It’s the hottest time of year in the horse racing season.

According to CNN Money, $138 million was legally bet on horse racing in 2015. The last Triple Crown winner was American Pharoah in 2015. The first winner in 37 years!

So how do you get in on the betting action? Here are the basics…

You can bet on your favorite horse to win, place, or show. Win: 1st Place Place: Finish 2nd or higher Show: Finish 3rd or higher Can’t decide on just one horse? Try an “exotic bet” The Most Common Are Exacta: Pick 1st & 2nd Place Trifecta: Pick 1st, 2nd, & 3rd What do those odds mean? The lower the odds, the more the horse is favored to win. Higher odds means less chance to win, but a bigger payday! On a standard $2 bet, a horse with 3-to-1 odds would win you $8. A horse with 10-to-1 odds would get $22 for winning! So you’re ready to bet!

Now what? Head to a betting window and give the teller the following info: The race, the track, amount you’re betting, type of bet, and the horse’s number. So a bet for the #6 horse to win the Kentucky Derby could sound like: “12th race at Churchill Downs, $2 to win on the number 6 horse.”

That’s it, you’ve placed your bet! Now enjoy the race! Just remember there are no “sure things” in horse racing. Good Luck!

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