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What Is a Show Bet?
A show bet is where you must pick a single horse to finish in the first three positions of the race. The order of the finish is irrelevant, just as long as it lands in those top three positions. Payouts are equal regardless of whether the horse finishes first, second, or third, with no bonuses or perks if they get the win.
The bet is popular because it is simple and covers multiple finishing positions. Pretty much all offshore sportsbooks will cover this wager.
It’s a bet that, used properly, creates a lot of winners, but the downside is the odds are usually much lower than a win or a place, given you’re getting more places paid.
For example, let’s assume we’re betting on a race with nine horses. The horses are numbered one through nine, and we decide to place a show bet on horse number five. The race ends with the following results:
- 1st = Horse 8
- 2nd = Horse 3
- 3rd = Horse 5
As you can see, our pick of horse five has finished in third position. The show bet pays the top three spots, so our bet’s a win.
Once the race is complete, the sportsbook creates a dividend based on the amount of money in the pool and the number of winners. If the dividend were $10 for every $1 wagered, a $100 stake would return $1,000.
Like the win and place bet, the show bet is paid using parimutuel betting pools. Unlike fixed odds, pool bets combine the total stakes and create dividends, essentially the odds.
You don’t know these until the race is complete and the bets have been counted.
Key Tips & Quick Wins
- A show bet wins if the selected horse finishes in the top three, regardless of order.
- Show bets offer higher chances of winning but pay less than win or place bets.
- Payouts are equal whether the horse finishes first, second, or third, with no extra bonuses for winning.
- Show bets are simple and ideal for new bettors due to their lower risk.
- Avoid betting on favorites with low payouts and target consistent mid-range horses.
- Show Full Guide
Real-World Show Bet Example
A real-world example is the best way to see how a show bet works. This race has already been run, and we’ll use the final race card to highlight how the payout and odds are processed.
We’re going to look at Race 5 from Horseshow Indianapolis racetrack. The race was run over one mile on turf, and ten horses started the race. It was one of the bigger races at the meeting that day, with a purse of $38,000 shared between the winning owners and trainers.
On the card, you’ll notice that Get Back Goldie won the race, Arturo Toscanini came in second, and Hemp Heaven came in third. Also on the card are the payouts for the win, place, and show bet.
This is an interesting card for the show bet as it highlights how payouts can change based on the horse’s chances of winning. We know that bets are paid regardless of the order but must be in the top three positions.
What’s interesting about this card is that second place Arturo Toscanini was the lowest-paid show bet with $3.80 per $2. Get Back Goldie was second-highest paid at $5.40, and Hemp Heaven was highest at $17.60.
It’s worth noting that these numbers are the returns on a $2 wager. Most sportsbooks denote payments like this and always have, but it’s possible to wager less with the best gambling sites in the US.
So, what does this tell us?
The key thing that returns tell us is the volume of bets on each result. The lowest returns with Arturo Toscanini state that more bets, or volume, were placed on him than the other three.
Hemp Heaven shows a huge payout for a show bet, and likely saw very little action. The large payout for Hemp Heaven could also show that a heavy show favorite was beaten to boost the pot.
Even though not linked to the show bet, note the payout for bets like the trifecta and superfecta. Dividends are huge compared to the exacta and daily double, meaning the inclusion of Hemp Heaven has really shaken this card.
How to Calculate Show Bet Odds and Payouts
With parimutuel betting systems, there is no way of knowing the exact odds and payouts before a race starts.
Some racebooks provide morning line odds, which you can use as a guide to see the rough odds. However, payouts are inaccurate with pool betting until all bets are counted. We want to note that payouts for win, place, and show bets aren’t connected. The pools are separate, so the volume of bets and dividends will differ.
We need to start by determining three key elements from the betting market:
- The number of runners
- The number of bettors
- Total amount wagered per horse
Let’s assume we have a betting pool with $25,000 wagered on the show bet. The three horses to show are Happy Camper, Dogs Dinner, and Old Coin.
- We need to start by removing the sportsbook’s cut from the pool. This is the profit they take from each race, with dividends only worked out once this has been deducted. Let’s set this at 10%, leaving us with a net pool of $22,500.
Next, we need to determine how much was wagered for each horse to show:
- Happy Camper = $5,000
- Dogs Dinner = $12,500
- Old Coin = $2,5000
This gives us a total wagered between the three show horses at $20,000. There’s $2,500 left of wagers placed on horses that didn’t show, which are losing bets. This amount gets divided equally between the winners, giving us $833.33 per horse.
We divide the total prize funds equally by the profit to create dividends:
- Happy Camper = $833.33 / $5,000 = $0.167
- Dogs Dinner = $833.33 / $12,500 = $0.07
- Old Coin = $833.33 / $2,5000 = $0.33
The next step is to apply brokerage. Betting sites will round down the payouts to the nearest dime. However, in cases where this is not possible, like Dogs Dinner above, the least payout they can make is $0.05, which would be the case in this scenario.
