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Racing

Wager Glossary

Straight Wagers

Win – You win if your horse finishes First.

Place – You win if your horse finishes First or Second.

Show – You win if your horse finishes First, Second, or Third.

Exotic Wagers

These wagers are more difficult to win than Straight Wagers and may require some advance handicapping. However, the potential payouts are significantly greater.

Daily Double – Pick the winners of two consecutive races. Wagers must be placed before the first of the two races.

Pick Three – Pick the winners of three consecutive races. Wagers must be placed before the first of the three races.

Exacta – Pick the first two horses in exact order of finish for a single race.

Trifecta – Pick the first three horses in exact order of finish for a single race, with eight or more betting interests.

Quinella – Pick the first two horses to finish in either order for a single race.

Superfecta – Pick the first four horses in exact order of finish for a single race, with eight or more betting interests.

Pick Four – Pick the winners of four designated consecutive races. Wagers must be placed before the first of the four races.

Pick Five – Pick the winners of five designated consecutive races. Wagers must be placed before the first of the five races.

Pick Six – Pick the winners of six designated consecutive races. Wagers must be placed before the first of the six races. If no ticket has all six winners, a major portion of the pool carries over to the next racing day’s program.

Place Pick All – You win a major payoff if you pick the winner or second-place finisher of the entire card (eight, nine, or ten races). If no ticket contains the winning combination for all races, the payoff will go to the ticket with the highest number of correct selections.

Win, Place and Show Parlay – Parlay means to take your winnings (if any), and wager them on the next race.

Red Mile’s Pari-Mutuel rules are governed by the Kentucky Horse Racing Commission.

You may visit their website at http://www.khrc.ky.gov to view the Harness and Quarter Horse Pari-Mutuel Regulations.

Net-Pool Pricing

Net-Pool Pricing

Under the net-pool pricing model, the payouts are calculated by dividing net amount of winning bets (rather than the gross amount as in standard pricing) by the net pool. Each locality then multiplies the payout by the complement of the commission rate (one-commission rate) to arrive at the local payout.

This process weights each wager according to the local commission rate: the higher the local commission rate (take-out), the lower the local price. For a $100 bet, the payout with a 17% local commission rate ($83) will be slightly higher than the payout with an 18% commission rate ($82).

Place and Show Pools

For most pools and payouts, if all localities use the same take-out rate, the prices will be identical under the standard and net-pool pricing models. But in any multiple-winning runner pool (any pool in which a dead-heat creates two or more different payouts), the net-pool model distributes payouts based on net winnings rather than gross winnings. The total amount of monies paid will not change, but the favorites will pay a little less while long shots will pay a little more.

$2.10 Payouts and Minus Pools

Show pools with a heavy favorite often pay higher on the two non-favorite horses. Though this causes the payout on the favorite to fall below the minimum $2.10, the favorite must still return $2.10. However, the non-favorite horses fall under the standard pricing model and do not participate in the minus pool. They may enjoy returns greater than the expected $2.10.

Calculating Projected Payouts Using Tote Board Information

Under the net-pool pricing model, you cannot accurately calculate payouts using only the tote board information. This is true for all pools, including the win pool. To determine the true net-pool and net-winning wagers, one must know the commission rates of the wagers on each runner in each pool. (The tote odds continue to be accurate, as the tote has all of the information necessary for calculating and displaying the current odds/payouts.)

Deposits and Withdrawals

How to Make Deposits

Red Mile accepts cash, cashier’s checks, money orders, or wire transfers for deposits. Additional deposits to your Bet Race account may be made in any of the following ways:

  • In person by visiting the Red Mile Mutuel Department.
  • By mailing your cashier’s check or money order to the Red Mile Mutuel Department.
  • By wire transfer.
  • To wire transfer money simply wire the money to:Whitaker Bank /Turfland Mall / Lexington, KY 40504
    Call (866) 238-7223 for routing and account details.
    **Make sure to have the wire made payable to Lexington Trots Breeders Association.
    Then fax verification of the transfer from your bank to the Red Mile Mutuel Department at (859) 259-2748.
  • Please remember to include your name and account number on all deposits.

How to Make Withdrawals

Withdrawals may be made one of two ways:

You can visit the Red Mile Mutuel Department for in-person cash withdrawals. Red Mile reserves the right to limit the maximum cash withdrawal to $5,000.00. For over-the-phone check withdrawals, call 1-866-Bet Race and provide your account number, password, and withdrawal amount to the Bet Race operator. The Bet Race operator will verify that sufficient funds exist for the withdrawal. Withdrawal requests received Monday-Friday prior to 1:00 PM (EDT) will be processed and sent out the same day. Weekend requests will not be processed until the following Monday.

Please remember you will be required to supply your account number and your password in order to withdraw from your account.

Tax Information

TAX INFORMATION, HISTORY STATEMENTS, AND W-2G
Winning wagers are reportable to the IRS. A W-2G (income through gaming) form must be completed when the winnings are $600 or more and at least three hundred times the amount of the wager.

If the winnings are at least three hundred times the wager and pay $5,000 or more (minus the amount of the wager), federal income tax must be withheld at a rate of 25%. Kentucky state income tax must be withheld at the rate of 6%. Federal and state withholding percentages will automatically be deducted from your account. Transaction, wagering, balance, and end-of-year statements will be made available at year’s end.

IRS Withholding tickets are automatically credited to your account just like any other winning wager. At the end of the year, you will be sent a copy of all your W-2G withholding forms.

Account Discrepancies

Red Mile Account Wagering is subject to all rules and regulations concerning customer disputes as defined by the Kentucky Horse Racing Authority. To ensure accuracy, Red Mile Account Wagering will maintain voice recordings of all phone account wagers, complete records of all customer transactions, and provide (upon request) an account statement of each deposit, withdrawal, debit, and credit transacted during the discrepancy period. For phone wagering, the account holder’s voice recording will serve as the actual wager.

To ensure quality customer service, Red Mile Account Wagering will address disputes immediately upon receipt. For immediate response to any discrepancies, please contact our office during business hours at:

(859) 255-0752 ext. 227

Legal States

Bet Race and RedMileBets account holders shall not make wagers from their account while located or residing in a non-wagering jurisdiction in which pari-mutuel wagering is forbidden. In particular, account holders may not place wagers while located or residing in Alaska, Georgia, Hawaii, Mississippi, Missouri, Nebraska, Nevada, New Jersey, New York, North Carolina, Pennsylvania, Puerto Rico, South Carolina, US Virgin Islands, Utah, and Canada. Placing a wager while in one of these jurisdictions may result in the criminal prosecution of the account holder.

Problem Gambling

How can you tell if you or someone you know has a gambling problem? Gambling becomes a problem when a person:

  • Loses time from work, school, or family life in order to gamble.
  • Gambles until all the money is gone.
  • Gambles to win back money lost through gambling.
  • Lies to hide gambling activity.
  • Boasts about winnings, vague about losing.
  • Fails time after time to reduce or stop gambling.

Help is available 24 hours a day. Every day. Call 1-800-GAMBLER (1-800-426-2537)