Live Horse Racing Game Conditions

Subject: Horse Betting 101: History, Types of Wagers, How Odds Work, General Horse Betting Process, Common Terms

Horse racing isn’t just a sport—it’s a centuries-old spectacle of strategy, speed, and stakes.

What began as a royal pastime during the reign of King James I in the 1600s galloped its way into Canadian culture over 150 years later. Today, the experience has evolved. From the roar of the crowd at the track to the click of a bet placed online, horse bettors— or horseplayers, as they’re known in the industry—have more ways than ever to get in on the action.

This isn’t just a guide. It’s your all-access pass to the world of horse betting. Whether you're a seasoned bettor or new to the thrill of betting on the races, everything you need starts right here.

Types of Horse Bets

In horse racing, the Total Handle is the total amount of money bet on a race. Racetracks use a system called pari-mutuel betting, where all bets go into one large pool—the total handle. After the race, the betting provider or the track takes a small percentage (called the “takeout”) to cover costs and support the industry. The rest of the pool is divided among the people who bet on the winning outcome, with payouts based on how much each person wagered. So, the more people who bet on the winning horse, the smaller each individual payout will be. Want to learn more? Visit our "How to Play" page.

There are many bet types under the pari-mutuel model. The most common bets are known as a straight wager, which is a bet that involves a single horse in a single race.

If you choose to add additional horses, races—or both into a bet, it then becomes an exotic wager.

Below are some examples of common straight and exotic bets that you may encounter.

Straight Bet Examples

• Win – Your chosen horse must win the race.
• Place – Your chosen horse must win the race or finish second.
• Show – Your chosen horse must win the race, finish second or finish third.
• Combinations – You can combine these three bets and get paid for any result that your horse can secure. This includes win/place, place/show and win/place/show.

Exotic Bet Examples

• Exacta – You must pick the first and second-place finishers in a race in the correct order for the bet to pay.
• Quinella – A quinella is an exacta bet but without the order requirement. You must pick two horses to win and place (first and second place), but the order does not matter.
• Trifecta – You must select the first, second, and third-place finishers in a race in the correct order.
• Superfecta – You must select the first, second, third, and fourth-place finishers in a race in the correct order.
• Daily Double/Pick 3/Pick 4/Pick 6 – With this family of wagers, you must pick the winning horse in multiple races. The only difference between these types of bets is the number of races that you must pick. The Daily Double, for example, requires you to select the winner of two consecutive races at the same track. The Pick 3 is three consecutive races at the same track, the Pick 4 is four and so on.
• Omni - An Omni bet (also known as Swinger) requires you to select at least two of the top three finishers in a single race.
• Hi-5/Super Hi-5 - To win a Hi-5, you must select the first, second, third, fourth, and fifth place finishers in a single race in the correct order.

Exotic Bet Modifiers

In addition to those types of wagers, there are also several exotic bet modifiers that you can put into action. Choosing these elements will increase the price you must pay to place a wager, but they can also increase your chances of winning. They are:

Box – A box bet allows you to cover all the combinations of horses with one wager. So, for instance, in a trifecta box, it does not matter which order your three horses finish the race, so long as they are still first, second and third. A quinella, as it is, is an exacta box bet. Be aware, however, that you will have to pay for each possible combination to make this bet. For example, a trifecta box bet is six times more expensive than a standard trifecta because there are six possible combinations of horses.

How are odds expressed in horse betting and how do they work?

No matter the racetrack or region, horse betting is most often conducted using fractional odds (though we also display American Odds underneath the fractional odds).

A general rule in horse racing odds is: the lower the odds, the more likely the horse is expected to win according to the betting public. For example, a horse at 2-1 odds is considered more likely to win than one at 15-1, though it’s never a guarantee.

Horses can also be listed at fractions less than 1. As you’ll see in the table below, the lowest possible odds that a horse can leave the gate at is 1-9. In that case, the horse would be the overwhelming favourite.

As for the odds themselves, you may see them presented in two ways: as a fraction (3/1) or with a colon between the two numbers (3:1).

