Posted May 1, 2008 -- Betting on the ponies only enhances heading out to the track and watching horse racing in person. But understanding the lingo of betting on the horses can be tricky if it’s your first time at the track.

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Oddsmakers set the odds of the horses depending on the strength of the field. There are many types of wagers you can place on a horse race. Here is a breakdown of the most common wagers.

Straight (Or Win) Bet – This is the simplest and most common bet. You can only win this wager if your horse crosses the finish line first.

Place – You win this wager when the horse you bet on finishes either first or second in the race. 

Show – This wager means the better can collect if your horse finishes first, second, or third.

Exacta - An exacta wager requires the bettor to select two horses in the same race to finish first and second in exact order.

Pick 3 – In order to win a Pick 3, you have to select the winning horses in three consecutive races.

Pick 6 – In order to win a Pick 6, you have to select the winning horses in six consecutive races.

Trifecta – A bet placed on three horses to cross the finish line in the exact chosen order.

Payoffs – The amount of money that is paid out for each race. Here is an example of how much money you would win on a $2 bet.

ODDS   PAYOFF    ODDS    PAYOFF  
1-9        2.10           3-1         8.00  
1-5        2.40           7-2         9.00  
2-5        2.80           4-1         10.00  
1-2        3.00           5-1         12.00  
3-5        3.20           6-1         14.00 
4-5        3.60           7-1         16.00  
1-1        4.00           8-1         18.00  
6-5        4.40           9-1         20.00  
7-5        4.80          10-1        22.00  
3-2        5.00          20-1        42.00  
8-5        5.20          30-1        62.00  
9-5        5.60          40-1        82.00  
2-1        6.00          50-1       102.00 
5-2        7.00          99-1       200.00