Wanna Bet?

An Introduction to Pari-Mutuel Wagering

Welcome to the exciting arena of pari-mutuel wagering! We hope to provide you with some basic wagering terminology that will help you make a wager (you will also sound really cool and expert-like when sharing your knowledge with your friends!).

When you place a wager, you are betting not against the track itself, but against everyone who is making that type of wager in a particular race. For example, if you bet on your favorite horse to win, your bet goes into the win "pool." Based on how much is wagered on each horse in the race to win, the odds will change accordingly. This is called pari-mutuel wagering, a French term meaning "amongst ourselves." With this method of wagering, the public is betting against each other, not against the racetrack. The track really has no interest in the results of a race. The track simply deducts a percentage from each dollar wagered for the payout of purse monies, state taxes, and expenses. The remainder of the pool is returned to the winners.

The following are the percentages that Prairie Meadows retains (the "takeout") of the wagers placed:

• Win, Place, and Show wagers: 16% is held by Prairie Meadows.
• Daily Double, Quinella, and Exacta wagers: 19% is held by Prairie Meadows.
• Pick Three and Trifecta wagers: 22% is held by Prairie Meadows.
• The take-out pays the purses, horsemen, racetrack and the state.

Traditional Wagers

       Win - You win if your horse finishes first in the race.
       Place - You win if your horse finishes first or second in the race.
       Show - You win if your horse finishes first, second, or third in the race.

Across the board - You are placing a wager on your horse to win, place, and/or show. A $2 bet 'across the board' would be a $6 wager.

Exotic Wagers

• Exacta - Picking two horses to finish first and second in exact order.
• Quinella - Picking two horses to finish first and second in any order.
• Trifecta - Picking three horses to finish first, second, and third in exact order. (May be difficult to pull off, but the payoff can be really big)!
• Daily Double - Picking the winners of two races that are designated Daily Double races. Wagers must be placed before the running of the first of the two races.
• Pick Three - Picking the winners of three races that are designated as Pick Three races.

Next: How to Place Your Bet