Horse racing is an exciting sport that owes much of its popularity to the betting that often accompanies it. Visitors to horse racing venues can bet on location, and absentees can bet over the internet or at many casinos. When you bet on a horse, you choose whether you predict it will win, place or show (first, second or third place). If the horse you selected does as good or better than you anticipated, you are a winner.

A trifecta is a particular type of bet that is very difficult to win, but it yields very high returns. To successfully win a trifecta bet, you need to specify the horses that finish in the top three spots in the exact order in which they finish. So if the horse you selected to show (3rd) actually places (2nd), you don't win anything.

There are other types of trifectas that allow some flexibility in the finishing order, but the pay-outs are significantly lower. In a 'standout trifecta,' for example, you must accurately specify the horse that will win, and then select which two horses will come in second and third irrespective of the order. To win a 'box trifecta' you simply need to specify the three horses that will win, place and show, irrespective of the order.

The term "trifecta" is making its way into colloquial speech. Some basketball announcers are using "trifecta" to refer to a 3-pointer, and people are using it more generally to refer to any three successes. A student studying for final exams, for example, may say "I did well on my first two exams, and now I am going for the trifecta!"

Other types of bets in horse racing include:

• Quiniela or Reverse Forecast: A bet placed on two horses to finish first and second in any order.
• Perfecta, Exacta or Straight Forecast: A bet placed on two horses that must finish in the order you specified.
• Superfecta: A bet placed on four horses to cross the finish line in the order you specified.