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BEFORE YOU PLACE A BET

Win a Little:  The horses who are favoured to win, usually do so 33% of the time. You're not likely to win a lot, but a win is a win.
Jockeys: These are the guys that ride the horses and they're very important. Keep in mind that the top ten riders in the jockey standings can be expected to win 90 % of the races run during the meet.
Blinkers: Blinkers, or eye shields, are attached to the horses bridle or head to block his peripheral vision and thereby keeping him focused on the race in front of him. Some horses race better with blinkers on. You can find a category on the daily racing form that tells you whether the horse has blinkers on or not and also what the trainer's win percentage is in both cases.
Win Bet:
Pick the horse you think will finish first....win big bucks! Chances of winning: Average. 
Place Bet:
Pick the horse you feel will win. This time you win if the horse finishes in first or second place. Chances of winning: Good
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Bandages: Rule of thumb here is, bandages on the rear legs of the horse good, front legs, bad. Front bandages are usually, not always, present due to injury problems. On the daily racing form, past performances lists front bandages with a small "f", rear bandages are not noted.
The Track: The surface and condition of the track is very important! The different types of tracks are; Fast, Good, Muddy, Sloppy, and Frozen.
Fast Track: A dirt track in peak condition, level, with the right amount of moisture.
Good Track:
The next best track. A good surface contains a lot of moisture, not always such a bad thing when it comes to horse racing. Most dirt tracks actually contain a very high percentage of sand in their make-up...sometimes as much as 90%. Think of it like running on a sandy beach. The closer to the water line you are, the more hard packed the water is, thereby making easier and gentler to run on, as well as faster. This means less wear and tear on the horses, therefore less injuries. In some cases, a good track can produce faster times than a fast track.
Muddy: One step down from Good. This is a track where there's too much moisture due to rain that the track cannot be harrowed (the process whereby a metal frame with sharp teeth, about 4-5 inches in length, is dragged across the track surface by tractors, digging in and breaking up the ground, including clumps of dirt that may have formed.). Instead, a float is attached to the back of the tractor to flatten out the dirt. This in turn, becomes a much softer, gooey track. This causes the horse's hooves to sink deeper into the track making for slower race times. A horse with small hooves usually performs best on this type of track, and are sometimes referred to as mudders. Large hooved horses, on the other hand, generally perform poorly on muddy and sloppy tracks.
Show Bet:
Same horse, same goal. This time, you win if the horse finishes in first, second, or third place. Chances of winning: Very good.
Across the board:
Simply put, you are betting your horse to win in all three positions. If you horse finishes in first place, you win the Win, Place, and Show bets. If your horse finishes in second, you win the Place and Show bets. If your horse finishes in 3rd, you win the Show bet. Chances of winning: Piece of cake!
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Wanna Tip?
Start out simply! We recommend that you should by focusing on straight bets, meaning to win, place and show. This gives you the best odds of winning, albeit, with a lower reward. For more great tips, check Nine.com's excellent wagering guide before you head to the racetrack!

Sloppy:  This one is easy to spot, even for the untrained eye. Just look for the cats and dogs raining from the sky and there'll be a pool of standing water on the track surface. A fast or speed horse is the best horse to bet on in these conditions. Most horses don't like it when slop is kicked back into their faces, and as a result, rarely race their best race because of it. Once the speed horse is in front, the jockey can guide the horse to the best path for firmer footing.
Frozen:  Just as it sounds. Also a better track for the speed horses. Liken it to running on a concrete highway with 2-3 inches of dirt cushion on top. 

Horse Racing Tips
Horse racing is one of the most exciting and interesting sports that exists. One of the crucial elements of horse racing (and one which has been associated with it from the beginning) is gambling. Enjoyed responsibly, both horse racing and gambling are exciting activities, but caution is necessary. To avoid problems, follow a few key horse racing tips, and you'll be more likely to enjoy yourself--and see steady returns.

When betting on horse racing, be sure to wager responsibly--a precaution many people fail to take. Set a limit for how much you are willing to wager with, and stick to it. Also, if you have a bad beat and go down some money, it is best to take a little time off and calm down. On the other hand, if you have a few big successes, don't wager your winnings right away--it is best to bank at least some of them before trying to make more.

It is also helpful to search out the best possible odds and the highest payouts available, so that when your bets do connect, they compensate for the times you had a few losses. Tracks and betting parlors typically take as much as 20 per cent of the amount bet to cover their costs and the purse for the race. A better alternative is the recent opportunity for betting on the Internet--with reduced costs.

The hottest location for betting on the Internet is VIPhorses.com, a complete resource for horse racing information and wagering. By visiting today and signing up, you can begin to take advantage of all of the horse racing tips and information that they offer, including free picks. Sign-up bonuses, monthly rebates, easy-to-use software, and much more is right at your fingertips with VIPhorses.com, where the path to winning begins.

Superfecta:
This one is tricky. The goal here is to pick four horses in the order that they will cross the finish line. Get just one wrong and you lose. Win big or not at all. Chances of winning: Extremely hard. 
Trifecta:
Like the Superfecta except you're only picking the exact order of three horses. Much easier...heck it's almost a guaranteed win....if only the race consisted of just three horses...hmm.... Chances of winning: Very hard.
Quinella:
A bet placed on two horses. You win if the two horses you've chosen finish in either first or second. Chances of winning: Average.
Daily Double:
 This is a biggie. Aren't all wins? You win here by picking the horses that will finish first in the first and second races of the day. Your wager must be made before the start of the first race. One of the reasons why it's tough to win. Chances of winning: Hard.
Jackpot:
 Although the rules can change slightly from race track to race track, the main goal is to pick the winning horse in six consecutive races. Chances of winning: No small task