Betting 101

LOUISVILLE, Ky. (WDRB) -- With 20 horses in the Kentucky Derby field, betting on a winner can be intimidating. Filled with insider language and many ways to wager, it's not surprising some might be hesitant to head to the betting window. So here's a mini-course on betting 101.

- Start with the three most basic bets: win, place and show. Win is just like it sounds. The horse has to win in order for you to win. Place is betting that a horse will finish in the top two. You win if the horse finishes first or second. Show means choosing a horse that places in the top three. That means you get paid if the horse wins first, second or third. Because the difficulty of a "win" wager is higher, the payoff is the highest. A "show" wager will get you the lowest payout, but gives you a greater chance of winning.

- You can also place a combination straight bet. That means betting across the board, betting the horse will win, place or show. If you hit on any of your bets, you win. If you hit on multiple, you win more.

- Once you've mastered a basic bet, try an exacta. It's more difficult, but yields a higher payout. Bet an exacta by selecting two horses to finish first and second. The horses must finish first and second in that order for you to win the wager. Picking two horses in order sound too difficult? Place a box wager. If your horses finish first and second in any order, you win.

- A trifecta is the same as an exacta but you're choosing three horses to finish first, second and third vs. two.

Just remember, a lot of the fun of betting is the risk, not the reward.

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