Author: Lindsay Griffin
When it comes to betting, there are far more options available than simple two-dollar win bets.
There are, of course, place and show bets, when you can put money on a horse to finish somewhere in the top three.
These bets will lead to a smaller payout than a win bet, but you are many times more likely to cash your ticket at the end of a race. However, you can use your horse racing bonuses for some creative wagers. Here are the ones we recommend.
Exotic Wagers
You can also bet several horses in the same race. An exacta bet allows you to choose horses to win and come in second, while a trifecta covers the first three finishers and a superfecta covers the first four. You may choose to make your wager straight, or you may box it, meaning that the horses you select can finish in any order as long as you have selected the first two, three, or four.
If you want to enjoy a full day at the races, you may want to place a multi-race wager. These types of exotic wagers are often called “Pick _” wagers, with the number of races you are wagering on in the blank. The bets are rather self-explanatory; when you place the wager, you select the winners of however many races you are choosing to bet on. The races for these bets are preselected by the track and typically run consecutively on the same race card.
Parlay
However, what if you want to bet a series of non-consecutive races, or races that are run at different tracks?
You could, of course, make standard win bets on each of your choices, but your prospects for payouts are limited, particularly if you have winners that come in at a short price.
To maximize your potential profit, you may want to consider a somewhat risky strategy called a parlay.
To bet a parlay, you should first study the fields and identify the horses you wish to bet on a given day. It would also be wise to have a preselected betting amount for the initial wager.
Let’s say you have $20.00 you would like to bet, and you have selected four horses in four different races. For simplicity’s sake, let’s also say that the horses you have chosen are each listed at 2-1 odds.
If you were to place a $5.00 win bet on each of those horses and they won, you would receive a payout of $40.00. That’s certainly more preferable than losing it all, but it’s nothing to write home about. A Pick 4 bet would provide more of a payout, but that would only be available if the races you wanted were part of the preselected Pick 4. Pick 4 bets also require all of the chosen horses to be solidified at the same time, and not allowing for last minute mind changes due to factors such as track condition.
If you were to make a parlay bet, however, you would start by betting the entire $20.00 on your first runner. If they were to win, you would have a payout of $40.00. To continue the bet, you would then place all of your money on the second horse. Should they win, you would now have $80.00, which you would immediately bet on the third horse. Another win would net you $160.00, and if you repeated this cycle with the fourth horse, you would have parlayed your initial $20.00 investment into $320.00.
Is it risky? Of course. A successful parlay bet requires a lot of luck and the ability to control the urge to quit while you’re ahead. However, as shown above, using parlay bets can turn short-priced winners- or even chalky favorites- into profitable selections.
“Will somebody please explain me the parlay, please?”
– Dr. Cliff