What these odds are telling you, in essence, is (event won’t happen)/(event will happen). In the 3/1 example above, the probability, based on the expectations of the betting public, is the horse to win once and lose three times.

Common odds and payouts (on $2 straight win wagers)

Strictly for illustration purposes, this chart is a potential payout associated with a straight $2 win wager at varying odds. Keep in mind that odds can rise all the way up into the hundreds, although it is very rare. Also keep in mind that payout is not strictly a function of bet amount and odds.

General Process of Horse Betting

There is a general procedure when it comes to betting on a horse race. Here’s what the process may look like:

1. Choose a Track and Select a Race
2. Choose a Bet Type
3. Select the Wager Denomination
4. Select the Horses (Runners) you wish to bet on
5. Place Bet

This list is simply an example of how horse bets are commonly placed. It is meant to provide an idea of how the terminology learned in this guide translates to the wagering process.

Common Horse Racing Terms

• Allowance race – A race where the racing secretary assigns each horse a specified weight based on conditions such as age, past performance, and sex.
• Also-eligible – Refers to a horse or horses who are officially entered for a race but are not eligible to participate unless the field size is lowered below a defined number by scratches (a horse that has been removed from a race before it starts).
• Apprentice – A jockey aged 16-25 who has not ridden a certain number of winners within a specified period.
• Blinkers – A concave piece of equipment used to narrow a horse’s vision. Horses commonly wear blinkers to improve focus.
• Claiming race – A race where each horse entered can be purchased for an allotted price.
• Closer – A horse who does their best work later in the race, charging from off the pace.
• Connections – The people associated with a particular horse. Connections most often refers to the jockey, trainer, and owner.
• Disqualification – A change in the final order of a race based on a review by stewards, which reveal an infraction of the rules.
• Dam – The mother of a horse.
• Front-runner – A horse who prefers to jump out to the front of the pack early in the race and maintain that position throughout (ideally).
• Furlong – Measured as one-eighth-of-a-mile.
• Graded race – Races where the highest quality of horses compete. Graded races that meet the criteria of the American Graded Stakes Committee (United States) and Jockey Club of Canada (Canada) are then assigned a specific level (i.e. Grade 1, Grade 2, Grade 3). Grade 1 is the highest level based on quality of horse and purse payout.
• Length – A measurement estimating the length of a horse that is used to define the distance between horses in a race. For example, horse #1 was victorious by 2-lengths over horse #5.
• Purse – The prize money available for a particular race. It is divided between Horse Owners based on the finishing position of their horse(s).
• Scratch – A horse that has been removed from a race before it starts.
• Silks – Jacket and cap worn by jockeys.
• Sire – Father of a foal (baby horse).
• Stakes – A race that usually requires the owner to pay a fee to run their horse. These fees could cover a variety of conditions including: nominating, maintaining eligibility, entering and starting. They are used to add more money to the total purse.

For more in-depth terms used in the world of horseracing, please visit the Ontario Racing website here to learn more.

Subject: Pari-Mutuel Wagering 101: What is it, How Is It Different & Origins

This guide is designed to educate you on pari-mutuel wagering and equip you with the knowledge and tools to explore this time-tested wagering method with confidence.

What is pari-mutuel wagering?

Pari-mutuel wagering is any type of wagering where all the funds wagered on an event form a pool; the taxes and house share are removed, and the winners divide the remainder of the funds/pool.

Pari-mutuel wagering is also often referred to as “pool wagering”. In horse racing, for example, the racetrack holding the event(s) will take a certain percentage off the top before paying out funds to the winning public.

Differences between pari-mutuel wagering and fixed odds wagering

Regarding pari-mutuel wagering and fixed odds wagering, there are several key distinctions between the two models for prospective horseplayers to understand.

Under this format of a betting pool structure, players are wagering against fellow bettors. This contrasts with the fixed odds model where players are effectively betting against the bookmaker.

Odds are at the core of the contrast between the pari-mutuel and fixed odds systems.

