly a third of races, which means most of the time, they don't.

Common bets

Straight bets (the place to start):

  • Win: your horse must finish first.
  • Place: your horse must finish first or second.
  • Show: your horse must finish first, second or third.

Place and show bets pay less than a win bet but are more likely to cash.

Exotic bets (more horses, bigger payouts, harder to hit):

  • Exacta: pick the first two finishers in exact order.
  • Trifecta: pick the first three in exact order.
  • Superfecta: pick the first four in exact order.
  • Box: covers all orders of your chosen horses for a higher total cost. A $1 exacta box with two horses costs $2.
  • Daily double: pick the winners of two consecutive races.
  • Pick 3, Pick 4, Pick 5, Pick 6: pick the winners of three to six consecutive races.

How to place a bet: tell the teller (or select on a machine or app) the track, race number, amount, bet type and horse number, in that order: "Race 4, $2 to win on number 6."

Terms you'll hear at the track

  • Post time: the scheduled start of the race. MTP on the board means "minutes to post."
  • Scratch: a horse withdrawn from a race before it starts. Bets on scratched horses are usually refunded or moved to the favorite, depending on the bet.
  • Off the turf: a race moved from grass to dirt, often because of rain.
  • Photo finish: a finish too close to call by eye.
  • Dead heat: a tie.
  • Inquiry or objection: stewards are reviewing the race for possible interference before declaring results official.
  • Groom: the backstretch worker who cares for horses every day, grooming, feeding and preparing them.
  • Backstretch: the far side of the track, and also the stable area.

Racehorse welfare and retirement

Racing in the US is overseen nationally by the Horseracing Integrity and Safety Authority (HISA) for safety and anti-doping rules, along with state racing commissions. Most Thoroughbreds retire from racing young, and many go on to second careers in riding and competition. See our guide to off-track Thoroughbreds.

Enjoying the races responsibly

Racing can be a fun day out with friends. Decide how much you're willing to spend before you go, treat it as the cost of entertainment, and stop when it's gone. If betting stops being fun, the National Council on Problem Gambling runs a free helpline at 1-800-GAMBLER.

Sources

Frequently Asked Questions