Horse racing is a beloved sport around the world, and it’s an exciting way to win some money. Pick 3 wagers are popular in horse racing because they offer the potential to win a large payout while still requiring a relatively small bet. But how exactly does a Pick 3 pay out? Let’s take a closer look.
What is a Pick 3?
A Pick 3 is a type of bet in horse racing that requires the bettor to select the winner of three consecutive races. Generally, the wager must be made before the start of the first race, and all three races must be at the same track. A Pick 3 bet is considered a “straight” bet, meaning the bettor must select the winner of each race in order to win the wager.
What is the Payout for a Pick 3?
The payout for a Pick 3 bet depends on the number of horses in each race and the amount of money bet. Generally, the payout is based on a “minimum” bet, which is usually between $1 and $2. If the bettor wagers more than the minimum, the payout will be higher.
For example, if a Pick 3 bettor wins a bet that includes three races with seven horses each, the minimum payout will usually be between $10 and $20. However, if the bettor wagers $2 on the Pick 3, the payout will be much higher. In this case, the payout could be as much as $200.
What are the Odds of Winning a Pick 3?
The odds of winning a Pick 3 bet depend on the number of horses in each race. Generally, the more horses in the race, the lower the odds of winning. For example, if the bettor is trying to select the winner of three races with 10 horses each, the odds of winning the Pick 3 are 1 in 1,000.
However, if the bettor is trying to select the winner of three races with seven horses each, the odds of winning the Pick 3 are much better. In this case, the odds of winning are 1 in 343.
Can You Place a Boxed Pick 3 Bet?
Yes, a bettor can also place a “boxed” Pick 3 bet. A boxed bet is a type of bet in which the bettor can win if any of his or her selections finish in first, second, or third place. For example, if the bettor selects three horses in a boxed Pick 3, the bettor will win if any of those three horses finish in first, second, or third place in all three races.
The payout for a boxed Pick 3 bet is typically lower than the payout for a straight Pick 3 bet. However, the odds of winning are much better. For example, if the bettor is trying to select the winner of three races with seven horses each, the odds of winning the boxed Pick 3 are 1 in 49.
Can You Place an Exacta Pick 3 Bet?
Yes, a bettor can also place an “exacta” Pick 3 bet. An exacta bet is a type of bet in which the bettor must select the first two finishers in each race in the correct order. For example, if the bettor selects three horses in an exacta Pick 3, the bettor will win if those three horses finish in first and second place in all three races in the correct order.
The payout for an exacta Pick 3 bet is typically much higher than the payout for a straight or boxed Pick 3 bet. However, the odds of winning are much lower. For example, if the bettor is trying to select the first two finishers of three races with seven horses each, the odds of winning the exacta Pick 3 are 1 in 343.
Conclusion
Pick 3 wagers are popular in horse racing because they offer the potential to win a large payout while still requiring a relatively small bet. The payout for a Pick 3 bet depends on the number of horses in each race and the amount of money bet, and the odds of winning depend on the number of horses in each race as well. Additionally, a bettor can place a boxed or exacta Pick 3 bet, which offer different odds and payouts.