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Types of Wagers Online and Calculating the Cost of Your Wagers
When wagering online, you will always use the program number assigned for each horse. If you see a #1 and # 1A, you get both of these horses for the price of one. This is called "an entry." Entries occur when two (or more) horses are entered which may have common ownership (or partial ownership) or the horses are trained by the same trainer. Each state is different in their rules regarding "entries" and many tracks let two horses from the same owner and/or trainer run as separate program numbers. Occasionally, you will see an "F" next to the number. This indicates "field" and horses with an "F" next to the number are grouped together the same way as an entry, i.e. 16F, 17F, 18F, 19F, 20F would be #16 on the wagering menu. If #19 wins the race, you still win because of those horses being coupled as "the field" entry.
The basic types of wagers online are win, place and show wagering. If you bet on a horse to win, the horse must finish first. If you bet to place, the horse can finish first or second. The most conservative wager is the show wager where a horse can finish first, second or third giving you three chances to cash your ticket.
Odds on the toteboard are for win wagers only and are approximate with the final payoff based on the final count of wagers from all simulcast outlets. Wagering on horseracing is based on the "parimutuel" system. In the parimutuel system, the track or simulcast outlet gets a percentage of what is wagered called the "takeout." The takeout pays for racetrack expenses, purse money, state and local taxes, etc. Payoff odds are calculated by sharing the remaining pool (after takeout) among all placed bets. Whether a favorite wins or it's the longest shot on the board, the track or simulcast outlet gets the same percentage out of your wager. Tracks want you to win so you will rebet that money.
Win Odds and Approximate Payoffs  
19  $2.20 
 52  $7.00 
15  $2.40 
 31  $8.00 
25  $2.80 
 72  $9.00 
12  $3.00 
 41  $10.00 
35  $3.20 
 92  $11.00 
45  $3.60 
 51  $12.00 
Even  $4.00 
 61  $14.00 
65  $4.40 
 101  $22.00 
75  $4.80 
 121  $26.00 
32  $5.00 
 151  $32.00 
85  $5.20 
 201  $42.00 
95  $5.60 
 501  $102.00 
21  $6.00 
 601  $122.00 


 991  over $200* 
* 991 is the maximum that most track toteboards will show but it can generally be assumed that the odds are greater than 1001. Payoffs represent your profit PLUS the return of the $2 you originally bet. A winner at 52 means that will pay $5 profit for every $2 wagered. The payoff is $7 which is the profit ($5) plus the cost of your wager ($2).
Figuring the Cost of Your Online Wager
Daily Double
In a Daily Double, you are selecting the winner in two consecutive horse races.
$2 Daily Double Ticket Costs:
Basic Daily Double: 1 & 1 
 $2.00 (one horse in each of the two races) 
$2 Daily Double Part Wheel: 1,2,4 with 1,5,7 
 $18.00 (3 horses in each race = nine combinations) 
To figure the cost: Multiply the number of horses in the first leg by the number of horses in the second leg, times the amount of your Daily Double.
$2 Daily Double Wheel: 1 with ALL (ten horses in second race) 
 $20.00 (ten possible combinations) 
Exacta (also known as Perfecta)
An exacta, also known as a perfecta at some horse racing tracks, means you must select the first two finishers in exact, or perfect order. By playing an exacta part wheel, you increase your chance of winning while also increasing your cost. Play the wheel or part wheel if the horse you have on top is a longshot or; if you like the favorite to win but have a couple of longshots that could be second.
$2 Exacta Ticket Costs
Basic Exacta 2 & 6 
 $2.00 (one combination) 
Do an Exacta Part Wheel if you like a horse to win but several horses you like to come in second.
Exacta Wheel 1 with all (ten horses in race) 
 $18.00 (nine combinations) 
Exacta Part Wheel 2 with 3,4,5,6 
 $8.00 (four combinations) 
Exacta Part Wheel 2,3,4 with 2,3,4,5,6 
 $24.00 (12 combinations) 
To figure the cost: Multiply the number of horses used on top or the win position of the exacta with the number of horses used in the second position (less one if the same number is used on top in the exacta). You can also do a $1 exacta which pays half of the $2 exacta payout and therefore cuts your investment in half. Note some tracks offer a $1 exacta as a base wager amount.
