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 we explain where you can legally bet on horse racing, the difference between fixed odds and parimutuel betting, every popular bet type from win/place/show through exotic wagers like the superfecta, and how to get started.

Where Can You Bet On Horse Racing?

Horse racing has a different legal status from other sports betting in the US. The Interstate Horseracing Act of 1978 allows wagers on races across state lines, so you can legally bet on horse racing in many states that don’t have legal sportsbooks.

• Online horse betting sites. Advance deposit wagering (ADW) sites such as TwinSpires, FanDuel Racing and Xpressbet are licensed to take bets in roughly 40 states. Your bets go into the same pari-mutuel pools as bets made at the track.
• Racetracks and off-track betting. Tracks take bets on their own races and on simulcast races from across the country, and many states also have off-track betting locations.
• Fixed odds at sportsbooks. Some sportsbooks offer fixed odds on the winners of major races like the Kentucky Derby.
• Prediction markets. Platforms such as Kalshi have listed winner markets on the Triple Crown races.
• Offshore racebooks. These accept US customers, but they are not licensed or regulated by any state.

A handful of states don’t allow online horse betting, including Texas, where betting is only allowed in person at the state’s racetracks, and Georgia, Mississippi and South Carolina, which don’t allow betting on horse races at all. Our USA sports betting page covers the options in each state.

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How To Bet On Horse Racing Online

Getting started with a licensed horse betting site only takes a few minutes.

1. Pick a licensed racing site. Check which ADW sites accept customers in your state. Most carry the major US tracks along with many Canadian and international races.
2. Create and fund your account. You’ll confirm your name, date of birth and address, and verify that you’re in an eligible state. Most racing sites require you to be at least 18, or 21 in some states. Then deposit with a debit card, bank transfer or another listed method.
3. Place your bets. Choose the track, race number and bet type (win/place/show, exacta, trifecta, etc.), make your selections and enter your stake. Decide on a budget before you start and stick to it. If betting stops being fun, help is available 24/7 at 1-800-GAMBLER.

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.

With fixed odds, your payout is locked in at the odds displayed when you place your wager, regardless of what happens between then and post time. Fixed odds are mostly offered by sportsbooks, and usually only on the race winner or a top 3 finish.

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. The odds can shift right up until the race starts as more money comes in. This is the traditional system used at racetracks and by licensed online horse betting sites, and it’s how the majority of horse racing wagers are settled.

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.

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 often made for $1 or less, 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.

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, futures odds are posted 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. Churchill Downs runs its own pari-mutuel Kentucky Derby Future Wager pools, while sportsbook futures use fixed odds. 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.

• 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, as 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 are worth noting when you’re comparing contenders.
• 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.
• Know The Payout Limits – Pari-mutuel payouts come from the pool, but some online racebooks, especially offshore sites, cap the maximum payout by track. Check the rules before making large exotic bets on long shots.

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, covering where to bet, how betting works and each race’s history:

Horse Racing Betting FAQ

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

In most states, yes. The Interstate Horseracing Act of 1978 allows bettors to place wagers on horse races across state lines, which is why licensed online horse betting sites like TwinSpires, FanDuel Racing and Xpressbet have been available to Americans for longer than traditional online sports betting. A few states, including Texas, Georgia, Mississippi and South Carolina, don’t allow online horse betting.

Where can I bet on horse racing online?

Licensed advance deposit wagering (ADW) sites are the main legal option in most states. They carry races from tracks across the country, and some also offer Canadian and international racing. In states where they aren’t available, prediction markets and in-person betting at a track in a nearby state are the alternatives.

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. Bets at racetracks and licensed online horse betting sites use the parimutuel system, while fixed odds are mainly offered by sportsbooks on major races.

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, sometimes 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, futures odds are available weeks or even months before the event, either through Churchill Downs’ pari-mutuel Future Wager pools or at fixed odds through sportsbooks. Betting early can offer significantly better odds on a horse you like, though you do risk the horse scratching or not making the field.