| Bet type | Difficulty | Average Payoff | Description |
| Show | Easiest | $2.10 - 4.00 | Finish 1st, 2nd or 3rd and you win. |
| | | | The most conservative wager and best chance to cash a ticket. |
| Place | Easy | $3.00 - $8.00 | Finish 1st or 2nd and you win. |
| | | | Pays a little more than show. A hedge bet on your win money. |
| Win | Varies | $4.00 - $40.00+ | You must finish 1st to collect. |
| | | | Most traditional wager and still the best. |
| Daily Double | tough | $20 - $200+ | Select the winners of two races in a row. |
| | | | Your grandfather's bet. The first and oldest exotic wager. |
| | | | Usually the first two and last two races. |
Single-race
Bet type | Difficulty | Winning Payoff | Description |
| Exacta | tough | $15 - $150+ | Your horses must finish 1st and 2nd in order. |
| | | | The best chance to win a reasonable amount without betting a lot. |
| | | | The most popular bet in racing. Boxing the Exacta will help your odds of winning. |
| Trifecta | tougher | $50 - $1,000+ | Your horses must finish 1st, 2nd and 3rd in order. |
| | | | A very difficult bet but a chance at a home run. |
| Superfecta | toughest | $100 - $10,000+ | Your horses must finish 1st, 2nd, 3rd and 4th in order. |
| | | | The grand slam. Extremely difficult, but it can pay great. |
| | | | For risk-takers. |