Do you see a horse that has "seconditis"? You can also do an Exacta Wheel or Part Wheel with your top choice or choices in the second position such as:
Exacta Part Wheel 3,4,5,6 with 2 
 $8.00 (four combinations) 
Exacta Part Wheel 2,3,4,5,6 with 2,3,4 
 $24.00 (12 combinations) 
The Exacta Box means your selections can finish first or second in any order. When using three or more horses in your Exacta Box, any two of your horses must finish first and second.
$2 Exacta Box Costs
Exacta Box 1,2 
 $4 (two combinations) 
Exacta Box 1,2,3 
 $12 (six combinations) 
To figure the cost: Multiply the number of horses used by the number of horses used less one.
Other exacta combinations include:
Exacta Box 1,2,3,4 
 $24 (12 combinations) 
Exacta Box 1,2,3,4,5 
 $40 (20 combinations) 
Exacta Box 1,2,3,4,5,6 
 $60 (30 combinations) 
Exacta Box 1,2,3,4,5,6,7 
 $84 (42 combinations) 
Quinella
In a Quinella, you select two horses and they can finish in either order. It is basically the same as an Exacta Box. A $2 Quinella will have the same total cost as a $1 Exacta Box and should theoretically pay about the same. Sophisticated handicappers will look at the probable payoffs for the Exacta and Quinella to see if there is an advantage to either the Exacta or Quinella pool. An Exacta with the same total cost as the Quinella could pay considerably more if a favorite does not win. If a favorite wins, the Quinella could pay proportionally more.
To figure the cost of a Quinella, use the same method as figuring the cost of an Exacta Box, then divide that total in half.
Trifecta
In a Trifecta, you are selecting the first three horses in exact order of finish. In a Trifecta Key, you are selecting one horse to finish first and any two of the other horses you selected must finish second and third.
$1 Trifecta Key
1 with 2,3,4 (2,3,4 also in third position) 
 $6 (6 possible combinations) 
1 with 2,3,4,5 (2,3,4,5 also in third position) 
 $12 (12 possible combinations) 
1 with 2,3,4,5,6 (2,3,4,5,6 also in third position) 
 $20 (20 possible combinations) 
1 with 2,3,4,5,6,7 (2,3,4,5,6,7 also in third position) 
 $30 (30 possible combinations) 
1 with 2,3,4,5,6,7,8 (2,3,4,5,6,7,8 also in third position) 
 $42 (42 possible combinations) 
To figure the cost of a Trifecta Key, multiply 1 times the number of horses you used times the number of horses you used minus one. For example, a $1 Trifecta Key 1 with 2,3,4,5 would be 12 possible combinations (1 x 4 x 3 = 12).
Trifecta Part Wheel
In a Trifecta Part Wheel, you may have one or more horses in the first position, one or more horses in the second position and one or more horses in the third position.
$1 Trifecta Part Wheel 1 with 2,3,4 with 2,3,4,5 
 $9 (9 possible combinations) 
$1 Trifecta Part Wheel 1,4 with 1,2,3,4 with 1,2,3,4,5,6 
 $24 (24 possible combinations) 
You can also do a Trifecta Part Wheel with your key horses in the second or third position such as:
$1 Trifecta Part Wheel 1,2,3,4 with 1, 4 with 1,2,3,4,5,6 
 $24 (24 possible combinations) 
To figure the cost of a Trifecta Part Wheel, multiple the number of horses in the first position, times the number of horses in the second position minus 1, times the number of horses in the third position minus 2.
Trifecta Box
In a Trifecta Box, any of the horses you selected must finish first, second or third in any order.
$1 Trifecta Box with three horses 
 $6 (6 possible combinations) 
$1 Trifecta Box with four horses 
 $24 (24 possible combinations) 
$1 Trifecta Box with five horses 
 $60 (60 possible combinations) 
$1 Trifecta Box with six horses 
 $120 (120 possible combinations) 
$1 Trifecta Box with seven horses 
 $210 (210 possible combinations) 
Superfecta
In a Superfecta, you are selecting the top four horses in exact order of finish.
