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Pacing Bets

The rules of betting and the types of bets in harness races are the same as with flat and jump races. Like most sports betting the gambling on pacing races operates through the parimutuel betting system. Parimutuel is derived from the French expression 'pari mutuel' which means nothing more than 'mutual betting'. In this particular system all betting wagers are placed in a pool, out of which the house take - the percentage claimed by the bookmaker -, the taxes and the pay-offs from the winning bets are financed. It makes for an ideal system in sports betting and is being used for races, team sports and all sporting events of relatively short duration, which determine the winner in a clear ranking system.

The most popular types of bets used in harness racing are:

Win

This is a fairly self-explanatory term in the often confusing world of horse racing terminology - one places a bet on the winner of the race.
How to place a Win bet: Pick a horse - because of known ability, fame of the jockey, or even the funkiest name on the track - and wager that this horse will cross the line first.
However, the bettor is not limited to one Win bet per race. You may bet on several horses to be victorious, which does improve the chances of a pay-off. For example: You place four Win bets for the one race and one of your chosen horses actually wins; although the money placed on the three which didn't come first is lost, the bet placed on the winning horse still pays off.

Place

This is a bet on a horse coming first, second or third.
When you stake a Place bet on a horse you will receive a pay-off if your horse makes first, second or third place - if it places - as opposed to i.e. a Win bet, which only pays off if your horse comes first. Because of this a place bet gives you a greater chance of winning.
However, the odds on a Place bet are usually much lower than the odds on other types of bets. Since you have a higher chance of winning, the pay-off is kept lower in order to protect the bookmaker from financial ruin.
For example, the odds for your horse might read Midnight Falcon - 13/2, meaning that for every $2 you bet, you get a pay-off of $13 should your horse win. However, this does not apply to the Place bet. At the bottom of the race card the odds for a place card are usually indicated either 1/4 or 1/5, meaning for every $4 or $5 wagered, you receive only one additional dollar pay-off.

Each-Way

An Each-Way bet is a combination of the Win and the Place bet. In an Each-Way you stake the same amount of money twice on one horse, once on the horse to win and once for the horse to place. This type of bet has the potential to safeguard you against total loss. Should your horse win, you get two pay-offs; one from the Win bet, which pays off the horse's individual odds, another from the place bet, which is subject to the normed odds for placing.
If your chosen horse fails to win but does come second or third, you do lose the stake from the Win selection of you Each-Way bet; however, the Place selection still pays off.

Exacta/Perfecta

For a successful Exacta or Perfecta bet you have to pick the winner and the second place correctly. This means that you choose two horses and nominate one as the winner and the other as runner-up. Although the bet includes two horses it is placed as a single bet with a single wager, not with an individual wager for each horse.
Your horses must cross the line in the specific order you nominated. If the horses come in in the wrong order, the one nominated as winner as runner-up and vice versa, you lose.

Trifecta

In the classic Trifecta bet you nominate the three horses to come first, second and third with their specific ranks. Because it includes three horses and their precise order in the first three, this is a complicated bet even for the experienced punter. Just one horse out of place ends your chances of winning on the race. In principle the Trifecta is identical to the Exacta/Perfecta bet, with the added risk of the third horse. Naturally its difficulty makes a Trifecta win one of the most worthwhile if you are looking to leave the real or virtual track with some hard calculated cash.