OTB Wagers
OTB wagers are categorized as Basic and Exotic.
Basic OTB Wagers
All variations of the Basic OTB wager stem from the premise that you will receive payouts based on the first, second, third and fourth place finishers.
Win
You win by selecting the horse that finishes first (to win).Place
You win by selecting the horse that finishes first or second (to place)Show
You win by selecting the horse that finishes first, second or third (to show)Across the Board
You are wagering on a horse to Win, Place and Show. You receive one ticket for all three wagers. If your horse wins, you receive Win, Place and Show payouts; if your horse finishes second, you receive Place and Show payouts; and if your horse finishes third, you receive the Show payout. This type of bet might also include any two or three horse combinations of win, place and show bets such as win/show, win/place or place/show.
Exotic OTB Wagers
Quinella
You win by selecting the first two finishers, in any order, in a designated race.Exacta
You win by selecting the first two finishers, in exact order, in a designated race.Trifecta
You win by selecting the first three horses in the exact order of finish, in a designated race.Superfecta
You win by selecting the first four horses in the exact order of finish, in a designated race.Daily Double
To win, you must select the winners of two designated, consecutive races by placing the wager before the first of the two races.Pick-3 or Pick-4
To win you must select the correct first place finisher in each of the races that make up the Pick-3 or Pick-4 ticket.Pick-Six
To win you must select the correct first place finisher in each of the races that make up the Pick-Six ticket.
THE PARIMUTUEL SYSTEM
Parimutuel betting (French for mutual betting) is a betting system in which all bets of a particular type are placed together in a pool; taxes and a house take are removed, and payoff odds are calculated by sharing the pool among all placed bets.
The parimutuel system was invented by Parisian perfume maker Pierre Oller in 1865 when asked by a bookmaker friend to devise a fair system for bettors which guarantees a fixed profit for the bookmaker.
The large amount of calculation involved in this system led to the invention of a specialized mechanical calculating machine known as a totalisator, "automatic totalisator" or "tote board".
The first was installed at Ellerslie Racecouse in Auckland, New Zealand on 1913. Since then totalisators came into widespread use at race courses throughout the world. The first totalisator in the US as installed at Arlington Park, near Chicago, Illinois in 1933.
The parimutuel system is used in gambling on horse racing, greyhound racing, jai alai, and all sporting events of relatively short duration in which participants finish in a ranked order.
A modified parimutuel system is also used in some lottery games such as Lotto South.
Parimutuel gambling is frequently state-regulated, and offered in many places where gambling is otherwise illegal. Parimutuel gambling is often also offered at OTB facilities, where players may bet on the events without actually being present to observe them in person.
Parimutuel betting differs from fixed odds betting in that the final payout is not determined until the pool is closed - in fixed odds betting, the payout is agreed at the time the bet is sold.