Superfecta Part Wheel
You can key one or more horses in any of the four positions. If you like a particular horse, you may want to key that horse on top.
$1 Superfecta Key
1 with 2,3,4 (2,3,4 also in third and fourth position) 
 $6 (6 possible combinations) 
1 with 2,3,4,5 (2,3,4,5 also in third and fourth position) 
 $24 (24 possible combinations) 
1 with 2,3,4,5,6 (2,3,4,5,6 also in third and fourth position) 
 $60 (60 possible combinations) 
You can also do a Superfecta Part Wheel with one or more horses in each of the four positions.
$1 Superfecta Part Wheel 1 with 2,3,4 with 2,3,4,5 with 2,3,4,5,6 
 $27 (27 possible combinations) 
The dime Superfecta wagers allows you to play this wager at the $.10 increment. Not all tracks offer the dime superfecta.
Superfecta Box
$1 Superfecta Box with four horses 
 $24 (24 possible combinations) 
$1 Superfecta Box with five horses 
 $120 (120 possible combinations) 
$1 Superfecta Box with six horses 
 $360 (360 possible combinations) 
$1 Superfecta Box with seven horses 
 $840 (840 possible combinations) 
Pick Three
The object of the Pick Three is to pick the winners in three consecutive races. To figure the cost of the Pick Three, multiply the number of horses in the first leg, times the number of horses in the second leg, times the number of horses in the third leg. For example, a Pick Three Part Wheel 2 with 4,6,9 with 1,2,7,8,10 = (1 horse x 3 horses x 5 horses) = 15 possible combinations or $15 based on a $1 Pick Three.
Pick Four
The object of the Pick Four is to pick the winners in four consecutive races. To figure the cost of a Pick Four, use the same formula as described for the Pick Three but multiply times the number of horses in the fourth leg. For example, 2 with 4,6,9 with 1,2,7,8,10 with 3,7,8 = (1 horse x 3 horses x 5 horses x 3 horses) = 45 possible combinations or $45 for a $1 Pick Four.
Pick Six
Select the winners in six races in a row. The Pick Six will have a carryover if no one has selected all six winners. There is a consolation payoff for having the most number of winners if no one has selected the Pick Six and a consolation payoff for having 5 of 6 winners when the Pick Six is hit.
To figure the cost of the Pick Six, multiply the number of horses in each race. This will be the total if the Pick Six at this track is a $1 wager. Multiply your total times two if the Pick Six is a $2 wager. For example, two horses in each race would be 2 x 2 x 2 x 2 x 2 x 2 = 64 possible combinations = $64 if a $1 Pick Six = $128 if a $2 Pick Six. Note  most tracks have a $2 base wager amount on the Pick Six.
Three horses in a each race would be 3 x 3 x 3 x 3 x 3 x 3 = 729 combinations = $729 for a $1 Pick Six = $1,458 for a $2 Pick Six.
You can go deeper in other races if you can select a single or two in your Pick Six. For example, 1 x 8 x 2 x 1 x 6 x 5 = 480 combinations = $480 for a $1 Pick Six or $960 for a $2 Pick Six.
Pick All Type of Wagers
The Pick All (a Pick 8 if there are 8 races or a Pick 10 if there are ten races, etc) is available primarily at the California horseracing tracks only but is a great wagering online opportunity. The object of the Pick All is to pick horses in each race that could be first OR second in each of the races on the card. This gives each of your horses two chances in each of the Pick All races.
To figure the cost of this wager, multiply the number of horses in each as you did in the Pick Six. With 8 or more races comprising the Pick All, you should narrow down your picks. For example, two horses in each race in a Pick All with 8 races would be: 2 x 2 x 2 x 2 x 2 x 2 x 2 x 2 = 256 possible combinations or $256 for a $1 Pick All Part Wheel. You can cut this down to a $64 total wager by having two singles and six races with two horses in those races. Pick All players pools do not reach the size of Pick Six pools so it does not pay to put too much into this type of wager. The Pick All is paid out every day and there is no carryover.