People have been betting on horse races since horses have been running. Betting on the outcome of formal horse races can be fun and profitable if you know Casino Safety and Security · Odds with $2 Minimum Payoff. Here is a quick description of common wager types at horse racing tracks in North America with minimum bets and how they work. Racing can also provide a comparatively gentle way of wagering — you don't have to bet that the horse will come in first. Depending on the. Some horses will act very jittery in the paddock—turning in circles, biting, rearing. If it finishes second by a nose, you've lost. Straight bets are the simplest form of thoroughbred wagering. Dead heats can occur for any placing in a race. The H2H wager is a race within a race. From Betting on Horse Racing For Dummies.