Go to a race track, off-track betting site or casino sports bar to watch the races and make bets.
Buy a racing form from a vendor. Vendors also sell tip sheets, which provide expert picks. Study the racing form. It will tell you how each horse did in its previous races and what its times were. Compare all the times of the horses to see which has consistently been the fastest. The form will also tell you the length of each race. Check to see how the horses did in races of a similar distance to the one you're betting on.
Look at the parimutuel board, the display that indicates the odds for each horse in a race. The odds are expressed as a ratio such as 2-1, which means you will get two dollars back for every dollar you bet if that horse wins. Odds are based on the number of bettors choosing a particular horse, Popular horses have low odds, are likely to win and pay smaller returns. Unpopular horses have high odds, but these "longshots" can pay off if they win.
Choose your horse and decide which type of bet you'd like to make. The basic bets are Win, which pays off if your horse comes in first; Place, which pays off if your horse comes in first or second; and Show, which pays off if your horse comes in first, second, or third. Bets to Win pay highest. Racing venues usually offer many other types and combinations of bets.
Go to the ticket window to place your bet. Tell the cashier the name of the track, the number of the race, the racing number of the horse or horses you'd like to bet, the type of bet, and the amount you are betting. Most racing venues offer preprinted betting slips you can check off and hand to the cashier.
Get your ticket from the cashier. Check that all information is correct before walking away from the window. Put your ticket in a safe place and watch the race. Once the race is over, no matter what happens, wait for the official results. If your horses come in according to your bet, you win. If they don't, your ticket is good scratch paper for your next bet.
If you won your bet, wait for the official amount of the winnings to appear on the screen and then return to the ticket window to collect your money.