Win Place or Show Betting
The following is an abbreviated discussion of Win, Place, or Show betting. These bets are the fundamental elements of horse betting. They are also easy for new horse bettors to understand.
Win Place Show BetThe most basic bets in horse racing are the Win, Place, and Show bets. They are the building blocks of more complex horse bets like the trifecta, superfecta, quinella, or exacta bets. These bets all payout nicely, especially if the horse you bet on faced long odds (was not favored to win). Meanwhile, horses that ARE favored to win - or "odds on" horses - are less risky bets; but also payout much less.
WIN BET
The Win bet is picking the horse that will place first in a horse race. The win bet has a good payout, especially if you pick a winning horse that had long odds (was not favored to win). Favored horses that place first tend to produce lower payouts. If you make a Win Bet, the wager only pays if the horse you pick finishes in first place.
PLACE BET
The Place bet is picking a horse that either places first or second in a horse race. The payout is modest compared to a Win bet, especially if the horse you bet on is favored to win.
SHOW BET
The show bet is picking a horse than can finish first, second, or third. Of the Win, Place, and Show wagers, the Show bet has the smallest payout. The likelihood of any horse finishing in the top three of a small horse race is strong, which equates to less risk and a smaller payout for a successful show bet.
Sample for how to place a win, place, or show bet from a horse racebook.
1. Note the horses listed in the race, usually on the left hand side of the screen. The column to the right lists the odds, the "ML" column in the above diagram.
2. To pick a horse for a "WIN" wager, point your mouse at the checkbox in the "WIN" column that corresponds to your horse. In this case, the bettor has chosen "Atiello" with 6:1 odds as a "WIN" bet.
3. Use the same procedure for making "PLACE" and "SHOW" bets: point your mouse at each column, checking the box that corresponds to your horse.
4. *** Notes: You can pick multiple horses for each bet type, but remember that these additional wagers cost more money and will decrease your net profit gained from a successful wager on the first, second or third horse. A good analogy is roulette: if you put a chip on every number, you'd obviously win your bet, but the amount of winnings you earn is drastically reduced by the amount money you used to cover the entire board.
Win, Place, or Show Betting Payout Example
Now, we'll take a look at a sample Win, Place, or Show payout chart, with three horses from a fictitious horse race.
In this particular race, Jolly Roger won; followed by Right On; and then Three Cubed. So, based on our definitions of WIN, PLACE, and SHOW, we have the following results table:
| Horse Number | Horse Name | Win | Place | Show |
| 12 | Jolly Roger | $10.60 | $8.40 | $4.80 |
| 3 | Right On | N/A | $14.80 | $10.20 |
| 8 | Three Cubed | N/A | N/A | $8.20 |
In words, this table means the following:
Horse #12 - Jolly Roger, pays $10.60 for those who picked it to come in first (WIN Bet), $8.40 to come in second or first (PLACE bet), or $4.80 to come in third, second, or first (SHOW Bet)
Horse #3 - Right On, pays $14.80 for those that picked it to come in second or first (PLACE Bet), or $10.20 for those that picked it to come in third, second, or first (SHOW Bet).
Horse #8 - Three Cubed, pays $8.20 for those that picked it to either come in third, second, or first (SHOW Bet).
Before making any Win, Place, or Show wager be sure to consider the odds facing the horse you want to bet on. If you pick a heavy favorite to win and it does indeed win, your payout will be substantially smaller than if you picked a winning horse that was considered to be a long shot.
Also realize that payouts are figured by the amount of money in each wager's pool. Pools are determined by the total dollar amount wagered for a particular bet, less the racebook's service fee (similar to sportsbook "juice" or "vigorish").
A highly favored horse will have low odds assigned to it. Then, if the horse does indeed win the race, the money in the "WIN" bet pool must be divided up equally for everyone that bet on the horse. As a result, a crowd favorite that wins doesn't produce much money compared to a long shot that wins, because the betting pool for the long shot is comprised of a smaller amount of bettors. Thus, there is more money paid out to winning gamblers who pick a long shot horse that wins.
General horse betting strategy dictates that always betting the crowd favorite results in sustained losses of money over time. Instead, look for a horse that is a medium to long shot, because if this horse prevails, you will collect a higher payout. The smaller amount of gamblers in a wagering pool, the better. This means more winnings are paid out to a small number of successful horse bettors compared to less winnings paid out to a large number of successful horse bettors.
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