The methods for betting on horse races are incredibly diverse, with various betting combinations. Suming didn't have the time to study each one, so he just looked at a few of the simpler and more common options.
Win, which means correctly guessing the first-place horse in a particular race;
Place, guessing one of the horses to finish in the top three;
These two types have relatively higher chances of winning, so their odds are accordingly lower. Even when you factor in the individual odds for the horses, the numbers aren't startling, usually only a few to several times the bet. For example, in a race with 12 horses, a win would theoretically pay out 12 times; place would be 4 times.
But each individual horse also has its own odds. With the same win bet, betting on a hot favorite would mean a smaller payoff if successful, while a longshot win would yield higher rewards.