At this point, the sportsbook doubles the amount and adds $2 to signify the payout per $2 wagered. Adjusted it would look like this:
- Happy Camper = ($0.10 x 2) + $2 = $2.20
- Dogs Dinner = ($0.05 x 2) + $2 = $2.10
- Old Coin = ($0.30 x 2) + 2 = $2.60
This is the final payout for the race based on the show bet market. What’s worth noting is the amount of money lost on horses that didn’t show. For example, Dogs Dinner had over half (adjusted after sports betting VIG applied) total bets wagered on him to show. If he fails, this massively boosts the winnings divided by the other show horses.
Another thing we want to pick up on is the deductions. We mentioned that the racebook needs to pay at least five cents on the dollar for a winning wager. This is because there are occasions when more is wagered in the pool than can be paid.
When this happens, it’s referred to as a minus pool, which means the sportsbook will lose money.
How to Place a Show Bet Online
In this section, we’ll walk you through the process of placing a show bet.
We’ve used BetOnline, as we rate them as one of the best online sportsbooks in the industry:
Open an account
If you don’t already have an account, you need to create one. Start by clicking the green “Join” button at the top of the page and filling out the forms on the screen.
Make a deposit
Once the account is set up, head to the cashier to make a deposit. BetOnline has many payment options, from cryptocurrencies to Apple/ Google Pay and more traditional methods, like credit and debit cards.
Choose a race
In the sportsbook, use the top menu to find the racebook. Once here, use the left menu to find the meeting you want to bet on. Each will come with a series of races for that meeting, usually numbered from one up to however many races there are.
Place the show bet
Make sure the “Straight” betting market is selected. Use the racecard to locate the show bet. This will be next to the win and place bet. Enter your stake in the box next to the horse you’re betting on and click “Add to bet slip“.Confirm the stake and selection within the bet slip, then place the bet.
What’s the Difference Between a Show Bet, Win Bet & a Place Bet?
The win, place, and show bets are three of the most popular for horse racing. You will be able to find them all at both new betting sites and more established operators, as well as in person at the race track.
They come under the definition of “straight” bets, meaning that you place a single wager on one possible outcome, instead of exotics, where you can increase the number of selections and places paid.
Here are brief definitions of how the win, place, and show bets differ:
- Win: A bet placed on a horse that has to win the race. No other results will count.
- Place: A bet on a horse to finish first, or second, in any order.
- Show: A bet on a horse to finish first, second, or third in any order.
It’s worth noting that not all races include the show bet. This is because it’s the least popular out of the three and can expose bookmakers.
We spoke earlier about minus pools, which occur when the payouts exceed the pot. If races don’t generate enough interest, it could leave the bookmaker out of pocket with some results.
Therefore, races that don’t have the betting activity needed may only have access to win and place bets.
Across the Board (ATB)
Across the board, bets cover the win, place, and show market. This is where you choose one horse to cover all three markets or, as referred to in the industry, “across the board.”
The image above offers a good example of how this works. The race is taken from a meeting at Horseshoe Indianapolis with seven runners. Rocket Docket won, with Neoking in second place and Eternal Bliss in third.
To bet across the board means we need to place three bets. For ease, we will keep each bet at $2, which is the minimum amount for some bookmakers, and what the dividends you see from the race above are based on.
Our bet would look like this:
- Rocket Docket ATB = $6 total stake = win bet @ 7.20 + place bet @ 3.40 + show bet @ 2.60 = $13.20 – $6 = 7.20 profit
- Neoking ATB = $6 stake = win bet (lose) + place bet @ 6.80 + show bet @ 3.60 = $10.40 – $6 = $4.40 profit
- Eternal Blues ATB = $6 stake = win (lose) + place bet (lose) + show bet @ 3.60 = $3.60 – $6 = $2.40 loss
Across the board bets provide cover and payouts from multiple finishing positions, but the initial stake is high, which means profit margins suffer.
However, sometimes these bets make sense, which comes with mid-long priced horses that could improve for the race. Short-priced and even second favorites won’t pay enough to make these a viable long-term betting option for this market.
Show Bet Betting Strategy
The show bet can generate some solid profits from horse racing betting. However, you need a betting strategy in place to do this consistently. This section highlights areas you can target, and avoid, to maximize profits.
Avoid Short-Priced Favorites
The show bet isn’t designed for short-priced favorites. Placing these bets has very little value betting as the returns are so low. With parimutuel betting, you don’t get to see the starting odds for the horse, but most racebooks have a morning line price, which will indicate which to avoid.
One of the main reasons why payouts are so small is that favorites, even for the show bet, will be the most popular horse to bet on, for the most part. The more people in the pool with the same selection, the less a bet will pay.
To highlight this example, we’ve taken a race from Delta Downs, and the image shows the racecard. You can see the morning line odds are included here, and there’s a strong favorite to win, Veterans Day, priced at 3/1. Given that this is a field of nine, odds of 3/1 are fairly short.
