Horse racing and betting have gone hand in hand for centuries, and the sport remains one of the most popular wagering options in the United States. In a typical year the Kentucky Derby is the second most bet on single-day sporting event in the country, trailing only the Super Bowl. The Triple Crown races (Kentucky Derby, Preakness Stakes, and Belmont Stakes) generate massive media coverage and betting action every spring, while tracks across the country offer daily racing that keeps bettors engaged year-round.

On this page you’ll find everything you need to start betting on horse races online. We’ve outlined the best sportsbooks with dedicated racebook sections, explained the difference between fixed odds and parimutuel betting, broken down every popular bet type from win/place/show through exotic wagers like the superfecta, and included a simple 3-step guide to get your first horse racing bets placed within minutes.

Best Sportsbooks For Betting On Horse Racing

Each of the sportsbooks above has a dedicated racebook section separate from the regular sportsbook. The racebook is where you’ll find the full range of horse racing bets (win/place/show, exacta, trifecta, superfecta, and more) using the parimutuel betting system. Some of these sites also offer fixed odds winner bets in their standard sportsbook section.

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How To Bet On Horse Racing Online

Follow this simple 3-step guide to get your horse racing bets placed online within minutes.

1. Join A Betting Site With A Racebook – Sign up at any of the sportsbooks listed above. For this guide we’ll use BetOnline.ag, which offers a huge selection of tracks and competitive odds in their racebook. Click the ‘Join Now’ button and complete the registration form to create your account.
2. Deposit – Head to the cashier section and select your preferred deposit method. BetOnline accepts Visa, MasterCard, American Express, Bitcoin, Ethereum, and various other cryptocurrencies. New sign ups can take advantage of a welcome bonus on their first deposit.
3. Place Your Horse Racing Bets – Click ‘Racebook’ from the top menu bar to head to the racebook. Select the track you want to bet on from the ‘American Thoroughbred’ drop down menu, then select the date and race number you want to wager on. Choose your bet type (win/place/show, exacta, trifecta, etc.), make your selections, enter your stake amount on the Bet Slip, and click ‘Place Bet’ to lock it in.

Fixed Odds vs Parimutuel Betting

Before diving into the bet types, it’s important to understand the two different odds systems used in horse racing because they affect how your bets pay out.

If you place your bet through the “sportsbook” or “sports” section of a betting site, the odds are typically fixed. This means your payout is locked in at the odds displayed when you place your wager, regardless of what happens between then and post time.

If you bet through the “racebook” or “horses” section, the odds use the parimutuel betting system. With parimutuel betting, the odds are not locked in when you place your bet. Instead, the final payout is determined by the total amount of money wagered on each horse in the betting pool at the track. The odds can shift right up until the race starts as more money comes in. This is the traditional system used at racetracks and is how the majority of horse racing wagers are settled online.

Both systems have their advantages. Fixed odds give you certainty about your potential payout, while parimutuel odds can sometimes offer better value if the public money pushes the odds in a favorable direction after you’ve placed your bet.

Types Of Horse Racing Bets

Horse racing offers a wider variety of bet types than almost any other sport. Here’s a breakdown of the most popular wagers, from the simplest straight bets through the more complex exotic and multi-race options.

Win, Place, and Show

These are the most common horse racing bets and the easiest to understand. A win bet is a wager on the horse to finish first. A place bet pays out if the horse finishes first or second. A show bet pays out if the horse finishes in the top three. Because a show bet has a higher probability of winning, it pays out less than a place bet, which pays out less than a win bet on the same horse.

Here’s a screenshot from the BetOnline.ag racebook showing how you would bet on the Win, Place, or Show:

Exotic Bets

Exotic bets involve predicting the finishing order of multiple horses in a single race. They are harder to win than straight bets, but the payouts can be enormous. Here are the four main types of exotic horse racing wagers:

Quinella – A bet on which two horses will finish first and second. The order doesn’t matter, so if you pick Horse A and Horse B, you win as long as those two horses fill the top two spots in either order.

Exacta – Similar to the quinella, but the order matters. You must correctly predict which horse finishes first and which finishes second, in that exact order. Because the exacta is harder to hit, it pays out more than the quinella.

Trifecta – You must correctly predict the first, second, and third place finishers in exact order. Trifecta bets can pay out very well, especially in larger fields where there are more possible combinations.

Superfecta – The most difficult (and most rewarding) exotic bet. You must correctly predict the first, second, third, and fourth place finishers in exact order. Superfecta bets are typically made for $1 and it’s not unheard of for them to pay out tens of thousands of dollars at major races like the Kentucky Derby. Many bettors will “box” their superfecta, which means picking a group of horses to fill the top four spots in any order – this creates multiple combinations and increases your cost but also your chances of winning.

Here’s an example of what a superfecta bet looks like at BetOnline.ag:

Consecutive Race Betting (Multi-Race Wagers)

Multi-race bets require you to pick the winners of consecutive races on the same card. These are some of the highest-paying wagers in horse racing because you’re stringing together multiple correct picks.

Daily Double – Pick the winners of two consecutive races. This is the simplest multi-race bet and a good entry point for bettors who want to try something beyond win/place/show.

Pick 3 – Pick the winners of three consecutive races.

