in Triple Crown Articles

Dear Bookie,
Can you please explain to me these terms for horse betting: Exacta, Trifecta, Daily Double, Pick 3, Parlay,  And also what would payouts be?
Thank you, Terry L.

Bookie:
Dear Terry, Here are your definitions according to BetUS Horse Racing Analyst Pete Cataldo (jrclemente@hotmail.com).

Exacta: You pick the first two horses in order of finish, must be exact. Example- you bet 1-2 they must finish 1-2, if it's 2-1 you lose. It's on 1 race.

Trifecta: First 3 horses to finish, you must pick the first three in a race, as in the exacta. You can "Box" your horses in that case if your three come in in any order you win, you can also box an exacta.

If you don't box them, they must run in the order you picked. You bet 1-2-3 it must come 1-2-3, if you box them 3-2-1 you win or any combo of the three..2-1-3 1-3-2 and so on.

The payoff is less on a box.

Daily double: you pick the winners of two consecutive races. Example- you pick the winner in race one and two, both must win. Some tracks have a daily double on all races.

Pick 3: You pick the winners of three consecutive races, a daily double is two races, a pick 3 is three races. All must win.

Parlay: You take all the winnings from a race and "parlay" it, which means it all goes on another race. If the second race loses you lose everything you won on the first. It's like “double or nothing.”

Payouts: The payouts are based on how many winning tickets are sold. More tickets a smaller price. Less tickets (long shot) means larger payouts.