Unlike other gambling pursuits, horserace wagering is not a game of chance. The better informed the player is, the better chance he or she will have at making money. This page will offer a solid foundation for both beginning and intermediate handicappers.

First of all, what is handicapping? Handicapping is the evaluation of various factors that affect the outcome of a race. Some of these factors are trainer, jockey, class, pace and speed figures. Before these factors can be evaluated, let's go to the basics.

Most major tracks are one-mile ovals. The furlong (one-eighth of a mile) is the basic unit of measurement. The most common race distance is six furlongs (6/8 or 3/4 of a mile). The furlongs are easily visible to the naked eye or through binoculars when you visit the track. They are represented by poles. The poles are named by their distance from the finish line. For example, the 1/8 pole is one furlong from the finish. The 1/4 pole is two furlongs (2/8) from the finish. The 3/4 pole (6/8) is six furlongs from the finish. This is the point where the gate will be placed for six-furlong races (the most common distance). The poles are color coded: 1/8 poles are green and white, 1/4 poles are red and white, 1/16 poles are black and white.

Most major tracks are one-mile dirt ovals with a grass (turf) course inside the main oval. In order to run distances more than a mile, many turf courses have a diagonal chute. Again, the furlong is the basic measurement, and poles are visible on the turf course as well.

Why so much emphasis on the poles? Because you will be constantly reading references to the poles in Daily Racing Form. Such comments as "steadied 3/8," "blocked 1/4," or "in tight 7/8" should produce an immediate visualization of how a race was run. Jockeys and trainers are constantly quoted after major races. Most of the time they will refer to trouble or how a horse was running at a particular pole ("I was blocked at the 3/8 pole." "My horse was out of gas at the 1/4 pole.").

Now that we know the basic layout of the racetrack, a few words about wagering. The most familiar wagers are win, place, show, daily double and exacta. The enclosed chart gives a good overview of most types of wagers.

Types of Wagers

• WIN - The most common of all wagers. You are a winner if your horse finishes first.
• PLACE - You are a winner if your horse finishes first or second.
• SHOW - You are a winner if your horse finishes first, second or third.
• DAILY DOUBLE - You are a winner if your selected horses win two consecutive races.
• EXACTA - You are a winner if your selected horses finish first and second in exact order in a race.
• QUINELLA - You are a winner if your selected horses finish first and second in any order of finish in a race.
• TRIFECTA - You are a winner if your selected horses finish first, second and third in exact order of finish in a race.
• TWIN TRIFECTA - You are a winner if your selected horses come in first, second and third in two designated races.
• PICK 3 - You are a winner if your selected horses come in first in three designated, usually consecutive, races.
• SUPERFECTA - You are a winner if your selected horses come in first, second, third and fourth in exact order of finish in a race.

For the beginner, my advice is to concentrate on win wagering and two-horse combination wagers (quinella or exacta). First, try to determine which horse is the most likely winner. A win bet, along with an exacta or quinella combination with two or more other contenders, is the way a beginning horseplayer should play a race.

An important note: Horserace wagering is pari-mutuel. Simply stated, you are betting against the other people at the track. With the information this series provides, your betting decisions will be more informed than the person standing ahead of you in line.

The remaining pages will go into much more depth regarding handicapping and wagering techniques. As you move forward through these classes, you will appreciate that there is no greater feeling than solving the puzzle that every race presents. Horserace wagering can be a source of pleasure and profit with the tools you will be taking to the wagering window.

For a complete in depth look at horse wagering, please visit Ken's site to continue this lesson here.