When first learning to bet the horses, it helps to keep the bets as simple as possible. Each horse will have odds posted on how it will perform. The bettor can wager as little as $2 on how that horse will do and potentially win cash back. If a horse has 20-1 odds of winning and the bettor wagers $2, a win would be worth $40. Horses also can be bet to take second or third, which are called “Place” and “Show,” respectively. So a straight bet could be laid on a horse to win, place or show with the odds being lowered for each finishing position. If betting on a horse to win and it doesn’t, the ticket is no good. If betting on a horse to show or place and it finishes in that position or better, the ticket is good for the posted odds and can be cashed.