On the pari-mutuel side, odds are determined by the amount of wagers placed on a horse (or combination of horses) by the betting public, minus the track takeout.

Perhaps the most notable difference between pari-mutuel and fixed odds wagering is the way odds move or fluctuate.

In fixed odds, the odds don’t move the moment your bet is locked in place. For example, if you bet the money line at -200 two hours before the game, but movement in the market pushes it to -250 at gametime, your bet remains locked in at -200.

In the pari-mutuel sphere, odds are not set in stone and can fluctuate before a horse race begins. This tends to occur when pool sizes are small, given that they won’t take as large a wager or wagers to influence the odds dramatically.

Because of this, horseplayers don’t know exactly what odds their selection will receive until the start of a race. Fluctuation, in this instance, works both ways. For example, if the horse you side with is 3-1 20 minutes before the race but at post time closes at 5-1, and wins, you receive a payout at the closing odds of 5-1.

Types of pari-mutuel wagers

Like traditional sports betting, the pari-mutuel model offers a multitude and variety of bets for players. The most effective way to break down horse betting is to split it into two categories: straight wagers and exotic bets.

A straight wager is a bet that involves a single horse in a single race. Anytime you put additional horses, additional races or both into the bet, it becomes an exotic bet.

Exotic bets almost invariably pay better and are more difficult to win than straight wagers (similar to parlays in sports betting).

Subject: Rules & Regulations

GENERAL

All pari-mutuel pools are calculated and distributed in accordance with the regulations and directives as issued by Agriculture and Agri-Food Canada (“the Regulations”), under the approval and supervision of the Canadian Pari-Mutuel Agency.  The Canadian Pari-Mutuel Agency can be contacted at:1-800-268-8835 or 613-759-6100 or, E-Mail: aafc.cpmawebacpm.aac@canada.ca

A complete version of the CPMA regulations can be found at http://laws-lois.justice.gc.ca/eng/regulations/SOR-91-365/.

All tickets should be held until the result of the race is declared official and prices are posted. No person under the age of 19 shall purchase or cash a ticket or voucher.

No ruling made by the Stewards/Judges or the Alcohol and Gaming Commission of Ontario regarding distribution of purse money or the placing of horses in the order of finish, after the race has been declared official, shall have any bearing on the pay-out prices or distribution of pari-mutuel pools.

Customers are reminded that mutuel clerks are responsible for all shortages. When making a wager, customers must present sufficient funds at the time of purchase to cover the wagers requested.

For any Live Horse Racing questions or concerns, please contact OLG Customer Support.

ENTRIES AND MUTUEL FIELDS

“Entry” means two or more horses in the same race which, for the purpose of pari-mutuel betting, are coupled or considered as the same betting interest. The most common reason for the coupling of horses in an Entry is the fact that they are owned by the same person.

“Mutuel Field” means two or more horses in the same race which, for the purpose of pari-mutuel betting, are coupled because the number of horses in the race exceeds the number which can be handled separately by the pari-mutuel system.

Subject to the Regulations, a bet on one horse of an Entry or Mutuel Field shall be considered a bet on all horses in that Entry or Mutuel Field.

DAILY DOUBLE BETTING (INCLUDING LATE DOUBLE)

A Daily Double bet is a betting transaction in which a purchaser of a ticket undertakes to select the official winners of each of the two races specified for the Daily Double. Both selected horses must win their respective race.

If your first pick loses, the bet is a loss. If the second race is cancelled or disrupted, no refund is issued unless explicitly stated in the rules.

Consolation Double Pool

If a horse that was supposed to run in the second race of the Daily Double is scratched after betting has closed on the first race, and you had a ticket with that horse and the winner of the first race, your ticket still has value. Instead of being a total loss, it goes into a special “Consolation Double” pool, which pays out a smaller prize.

JACKPOT HI-5

A Jackpot Hi-5 bet is a betting transaction in which a purchaser of a ticket undertakes to select the exact order of finish of the first 5 runners in the specified Jackpot Hi-5 race. If there are races that have an entry (i.e. 1 & 1A and/or 2 & 2B), Jackpot Hi-5 will not offer a wager consisting of both halves of the same betting interest. Example: If the same betting interest finishes first and second in a Jackpot Hi-5, the payout would be 1st, 3rd, 4th, 5th, 6th.