Pick 4 (Win 4) – Pick the winners of four consecutive races.

Pick 6 – Pick the winners of six consecutive races. The Pick 6 is the most difficult multi-race bet, but hitting one can result in a life-changing payout, especially on days with large betting pools. Many tracks offer carryover pools on the Pick 6, meaning if nobody hits it one day, the pool rolls over to the next racing day and continues to grow.

Futures Betting

For the biggest races on the calendar, sportsbooks will post futures odds weeks or even months in advance. You can bet on a horse to win the Kentucky Derby in January or February when the field is still taking shape, often getting much better odds than you would on race day. Futures bets are typically offered in the sportsbook section of the site (not the racebook) and use fixed odds, so your payout is locked in at the time you place the wager. The trade-off is that you’re committing your money well before the race, and your horse could scratch or not even make the field. But if you do your homework on the prep races and spot a contender early, the value can be significant.

Horse Racing Betting Tips

Horse racing betting requires a different approach than betting on team sports. Here are some tips specific to the track.

• Know The Track and Race Limits – Always check the payout limits for the specific track and race you’re betting on. Each racebook sets maximum payout limits that vary by track, and it would be devastating to hit a big long shot only to receive a capped payout because you didn’t check the limits beforehand. High-profile races like the Kentucky Derby typically have much higher limits than weekday races at smaller tracks.
• Bet On Proven Winners – Some horses simply know how to win. A horse with multiple victories in its recent form is generally a more reliable bet than one that has been running well but hasn’t sealed the deal. Pay attention to a horse’s win percentage and how it performs in similar conditions (distance, surface, field size).
• Don’t Bet With the Public – At major races like the Kentucky Derby or Breeders’ Cup, one or two horses will get heavily hyped by the media. The public money pours in on these horses, pushing down their odds and reducing the potential payout. Look for horses that are flying under the radar but have legitimate credentials – they often represent much better value.
• Consider the Jockey – Many casual bettors focus entirely on the horse and overlook the jockey. The jockey plays a significant role, especially in longer distance races where pacing and positioning decisions are critical. Top jockeys like Irad Ortiz Jr. and Flavien Prat consistently outperform their mounts’ expected odds.
• Study The Post Position – In horse racing, the starting gate position can have a meaningful impact on the outcome. Inside posts are generally considered an advantage in shorter races, while outside posts can be beneficial in longer races where there’s more time to settle into position. Look at historical data for the specific track to see which post positions have produced the most winners.

Most Bet On Horse Races

Several high-profile horse races take place each year that generate significant media coverage and betting action. We’ve created dedicated pages for many of these races with specific odds, picks, and betting guides:

Horse Racing Betting FAQ

Is it legal to bet on horse racing online in the United States?

Yes. Horse racing betting has a unique legal status in the United States. The Interstate Horseracing Act of 1978 specifically allows bettors to place wagers on horse races across state lines, which is why online racebooks have been available to Americans for longer than traditional sports betting. In addition to the offshore sportsbooks listed on this page, there are also domestic platforms like TwinSpires and TVG that are licensed to accept horse racing bets in most states. For a broader look at sports betting options in your state, visit our USA sports betting page.

What is the best sportsbook for horse racing?

BetOnline.ag is our top recommendation for horse racing. Their racebook covers a wide variety of tracks from across the United States and they offer new players a risk-free $25 horse racing bet along with daily rebates on racebook wagers. You can also bet on race winners at fixed odds in the sportsbook section leading up to major races.

What is the difference between fixed odds and parimutuel betting?

With fixed odds, your payout is locked in the moment you place your bet. With parimutuel betting, the odds are determined by the total betting pool and can change right up until the race starts. Most bets placed through the racebook section of an online sportsbook use the parimutuel system, while bets placed in the regular sportsbook section (typically available in the days leading up to major races) use fixed odds.

What is a superfecta bet?

A superfecta requires you to correctly predict the first, second, third, and fourth place finishers in a race in the exact order. It is the hardest standard exotic bet to win, but the payouts can be enormous – tens of thousands of dollars from a $1 wager at major races like the Kentucky Derby. Many bettors “box” their superfecta by selecting a group of horses and covering all possible finishing combinations, which increases the cost but also the chances of hitting.

What is a Pick 6 bet in horse racing?

A Pick 6 requires you to correctly select the winner of six consecutive races on a single card. It is one of the most difficult bets in all of sports betting, but the payouts can be life-changing. Many tracks offer carryover pools on the Pick 6 – if nobody hits it on a given day, the pool rolls over to the next racing day and continues to grow until someone wins.

Can I bet on horse racing futures?

Yes. For major races like the Kentucky Derby, Preakness Stakes, and Breeders’ Cup, sportsbooks will post futures odds weeks or even months before the event. Futures bets use fixed odds (not parimutuel), so your payout is locked in at the time you place the wager. Betting early can offer significantly better odds on a horse you like, though you do risk the horse scratching or not making the field.

What are payout limits in horse racing?

Every online racebook sets maximum payout limits that vary by track and race. A major race like the Kentucky Derby at Churchill Downs will have much higher limits than a weekday card at a smaller track. Always check the limits before placing a large wager – especially on exotic bets where the payout could be very large. You can typically find the limits in the racebook’s rules section or by contacting customer support.