If you’re new to horse racing, the jargon can feel like a foreign language. From exactas and furlongs to post positions and pari-mutuel, knowing the right horse racing terminology isn’t just helpful — it’s essential for making informed bets.
At MyWinners, we want to make betting on horse racing easy and accessible for everyone. This guide explains the key terms and phrases you’ll encounter as a beginner, helping you build confidence and get more enjoyment out of every race.
Whether you're watching the Kentucky Derby, placing your first online bet, or simply learning the ropes, these terms will help you make sense of it all.
💡 Why Terminology Matters in Horse Racing
Horse racing is one of the few sports where language is directly tied to betting. You don’t need to memorise everything right away, but knowing the basics will help you:
Understand the racecard and program
Follow the action on the tote board
Place smarter, more strategic bets
Communicate like a seasoned bettor
Basic Racing Terms
Basic Racing Terms
Track – The venue where races are held (e.g., Belmont Park, Gulfstream).
Racecard – A list of the day’s races, including entries, odds, and conditions.
Post Time – The scheduled start time for a race.
Post Position – The numbered stall from which a horse starts.
Furlong – A unit of distance used in racing; 1 furlong = 1/8 mile.
Jockey – The licensed rider of a horse.
Trainer – The person responsible for preparing the horse to race.
Betting Terms Every Beginner Should Know
Betting Terms Every Beginner Should Know
Win – A bet that the horse finishes 1st.
Place – A bet that the horse finishes 1st or 2nd.
Show – A bet that the horse finishes in the top 3.
Exacta – Picking the 1st and 2nd place horses in exact order.
Trifecta – Picking the 1st, 2nd, and 3rd in exact order.
Box – A type of bet that allows your horses to finish in any order.
Morning Line Odds – The odds set before betting begins.
Final Odds – The odds at post time, based on total money wagered.
Pari-Mutuel and Pool Betting Terms
Pari-Mutuel and Pool Betting Terms
Pari-Mutuel – A betting system where all wagers go into a pool and are paid out after a percentage (takeout) is removed.
Pool – The total amount of money bet on a particular wager type.
Takeout – The commission deducted from the pool by the track.
Breakage – Small rounding differences that affect payouts.
Advanced but Useful Terms
Advanced but Useful Terms
Overlay – A horse whose odds are higher than its perceived chance of winning — good value.
Chalk – The favorite in a race.
Longshot – A horse with high odds and a low perceived chance of winning.
Scratch – A horse withdrawn from the race before it starts.
Maiden – A horse that has never won a race.
💡 Tips for Learning as You Go
Don’t memorise—immerse. You’ll pick up terms quickly just by watching and betting on a few races.
Use the racing program. It’s packed with details and often includes a glossary.
Explore our Help Center. Every article here is built to grow your knowledge, step by step.
The more you learn, the more fun betting becomes — and the better your chances of spotting value in the odds.
Frequently Asked Questions
What are the most important horse racing terms for beginners?
What are the most important horse racing terms for beginners?
Start with bet types (win, place, show), racing basics (furlong, jockey, post time), and pool betting terms like pari-mutuel and takeout.
What does “exacta” mean in horse racing?
What does “exacta” mean in horse racing?
An exacta is a bet where you pick the first two finishers in exact order. It offers higher payouts than simple win or place bets.
What is a furlong in horse racing?
What is a furlong in horse racing?
A furlong is an eighth of a mile (220 yards). Most US races are measured in furlongs, with common distances being 6 or 8 furlongs.
What does “chalk” mean in betting?
What does “chalk” mean in betting?
“Chalk” is slang for the favorite — the horse with the lowest odds and highest public backing.
How do I learn more betting terms?
How do I learn more betting terms?
Use this Help Center, follow along with the racing program, and bet small to learn by doing. Our glossary will also help.