That jackpot portion of the pool will only be paid out if there is a single winning ticket. If there are multiple winning tickets that have correctly chosen the first five runners of the race, they will each receive an equal share of 50% of the prize pool for that day. The other 50% will go over into the Jackpot carryover.  If there are no winning tickets with the exact order of finish of the first 5 runners, 100% of the current day’s pool will be carried over into the Jackpot, after the house cut and taxes, in equal proportion.

PICK 3, PICK 4 & PICK 5 BETTING

The Pick 3, Pick 4 and Pick 5 bets are betting transactions in which a purchaser of a ticket undertakes to select the official winners of each of three, four or five successive races. Prizes are distributed to tickets with winning picks for all legs. If no ticket has winning picks for all legs, the ticket(s) with the most winning picks will receive a prize share. If there are no tickets with at least 1 winning leg, then the entire pool is refunded.

For example, in a Pick 4, if no one has winning tickets paying 4 out of 4 winners, then the system will look to see if there are any 3 out of 4 winners. If there are none, it will then search for 2 out of 4 winners and then 1 out of 4 winners.

If no one selects winners in all 5 of the Pick 5 races, then 75% of the net pool is retained by the host and that amount is moved to the next race day as a carryover while 25% of the net pool is paid out to those who have the most winning legs on the day. There will continue to be a carryover until someone is able to select 5 out of 5 races.

PICK 3, PICK 4 & PICK 5 SCRATCHES

In the event a Pick 3, Pick 4 or Pick 5 ticket designates as a selection a horse which is scratched (a horse no longer running in the race), excused (a horse officially withdrawn from a race for health or safety reasons) or determined by the Stewards/Judges to be a non-starter (a horse entered but did not start a race) in any of the races comprising the Pick 3, Pick 4 or Pick 5, the favourite horse will be substituted for the non-starting selection.

If two or more favourite horses have the same amount of money bet on them to win, and one of them doesn’t race, the horse with the lowest number in the program will take its place. If a horse is scratched (no longer running in the race) from a Pick 3, Pick 4, or Pick 5 bet before betting closes, any ticket that includes that horse can be cancelled.

REFUNDS

Subject to the Regulations, all monies in all pools on a race are refunded in the event that the race is cancelled (a race that is cancelled before it begins with no betting action having taken place), declared off (a formal announcement that a race will not take place, usually due to unsuitable track conditions or insufficient entries) or declared no contest (a race that has started but is later voided due to incidents like equipment failure or interference), and, unless otherwise stated below, all monies bet on a horse are refunded if the horse is a late scratch or does not receive a fair start. These refunds will appear online at the end of the race as a “win”.

The Pick(n) pool shall be cancelled and all Pick(n) wagers for the individual performance shall be refunded if:

• Pick-3: at least 2 legs or races are declared no contest or cancel. (Effective Jan 1, 2012)
• Pick-4, 5 or 6: at least 3 legs are declared no contest or cancel. (Effective Jan 1, 2012)

Where a horse that is part of an Entry is a late scratch (withdrawn shortly before a race starts) or does not receive a fair start (when all horses leave the starting gate cleanly and at the same time) and at least one horse of that Entry receives a fair start in the race, all tickets purchased on the Entry remain valid and the purchase price of any such ticket shall not be refunded.

COMMON POOL WAGERING (INTERTRACK BETTING)

In the event of a communications or computer system failure that prevents pools from merging with the host track’s pools before the end of a race, CPMA regulations require that the site must refund all tickets for that race. This refund will be communicated to the public through various means such as video displays, change boards and messages on our website.

ASSOCIATION PERCENTAGE, AND TAX

A portion of each wager placed at licensed sites is deducted and retained, with the proceeds shared among horsepeople, host, and simulcast associations, and the Alcohol and Gaming Commission of Ontario.