Introduction
All bets are placed based on the numbers assigned to a horse by the track (saddlecloth numbers). These numbers are printedbeside thenameof the horse on the race program. Some tracks use thepost position as the horse number. Irrespective of the method used by the track you should always use the program assigned number when purchasing bets. "Scratches" are horses that have been withdrawn from the race. No bets are sold on these horses. Bets are refundable on late scratches unless the bet specifically states otherwise (e.g. off time favorite substituted)

ODDS
Odds are an approximation of how much a horse will pay to win a race. You will notice that as wagering on a race progresses closer to post time, the odds will change.  Why is that, you may ask? The monies that are wagered in a race are counted up and put into Pools. What is a Pool? A Pool is where the total amount of money being wagered on a specific type of bet is held to be distributed to patrons that have correctly selected the outcome of the specific wager they have placed. Out of these pools certain percentages are subtracted. Why is that you ask? The reason being a percentage of all money wagered go to governments, racetracks, owners, jockeys, trainers, etc. The government receives a percentage (for tax purposes) for allowing the tractto conduct racing in a certain jurisdiction. The Race Tracks receive a percentage for promotions, maintaining the track, and paying emplyees. The owners/jockeys/trainers receive a percentage purely out of tradition. If there were no money there would be no races. After the percentages are removed the remaining money is paid out. This iswhere we get our payoffs for winning tickets.
The oddsare computed based on the sales on the bet less a government and handling tax. These deductions vary and are usually controlled by a regulatory body.

Bonuses
Bonuses are a new standard being introduced into horse racing by offshore and online competition. Tracks and simulcast facilities do NOT provide sign-up, re-up, or referral bonuses. However, all reputable offshore and online facilities do.

Straight Bets
Win, Place, Show

Exotic Bets 
Exacta/Perfecta, Quinella, Trifecta, Superfecta, Highly Advanced Wagers Double, Twin-Tri, HI-5, Pick 3/Pick 6/Pick 9, Daily Double, All Up, Rebate