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The Kentucky Derby and Preakness Stakes are in the record books, leaving only the Belmont Stakes in June to complete the horse racing Triple Crown. If you are already ready to bet on the match, this is for you.

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Even a small bet can turn into a big payoff if you pick the right horse and place the right bet, and it’s not impossible to turn a $5 bill in your pocket into $100 or more. Here are some tips to keep in mind when stepping up to the window at Churchill Downs, stopping at an off-track betting site or visiting your favorite betting site.

When you’ve narrowed the field down to a few horses you like, it’s time to find out what the experts think about your choices. Check the morning line – the odds assigned to each horse by professional racetrack handicappers before anyone bets on the race.

It reflects who thinks the handicap wins. If Fast Sam has small odds, perhaps 2/1, the handicapper thinks he has a good chance of winning the race. If Slow Poke’s morning line odds are 50/1, the handicapper suspects every other horse in the field will finish ahead of him. Morning streaks are usually listed next to the horse’s name in the notation “ML” in the program or on the online race card.

Let’s say you decide to bet with Fast Sam as he looks like a sure winner at 2/1 morning line odds. If he wins, your $5 bet will yield only $15: double your bet and double your original bet.

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But if the slow drill pulls off a miracle at 50/1 and somehow finishes first, your $5 earns you $255 – 50 times the bet plus your bet. Of course, the problem with that bet is that you’re more likely to be left with a worthless betting ticket than a wad of cash when the match is over. The experts have made him a 50/1 long shot for a reason – he’s going to race against some very good horses.

Then it becomes a question of whether you want to play it safe or go for the big bucks. Even a “choke” – a horse considered very good, going in the money or less change – will return your investment if he wins. It won’t be in the neighborhood of $100.

The morning line is rarely an accurate reflection of what the horse will ultimately pay if it wins. As race time approaches, each horse’s odds shift up or down as people around the country — and in the case of the Derby, around the world — place bets on him.

Keep your eye on the tote board as the race approaches. If you’re actually at Churchill Downs, it’s the big sign inside that’s usually lit up with flashing lights. If you are betting online, you can check the current odds just below the horse’s name on the race card.

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Reflects the actual gambling action of each horse. The more bets on him, the lower his risk. If the bookies refuse to pay him, his odds increase.

If you win you will be paid based on the post time bets, not what the experts thought when they lined up in the morning. If bettors see something they like in the slow poke and bet up to 30/1, your $5 winning ticket will pay $155, not $255 regardless of what the morning line says.

In this way, horse betting is different from other sports. If you bet your favorite team to win the Super Bowl at 20/1 at the start of the season and the odds drop to 7/1 as the season progresses, your odds are locked. With horses, your payout is based on the odds at the start of the race, not when you place the bet.[x]

Here’s a tip: If the betting odds drop from 50/1 to 20/1 or less in a matter of seconds, it means bettors are jumping somewhere. Either they know something you don’t, or they’ve had too many mint juleps.

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“Straight” bets are your most sophisticated option and the safest. This involves betting that your horse will win, place or show, meaning he will come in first, second or third place respectively.

If you bet on him to win and he sure does, you do too. If he comes second or third, you lose. But if you bet on him, you win money if he wins or comes second, and if you bet on him to show, you win money if he comes first, second or third.

Of course, there is a caveat. The odds of betting on a horse is the “probability of winning”. This is what he will deliver if he is truly successful. The payout for second and third place depends on how many others bet to place him as well as which horse finishes ahead of him, so they are very difficult to calculate.

Suffice it to say that the wins are always less than the horse wins. A third place finisher is paid less than a second place finisher.

How To Bet On Horse Races For Beginners

The bottom line is that you won’t win $100 or more by betting on Fast Sam, because even if he wins or finishes second, you’ll only get his third-place winnings. Remember he’s gone

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