The extensive array of wagers available on a horse race today can sometimes be overwhelming to a new fan of the sport. Just a generation ago, bettors were typically limited to win, place and show wagering on each race and perhaps one Daily Double. That certainly isn’t the case to day. Here’s a primer on how to get in on the action through these so-called “exotic” wagers.

There are two main types of exotic bets: intra-race (or “vertical”) wagers and inter-race (or “horizontal”) wagers.

Intra-race wagers include:

Quinella—Pick the first two finishers of a race in any order.

Exacta—Pick the first two finishers of a race in any order.

Trifecta—Pick the first three finishers of a race in any order.

Horizontal wagers include:

Pick Three—Pick the winners of three consecutive races.

Pick Four—Pick the winners of four consecutive races.

Pick Five—Pick the winners of five consecutive races.

Pick Six—Pick the winners of six consecutive races.

There are typically four different betting strategies that can be used with these wagers: a straight bet, box, wheel and part-wheel. We’ll use an example Trifecta and Pick Four bet to illustrate the different strategies.

Here’s how it works: To cash a $1 straight Trifecta bet on 5-7-8, the order of finish would have to be 5 in first place, 7 in second place and 8 in third place.

However, a $1 Trifecta box using 5-7-8 would cash as long as the 5-7-8 finished in the top three in any order. This bet would cost you $6 since you now have each horse in every position. Technically it is six separate bets: 5-7-8, 5-8-7, 7-5-8, 7-8-5, 8-5-7, 8-7-5.

In a part wheel, you are keying a single horse in a specific position. This is a great bet if you determine one horse is the likely winner and any of three or four others figure to battle for second-place and third.

Let’s say you view the 5-horse as the likely winner and the 2, 3, and 4 as the major competitors. You bet a part-wheel using 5 WITH 2,3,4.  This will cost $6 and pays out if the 5 wins and either of your three other horses finish second and third.

In horizontal wagers such as a Pick 4, which requires you to pick the winners in four straight races, employing a part-wheel is usually a good idea. Many bettors will try and find a “single,” in which you find the most likely winner of a race in the sequence and use a group of horses in the other three legs.

For example, you think the 5-horse is the likely winner of Race 5. However, the next three races are wide-open and any one of several runners look like they have the potential to win.

By using a part-wheel, you can gain better coverage. For example, if there are three win candidates in each of the next three legs you can bet a Pick Four by singling the 5-horse in the 5th race WITH 2,3,4  WITH 1,5,7  WITH 5,8,9. This bet would cost you just $9 dollars and would pay handsomely if it wins.

The beauty of horse racing as a gambling entity is, typically unlike sports wagering, you can make a potentially life-changing score with just a small bet by using these strategies for  exotic bets