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As a backup, some players prefer to bet to win and place. This way if their horse runs second, they will collect the place payoff, which will hopefully pay for the losing win bet and a bit more. The problem with betting to win and place is that if your horse wins, you have just diluted your payoff when you could have bet twice as much to win. If you can't decide between betting $10 to win or $5 to win and place, one part of this decision factor should be how big your bankroll is and how long you can go between winners.
By betting to win and place, you are going to be more likely to cash some tickets along the way which can be more fun and will keep your bankroll afloat. Some players will bet to win and place simply because they will get too frustrated if they run second and this might affect their betting the rest of the day. Another backup strategy to win is to use the exacta as a place bet.
A popular wager is betting "Across the board". This is similar to the win and place bet. If you think your horse will win, then you are actually lowering your payoff if you are right. However, if you think there is an equal chance your horse might finish 1st, 2nd or 3rd, then the "across the board" wager makes sense. You call this bet out as "$2 across the board on #5".
Some expert players will recommend betting two horses to win in cases where you like two horses at a mid-priced range or higher. The net effect of this is to lower your odds on both horses, but you increase your chances to win.
Today there are so many great exotic wagers to take advantage of, but it is important to remember to bet to win. Especially if you think you might have a winner at a good price. For instance, you might try for an exacta, trifecta or a Pick 3 with a 10-1 horse. If you miss those payoffs, you might be kicking yourself if you don't at least have a $10 win bet, which will return $110 and pay for a lot of those losing exactas, trifectas and Pick 3's.
The win odds are the most widely seen odds at the track. These are the odds you see on the televisions and tote boards. Most all players judge which horses they wager in all other bets looking at the win odds. Keep this in mind as you look at other wagers. For instance, a 30-1 shot might be the longest price on the board to win out of 10 horses, and for many players it will be the last horse they use in the trifecta. But just because he is the lowest rated horse to win, doesn't mean that he automatically has the lowest chance to run third. The 30-1 shot could be a late runner that is likely to run 3rd or 4th, just unlikely to win.