Well, yes and no. There are different payoffs/odds for each bet on each horse. For new players who are unfamiliar with horse racing, I recommend placing a minimum bet ($1) on a horse to Show. If that chosen horse comes in 1st, 2nd, or 3rd, you will win. (There are only 6 horses racing). Each Show bet on each horse had different odds. Typically the "long shot" would pay $3 to $4 while the favorite would pay $1.15-$1.50 (on your $1 bet) From observation more often than not the favorite wins, but not always. If you take a look at the picture on page 2 of this thread you can see the payoffs for that particular race.