You can read about how to calculate win payoffs here. If your horse wins, the odds on the horse will determine how much you collect. Betting a horse to win means you believe the horse will finish first and are willing to back your opinion with hard-earned cash.The simplest wagers in horse racing are win, place and show bets. How to Bet On Horse Racing: Click to Find the Answer Types of horse racing bets: win, place and show bets.Here’s an example of how multirace wagers work:.Exotics horse racing betting strategies.Here are a couple of examples to show how horse betting works:.Types of horse racing bets: win, place and show bets.How To Bet On Horse Racing: A Beginner’s Betting Guide.