Above is the result of the race with the favorite, Veterans Day, winning. Also included is the show price, which is 2.20. In other words, for every $2 wagered, you would have made a profit of 20c. A $100 bet would make just $10 profit. You’re taking odds of 1/10 on this bet, which is terrible.
Granted that given the horse was a strong favorite, the chances of finishing in the top three spots are high, but the payout isn’t worth it. If you placed 10 bets at the same odds, you’d need to win all 10 to be profitable. Nine wins would break even, and eight or fewer would be a substantial loss.
Know When to Target Short-Priced Favorites
We’re not contradicting ourselves here. Sometimes, you can target a short-priced favorite for the show bet, but it’s rare.
With a show bet, the minimum to be paid is $2.10, or 10c profit for every $2 wagered. It’s not a lot, but there are times when we can use this to our advantage.
To make this work, we need to hunt out short-priced favorites. A 10c profit on a $2 wager is odds of 1/20. These odds are rare, with the shortest price ever recorded at 1/25 by Royal Forest at Ascot Racecourse in 1945.
In times when you find horses priced similarly, you may as well take the show bet if it’s going to pay the same as, or close to, the win. You may even find that people avoid it as it’s short, and the pool payout is slightly higher. It’s worth doing when you can take more places for the same price.
Target Midfield Horses Who Stay Well
If we aren’t betting on the favorites, who are we betting on?
Ideally, for the show bet you want to target midfield horses who’ll stay well. They don’t need to win the race, or even have a chance of winning, but they need to outstay their opponents to make the top three spots.
We’ll use another example from the same meeting to show how this might work. This five-furlong race is open to two-year-old fillies, many of whom are in their first competitive outing.
The card above shows the morning line prices, and we can see that they range from 5/2 up to 20/1. With 10 horses in the race, it should be quite competitive. This odds difference bodes well for show bets because the midfielders can run well.
A mid-range price is around the 10/1 mark, and it just so happens that Takeover Queen, priced at 10/1, went on to win the race. The dividends for the show bet are priced at 9.00, meaning we make $3.50 for every £1 wagered. Not bad for a horse to finish in the top three spots with only 10 runners.
The lack of experience and form makes it tough betting on a race like this. But some research on your part might’ve revealed that the trainer of Takeover Queen, K L Roberts, Sr., stated how impressed he’d been in the lead-up to the race, and how well it stayed. Trainers rarely get too excited about the potential, so this was high praise and a green light for a potential show bet.
Target Vulnerable Favorites
When the favorite fails to make the places, the payouts for show bets skyrocket. Most punters bet on favorites for most markets, including the show bet, so all those bets become losers and create a huge dividend for the rest of the field.
A good example of this came from the 2023 Breeders’ Cup. The Turf Sprint (Race 10) was unique in that multiple horses could be classed as “favorites.” The lowest morning line price was with Live In The Dream at 9/2, and three other horses priced a shade higher at 5/1.
As you can see above, none of the horses made the top three spots needed for the show bet. This created payouts of $9.40, $7.80, and $7.40, respectively.
There are countless examples of races where the favorite is not fancied. You’re looking for competitive fields like the one above rather than races where the favorite is on their own. This is because if you raced with a 2/1 favorite and the next best-priced horse was 6/1, the favorite may get beaten, but it’s highly unlikely it will finish outside the top three spots.
The Breeders’ Cup example has multiple favorites, all very close in price, and a strong midfield. This makes the leading few vulnerable, but they’ll still take the vast majority of the bets simply because people like to bet on the favorite.
Find Consistent Horses Over Winners
For a show bet to win, we need our picks to finish 1st, 2nd, or 3rd in any order. We don’t need to look for winners; sometimes, picking consistent horses over winners will be more profitable.
As an example, we’ve chosen a race from Churchill Downs. Note the morning line odds from the image above. Ryvit is a strong 6/5 favorite, with Gaslight Dancer not too far behind at 2/1. However, when we look at recent form, there might be better value than both of these horses.
The last three races for Ryvit have seen three 5th-place finishes and one fall. Gaslight Dancer hasn’t finished better than 4th in his last four races. Both have a history of winning, and Ryvit is a likely winner here, but they’re inconsistent and, at those prices, aren’t going to pay well.
Bal A Kazoo is an early 5/1 shot and, looking at their form, provides a great look for the show bet. Six of his last seven races would have paid for the show bet, and with much higher odds than the favorite, it creates a better return than wagering on the other two.
Other Types of Horse Racing Bets
The key to learning how to bet on horse racing is knowing the markets accessible to you. In this section, we’ve included a list of alternative betting markets you can use, and explain how each works:
The Bottom Line
A show bet in horse racing is a simple wager in which your horse should finish in the top three, regardless of order. It is simple and great for beginners due to its lower risk. As odds depend on the betting pool, final payouts are determined after the race.
Betting strategies involve avoiding low-paying favourites and targeting consistent midfield horses that perform well. Understanding the market and betting pools can help maximize profits and minimize risks when placing show bets.
FAQs
What is a show bet in horse racing?
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References
- Horse Racing terms (Tipsters Empire)
