Have you ever been in a situation where you wanted to place a bet on your favorite horses, but didn't know which one to choose from? There are several types of betting strategies available in the world of horse racing. They all follow the rules of Parimutuel betting, which is the only legal way to bet in the United States. There are several different bets that are a part of Parimutuel betting which uses a specific pool. Here is a list of the different types of betting that takes place during a horse racing event that occurs throughout the US and Canada.

Win- In order to succeed with this bet, the bettor has to choose their favorite horse that will finish first and win the race.

Place- This is where the bettor chooses their favorite horse that either wins or places second.

Show- This is where the bettor picks a horse that will win or places second or third.

Exacta - This method like quinella is where the bettor chooses which horse finishes first or second place but in the correct order that they chose to finish.

Quinella -This method is where you choose your horses by who places first during a race.

Trifecta - This is like the quinella and superfecta, with the exception that the bettor has to choose their three favorite horses that will place either first, second or third in that ascending order.

Superfecta- With this method, the bettor has to pick four horses that place first, second, third, and fourth in order in which the bettor predicts the win.

Box- This can be positioned encircling an exotic bet which places a bet for all combinations of the numbers inside the box.

Double-This method is where the bettor chooses the champs of two succeeding races.

Triple- This is where the bettor picks the champions of three succeeding races.

Sweep- This method is where the bettor has to pick the wins from four or more successful events. It's usually known as pick four and pick six in the United States; with the payout on a pick six is a relief return to the bettor by selecting five champs accurately out of six events.

Win, place and show bets are categorized as straight bets, while the rest of the methods is considered exotic bets. The bettor normally takes on several wagers on exotic bets. These wages are put in a box to include all possible winning combinations during a single race. A key is also involved when a bettor is placing a multiple wager onto a single horse in one race bet that is in one position to include every possible winning combination. Using a wheel involves the bettor to bet on all horses during one race of a bet that has two or more races.

Those who use the straight betting methods use the procedure of an "each way" wager. This is where the bettor will choose a horse and make a bet that it will win the race and can make an additional bet that it will appear. In the event that the places third, then the bettor will be able to refund the first two bets.