What is a Pick 3 in horse racing betting?

A Pick 3 is a wager that requires the bettor to correctly select the winners of three successive races. How does it work? Example:

The minimum unit varies, but is often 50 cents or $/£1.

As with other types of “exotic” wagers, many players improve their odds by “keying” on an individual horse in some races and “spreading” by using multiple horses in others.

For example, you might decide that the favorite in the third race of the sequence is a standout and play three horses in the first race, five in the second and your “single” in the third.

But if upon further reflection you decide the second race is the key, you might decide instead to single a horse in the first leg, hit the “all” button in the second and keep your single in the third.

The cost of Pick 3 wagers is easy to calculate:

Just multiply the number of entrants in the first leg by the numbers in the second and third legs. So if the base bet is $/£1, the second ticket mentioned above would be 1x12x1=$/£12. If you decided to add a second horse in the last leg, for example, it would be 1x12x2=$/£24.