Okay, next question: “Do you make a profit?”
It sounds simple, requiring only a Yes or No response. But it is much more complex.
First, understand that there are a number of bet types. The best known are the straight bets: Win (1st only), Place (1st or 2nd), Show (1st, 2nd, or 3rd).
Next come the exotic bets: the Exacta/Exactor (1st and 2nd, in exact order), the Trifecta/Triactor (1st, 2nd, and 3rd, in exact order), and the Superfecta (1st through 4th, in exact order). Some tracks are now offering a Pentafecta (you can figure what this one is). Some tracks still offer a Quinella (1st and 2nd, in any order).
Then there are the parlay bets. These are where you can bet the winners of two to six selected races.
With the exotics, it is possible to use boxes and wheels to combine a number of bets on one ticket, and parlays can use wheels. These are complicated and difficult to explain here, but to keep things short, let’s just say that the more horses you include in your box or wheel, the more the total bet will cost. For example, a $2 exactor box on three horses will cost $12; a $2 four horse exactor will cost $24, a $2 part-wheel with one horse on top and three on the bottom will cost $6, and so on. The total cost of an exotic bet using a box or a wheel is what we call the outlay.
See how difficult it is to answer the question, “Do you make a profit?” It is entirely possible to win your exotic or parlay bet, and “win” less than you paid for the total bet. I’ve had it happen where I’ve won an exactor to the tune of $4.60, while my outlay was $6. I’m down $1.40, in spite of winning. I don’t like it when that happens, but that’s the nature of the damn parimutuel betting system. On the other hand, it is entirely possible to win big on exotics. I’ve done it, as I mentioned upthread. Hooray for the parimutuel betting system!
Is it possible to consistently make a profit? Sure. As I’ve advised many first-timers, “Bet the favourite to show.” And on an eight-race card, a $2 show bet on the favourite in every race will return $3 to $5, or maybe a couple of bucks more in profit at the end of the day. A friend does this actually; we joke about how he can use his winnings to get a coffee at Tim Horton’s. But that’s the way he likes to play.
Another friend loves to box and wheel exotics sixteen ways to Sunday. He doesn’t always win, in fact he rarely does, but when he does, he wins a good amount. I was there when his wheeled trifecta won and paid him $350, and when another wheeled tri paid $175. But it’s not all rainbows and unicorns for him, and I’ve heard him shout at the race book’s TV when he had a part-wheeled tri, “Dammit, you nag, I needed you to finish second, not first!”
Do I myself make a profit on a day at the track? Not often, but I sometimes do. And over time, over many days, it all works out. I’m at the race book once or twice a week, and I’ve been playing the same $50 since February. Mostly exactors. I’ve rolled that up to about $80, and dropped it to $7, and made it back to $35 or so before dropping to $13, then rising to $50, and so on. For the most part, I break even over time, maybe a little less than evens, but it’s all over time, over multiple days. And should the time come when I need to introduce another $50 bill, I will. Hey, if I can be entertained once or twice a week from February to May or June for $50, well, that’s pretty inexpensive entertainment, profit or not. Like I said, it’s my hobby.
Hope this answers your question.