Placing Horse Race Bets at the Track
The tote board and the television monitors at the track will display the odds on a win bet for each horse in the next race, as well as each exacta combination.  The odds will be refreshed every ten seconds or so to reflect the changes in betting activity.  The odds are reported on a "to" basis.  For example, if horse 4 is paying 8:5 then a $2 wager would win $3.20, for a total return of $5.20.  Unlike sports betting the bettor is not locked into the current odds when he makes a wager.  Rather, the odds keep changing until post time.

There is a specific way to make a wager at the betting window.  You should state in order: the track (if you don't specify it will be assumed you mean the home track), the race number, wager amount, type of wager, and horse number.  There is little tolerance for chit chat or indecision at the betting window.  Nobody standing behind you in line wants to risk getting locked out so make your bet as efficiently as possible.

About a minute after the end of the race, the tote board will display the value of winning tickets relative to a $2 wager.  For example the board may look like this:

Horse Win Place Show
1st 5 7.00 3.00 2.70
2nd 2 2.40 2.20
3rd 3 3.50

This shows what winning $2 win, place, and show tickets pay.  These amounts include the original $2 wager.  For example a $2 place bet on horse 5 would pay $3.00 ($1.00 in winnings and $2.00 for the original wager).  The tote board will also display what winning exotic bets pay.  Sometimes in inquiry occurs after the end of a race resulting in a horse being disqualified.  So, wait a few minutes after a race is over before discarding a losing ticket because a disqualification of another horse may cause your horse race bet to move up.