Win: The designated horse has to win the race in order for the bettor to win the ratio.
Place: the designated horse has to finish 1st, 2nd or 3rd in the race (or finish among the first two, if only 4 to 7 horses took part in the race), in order for the bettor to win the ratio.
Show: The horse has to finish second in the race.
Win and Place
Winning quinella: The two horses have to finish in the first two places, irrespective of the order.
Place quinella: the two designated horses have to finish in the first three places, irrespective of the order. The place quinella bet can be wagered in all races with at least 8 runners.
Different from the Trifecta!
Trio: This bet designates the three horses which will finish in the first 3 places, irrespective of the order.
Trifecta: This bet is the most famous and consists of designating the three horses which will finish 1st, 2nd and 3rd in the exact order, in which case the bettor receives the Trifecta Ratio in that order.