This information is excerpted from the National Thoroughbred Racing Association's " Pocket Guide to Wagering on the Ponies" and is used by permission. Visit ntra.com for more tips!

Win: You bet on a horse to finish first.

Place: Your horse must finish first or second.

Show: Your horse must finish first, second or third.

Across the Board: You're betting win, place and show. If your horse wins, you collect on the win, place and show bets. If your horse comes in second, you collect on the place and show bets. If third, you collect on the show bet.

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EXOTIC WAGERS

DOUBLE: Bet the winners of two consecutive designated races.

QUINELLA: Bet the horses that come in first and second in a race in ANY order.

EXACTA: Bet the horses that come in first and second in a race in the EXACT order.

TRIFECTA: Bet the first three finishers of a race in EXACT order.

SUPERFECTA: Bet the first four finishers of a race in EXACT order.

PICK THREE: Bet the winners of three consecutive races.

PICK FOUR: Bet the winners of four consecutive races.

PICK SIX: Bet the winners of six consecutive races.

BOX: If you have two or more horses that you think will finish in the top spots, but you aren't sure of the order, you can "box" them. So on an Exacta Box of #3 and #6, you win if those two horses finish first and second.

WHEEL: A bet on one horse with all the others in the race. An Exacta Wheel #5 with ALL wins if the #5 horse wins and ANY horse comes in second.

KEY or PART WHEEL: A bet on one horse with SOME of the others. An Exacta Part Wheel on #5 with 2,3,4 wins if the #5 horse wins and either the #2, #3 or #4 horse is second.