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What is trifecta horse race betting?

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I recently started horse race betting, and would like to know, how trifecta horse race betting functions. Any generous help on trifecta horse race betting would be highly appreciated.

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  1. The following real-life data deals with to-win, exacta, and trifecta  betting at horse racing tracks across United States and Canada on Sunday, October 5, 2003. (Some tracks, especially Canadian, use the terms exactor for 'top 2 finishers' and triactor for 'top 3 finishers'.) A number of 236 races offered the trifecta wager. A number of 275 races offered the exacta wager. One track (El Comandante) was excluded, for always paying insignificant amounts ($3.95 for a trifecta???).
    All payoffs are for a $2 bet.

    Total trifectas (triactors): 236
    Total amount paid for trifectas (triactors): $170,396.35
    AVERAGE trifecta (triactor) payout: $722
    Standard deviation: 2349.25
    Minimum trifecta (triactor) payoff: $17.80
    Median trifecta (triactor) payoff: $221
    Maximum trifecta (triactor) payoff: $26,914 (Belmont Park).

    Total exactas (exactors): 275
    Total amount paid for exactas (exactors): $24,706
    AVERAGE exacta (exactor) payout: $96.13
    Standard deviation: 271.22
    Minimum exacta (exactor) payoff: $3.80
    Median exacta (exactor) payoff: $221
    Maximum exacta (exactor) payoff: $3,826 (Belmont Park)

    Total 'to win' races: 272
    Total amount paid for 'to win': $3,076.3
    AVERAGE 'to win' payout: $11.31
    Standard deviation: 10.23
    Minimum 'to win' payoff: $2.30
    Median 'to win' payoff: $8
    Maximum 'to win' payoff: $69.30.

    Interesting statistics for the favorite horses, as in the 'betting choice'. The favorites won 103 races out of 272 or 37.87% of the time. Most wins of the favorite horses come in small races (6 or fewer horses). The payouts were significantly lower.
    Total 'to win' races with the favorites winning: 103
    Total amount paid for 'to win' with the favorites winning: $475.70
    AVERAGE 'to win' payout with the favorites winning: $4.62
    Standard deviation with the favorites winning: 1.35
    Minimum 'to win' payoff with the favorite winning: $2.30
    Median 'to win' payoff with the favorite winning: $5
    Maximum 'to win' payoff with the favorite winning: $8.40.

    The non-favorites won 169 races out of 272 or 62.13% of the time. The payouts were significantly higher.
    Total 'to win' races with the non-favorites winning: 169
    Total amount paid for 'to win' with the non-favorites winning: $2,600.60
    AVERAGE 'to win' payout with the non-favorites winning: $15.39
    Standard deviation with the non-favorites winning: 11.11
    Minimum 'to win' payoff with the non-favorite winning: $4.20
    Median 'to win' payoff with the non-favorite winning: $11
    Maximum 'to win' payoff with the non-favorite winning: $69.30.

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