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Win Bet: Betting that your horse will come in 1st.                      

Place Bet: Betting that your horse will come in at least 1st or 2nd.      

Show Bet: Betting that your horse will come in the money 1st, 2nd or 3rd.

Quinella: Must ask to play Quinella at window, then  chose  your top two horses you think,  has a chance of  coming in  1st or 2nd. If both of your horses finished 1st or 2nd you won.               

Daily Double: You must chose the winner of two consecutive race, in advance. 
Most of the time Daily Doubles are the 1st and 2nd race, more and more  tracks are having Daily Doubles every two races all day. Double As in the Daily Double you  pick in  advance the  Quinella in Quinella the up coming two races.              

Big "Q"  "Q" (Quinella): You must tell the teller that you want to play the Big "Q". Next chose  your top two horses you think, has a chance  of coming in 1st or 2nd.  If both of your horses came 1st or 2nd. You then must turn in your  winning ticket before the start of the next race you chose  as your  second leg. If You picked the 2nd Quinella along  with the 1st Quinella you won the Big "Q". If you won 1st Quinella and not the 2nd no money will be paid out.                                        

Exacta or Perfecta:  You must tell the teller that you want to pay an Exacta or Perfecta. You then must chose the horse who will win an then chose the horse that  will come in 2nd. They must come in the order you said.  It would be most effective it box or reverse this play, in case your 1st choose is 2nd and your 2nd choice wins.     

Twin Trifecta & Superfecta: To play Twin you must chose two races during the day and tell the teller that you  want to  play the  Twin Trifecta or Twin Superfecta.  If you  win  the first ticket,  you must turn in that ticket and place the money on the second leg or race you chose. If you lose the second ticket most tracks will pay you on the amount of the first ticket.                             

As you grow more comfortable with handicapping, your betting will become more sophisticated. Two commonly used wagering tactics are boxes and wheels.      

A Box is when you have two, three, or more horses that you predict will finish in the top  positions but you are  not necessarily  sure of the order in which they will finish. Let's try an  Exacta Box  involving two horses. Number 1 and Number 4. It's essentially two Exacta wagers,1-4 and 4-1. You would say to the mutual clerk: "$2.00 Exacta box, 1 and 4." That bet costs $4.00. No matter the order in which the  1  and 4 horses finish, you collect if they are the first two horses across the line.                                                   

The Trifecta  Box works the same way with three or more horses. Let's say that you  figure the  6 horse will  finish on the board with the 1 and 4. You would say: "$1.00 Trifecta box, 1,4, and 6." With the $1 minimum wager on Trifectas, a three-horse Trifecta box costs $6.00.                

A Wheel is used when you have high confidence in one horse and are unsure about the  remainder of the field. For instance, in an Exacta Wheel, you can take the 2 horse and wheel it with the rest of the field. You would say "$2 Exacta wheel 2,all." In a 12-horse fired, a $2 Exacta Wheel would cost $22  for 11 different Exacta combinations.  Trifecta Wheels  work  similarly,  and you also  can do a Partial Wheel.                                  

Exacta  Part-Wheel  If your handicapping indicates that either the 3 or 4 horse will win and the 5 or 6 horse will finish second,  you would say to the betting attendant: "$2 Exacta Part-Wheel, 3,4 with 5,6." (Cost: $8)                   

Trifecta Part-Wheel You handicap the 3 and 4 horses to finish first and second, and the 5 or 6 horses to finish third. You say: "$2  Trifecta  Part-Wheel, 3, 4 with 3,4 with 5,6." (Cost $8)                                                 
Daily Double  Part-Wheel You like the 6 or 7 horse to win the first half of the Daily Double,  and the 8,9 or 10  horse to win the  second half. You would say: "$2 Daily Double Part Wheel, 6,7 with 8,9,10." (Cost: $12)