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Pick a horse and bet on them to win (finish first), place (finish second), or show (finish third). This is a $2 base bet, but you can increase the amount if desired. You can also bet "across the board," meaning you’re betting the horse to win, place, and show, which totals a $6 bet on a $2 base. If the horse finishes third or better, you’ll collect. Another option is a "win-place" wager, where you bet the horse to finish either first or second, which totals a $4 bet on a $2 base.
The best type of bet depends on the situation. If you're betting on a horse that is a heavy favorite to win, a win bet is likely your best option. However, if you're betting on a horse that isn't expected to win but has a chance to place, a place bet might be the smarter choice.