Originally Posted by Count Room View Post
Alan:

You collect on a "win" wager only if the horse wins.
You collect on a "place" wager if the horse either wins OR finishes second. (safer bet & lower payout than win)
You collect on a "show" wager if the horse either wins OR finishes second OR finishes third (safest bet & and usually lowest payout of the three).
True story: I was introduced to the concepts of "win, place, and show" NOT at a horse track, but at Jai Alai at the MGM in the late '70s. My parents would go there and take me, and I would have them bet a dollar for me on a guy I guessed would win. Was fun. Kinda surprised they let kids in there, given that there was gambling allowed, but I guess it was also considered a sporting event.