Here is a brief glossary of the must know terms in horse racing.
Across The Board – Betting on a horse to win, place and show. If the horse finishes first you collect on your win bet, place bet and show bet. If the horse finishes second you collect on the place and show bets, and if the horse finishes third you collect on only the show bet.
Ante Post – Also known as Futures. Betting on the outcome of a future race (typically one that is not taking place today).
Bookie – The person/company who accepts bets on the horse race.
Bookmaker – See ‘Bookie’.
Boxed Bet – Betting on all possible combinations in an exotic wager such as an exacta or trifecta bet. For example if you box horses A, C and F in a trifecta then you are placing a wager on the horses finishing (A-C-F), (A-F-C), (C-A-F), (C-F-A), (F-C-A) and (F-A-C). So boxing a trifecta would be placing 6 separate wagers.
Chalk – Betting on the favourite in the race.
Chalk Player – A bettor who always wagers on favourites.
Daily Double – A wager where you must correctly choose the winner of two consecutive races.
Exacta – A wager where you must select the first two finishers of the race, in the correct order.
Exotic Wager – Any bet other than win, place or show.
Exposure – The amount of money you could possibly lose on a race.
Favourite – The horse that has the lowest odds and thus thought to have the best chance at winning the race.
Field – All of the horses in the race.
Fixed Odds – A bet that is fixed at the odds that were offered when you placed the wager.
Furlong – A unit of measurement that equals 1/8 or a mile, 220 yards or 200 meters.
Gate – Where the horse will start the race.
In The Money – A horse that finishes in the top 3. The top three horses are “in the money” because they cause at least a show bet to payout.
Juice – The bookie’s commission. Also known as vig.
Key Horse – The horse that is used in multiple combinations of exotic wagers.
Lock – A horse that is almost a guaranteed winner.
Market – A list of all the horses participating in a race and their odds.
Odds-On – Similar to a lock, but not quite as guaranteed. The horse has odds of less than even money, which means the horse is expected to win more than half the time. An example would be a horse that is 1/2.
On The Nose – Betting on a horse to win the race only.
Out Of The Money – A horse that places 4th or worse (none of the straight bets will pay out on the horse).
Parimutuel – A form of betting where all of the money bet on the race is divided up among those who have winning tickets. With this form of betting the odds can change as more money is bet because you are essentially betting against the other punters.
Pick Six – A wager where you must select the winner of six different races. These bets are very hard to win, but extremely lucrative.
Place – Second place finish.
Place Bet – Betting on a horse to finish either first or second.
Post Position – The starting gate for the horse.
Punter – A bettor.
Quinella – A wager where you must select the first two finishes of the race, in either order.
Return – The payout for a particular bet.
Scratch – A horse taken out of the race before it starts.
Show – Third place finish.
Show Bet – Betting on a horse to finish either first, second or third.
Sportsbook – See ‘Bookie’
Starting Price – An oddsmakers estimation of what the odds will be at race time.
Straight – Betting on a horse to win the race only.
Superfecta – A wager where you must correctly choose the first four finishers of the race, in the correct order.
Totalizator – See ‘Parimutuel’
Tote Board – A board that shows the up to the minute odds for each of the horses in the race. May also show the amount wagered in each pool.
Trifecta – A wager where you must correctly choose the first three finishers of the race, in the correct order.
Wheel – Betting on all possible combinations in any exotic wager using at least one key horse.
Win – First place finish.
Win Bet – Betting on a horse to win the race only.
