What kind of bets can I make on horses?
Just like typical sportsbetting, betting horses as straight wagers and exotics. Straight wagers are picking a horse to win, place, or show in any race. exotics are multi-horse, multi-race bets.

Explain the win, place, and show betting
Picking a horse to win is exactly as it sounds... The horse must win for the bet to win. However, if you bet on a horse to place, or come in second, you win if the horse finishes in first or second place. Picking a horse to show is exactly as you guessed - a bet that the horse will finish inthe top three.

You can also bet a horse "across the board." This is betting the same horse for a win, place, and show.

How much do I need to bet?
A typical bet is $2, but you can bet practically any amount, depending on the limits of the racebook

What are exotic wagers?
Here is a list of the common exotic wagers and what they mean

Exotic	Definition
Daily Double	The daily double involves picking the winning horse in two consecutive races. All tracks offer the early daily double which involves races #1 and #2. Most tracks also offer a late daily double which is the last two races of the day. Some tracks also offer a rolling daily double which is on any two consecutive races. To win a daily double you must pick the winning horse in each of the two races.
Exacta	With this bet you must pick the first two finishing horses in the order of their finish. In other words, you must pick the horse that wins and the horse that finishes second. An exacta can also be played using multiple combinations.
Quinella	In the Quinella, you must pick the horses that finish first and second. Either one can be first and the other one second. This bet is exactly the same as the "Exacta Box". Although the Quinella has the same function as the "Exacta Box" the payoff can vary substantially. You must remember that there is no such wager of an exacta box, it is really two separate bets on one ticket. The Quinella wagers are entered into their own pool separate from the exacta pool. Not all tracks offer the Quinella wager, but to the best of my knowledge all tracks accept the term exacta box where ever the exacta wager is offered. If both the Quinella and Exacta wagers are offered it is wise to check the tote board before making a Quinella or Exact Box wager to see which one offers the greater payoff.
Trifecta	With this bet you must pick the first three finishing horses in the order of their finish. In other words, you must pick the horse that wins, the horse that finishes second and the horse that finishes third.
Super Trifecta	With this bet you must pick the first four finishing horses in the order of their finish. In other words, you must pick the horse that wins, the horse that finishes second, third, and fourth.
Pick 3 (Pick 4)	In order to win a Pick 3 bet you are required to select the winning horse in three consecutive races. A pick 4 is less common, but obviously indicates you select the winning horse in the first 4 races.

What is some of this other terminology?
Boxing Horses - A "box" Is when you use multiple horses taking all possible combinations in that particular bet. If you have determined that two, three, or four horses are the best in the race but you are not sure which one will win, run second, third, or fourth the “box” may be your best bet.
Example: A $1 dollar superfecta box using the 1-2-3-4-5. This means four of your five horses must finish in the top four to be a winner. Same example applies to Exacta (top two finishers) & Trifectas (top three finishers)

Keying Horses - A “key” is when you use a single horse to win, run second, or third using multiple horses in front of him or behind him.
Example: A $1 dollar pick 3, the 2 horse with the 3-4-5 with the 3-4-5-6. This means the 2 horse must win the first leg of your pick 3 either the 3-4 or 5 must win the second leg and the 3-4-5 or 6 must win the third leg to win your bet. Same concept applies to exactas, Daily doubles, trifectas, superfectas, and pick 4’s.

Wheeling Horses - A wheel is when you use a single horse in a position with multiple horses finishing ahead or in some cases behind the horse your wheeling. In many cases a “wheel” and a “key” can be considered the same thing
Example: A $2 dollar Exacta, the 1 horse with the 2-3-4. This means the 1 horse must win the race and the 2,3,or 4 must run second to win the bet. Another example might be a $2 dollar Exacta the 2-3-4 horse with the 1 this means the 2,3,or 4 must win and the 1 must run second. The same theory applies when betting Trifectas, Superfectas and multi race exotics.

Part Wheels - Part wheels are offered at a $1 minimum bet per combination -- $2 minimum total cost. Part wheels are when you use multiple horses in different positions
Example: A $1 dollar Trifecta part wheel the 1-2 horse with 1-2-3 with 1-2-3-4-5 this means the 1 or 2 must win the race the 1-2-3 must run second and the 1-2-3-4-5 must finish third for the bet to win. Same theory applies to the exacta and Superfecta. A part wheel can be used in the pick 3’s and 4’s but obviously the hoses used must win the race.