Belmont Stakes betting: Bets you can place and where to make your wager

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Tipping our hats to the historic Belmont Stakes

Fox News senior meteorologist Janice Dean and milliner Christine Moore talk different types of hats at the Belmont Stakes.

Betting is a huge part of horse racing, especially for the three Triple Crown races — the Kentucky Derby, the Preakness Stakes and the Belmont Stakes.

The Belmont Stakes is your last chance to bet on one of the Triple Crown races for the year since it is the last of the series. In June, usually on the first or second Saturday of the month, horses and jockeys battle it out in Elmont, New York, on the longest track of the three races for the title. 

Thousands head to New York to watch the 1½-mile race, and millions tune it to catch the race live on television. 

The Belmont Stakes is the third of the Triple Crown races and takes place in Elmont, New York.  (Al Bello/Getty Images)

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Betting on the Belmont Stakes is a fairly simple process, although there is some key information you need to know before placing your bet, like what kind of bets there are and how to actually place a bet. 

Before placing your bet, do your research. There is lots of information out there about the horses racing in the Belmont, and what their odds are of winning. Do some research before you place your bet, so you can give yourself the best chance of making some cash.

Here is some basic information on betting on the Belmont Stakes to help you understand the different kinds of bets, odds and where you can actually place your bet. 

1. How can I place a bet on the Belmont Stakes?
2. What kinds of bets are there?

The most popular way to bet on horse races is through online betting.  (Mike Stobe/Getty Images)

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1. How can I place a bet on the Belmont Stakes? 

The most popular way to place a bet is through an online wager, although this is not available in every state. There are several apps and websites where you can easily make wagers like Caesars Racebook, FanDuel Racing, DraftKings, BetMGM Racebook and Twinspires Horse Racing.

There are several states where online betting is legal. But, depending on the state, different apps and online services are going to be available. So, make sure to look into what is available in your state. 

Online sports betting is legal in: 

• Arizona
• Arkansas
• Colorado
• Connecticut
• Illinois
• Indiana
• Iowa
• Kansas
• Kentucky
• Louisiana
• Maryland
• Massachusetts
• Michigan
• Nevada
• New Hampshire
• New Jersey
• New York
• Ohio
• Oregon
• Pennsylvania
• Rhode Island
• Tennessee
• Virginia
• West Virginia
• Wyoming

DraftKings is an app you can use to place a bet, depending on where you live.  (Budrul Chukrut/SOPA Images/LightRocket via Getty Images)

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States where you must go in person to place a sports bet:

• Delaware
• Mississippi
• New Mexico
• North Carolina
• South Dakota

While betting right from your couch is the easiest way to go, you can also go to casinos and place your bet there if the state is one where sports betting is legal and available. Lots of states have different laws when it comes to sports betting in general, so be sure to look into your state's laws to fully understand how you can make a bet. 

2. What kinds of bets are there? 

There are several types of bets you can make on the Belmont Stakes. Some are very simple bets, while others are more complicated. The higher the odds are, the higher the payout will be. 

The traditional, simple bets you can make are a win, place or show bets. These are good bets for beginners to make because they are simple, and the wagers required are low. So, you don’t have to put a ton of money on the line.

There are several kinds of bets you can make. The higher the odds, the higher the payout.  (Jonathan Newton/The Washington Post via Getty Images)

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For a win bet, you are betting on a horse to come in first place. For a place bet, you’re picking a horse to come in either first or second place. Lastly, in a show bet, you’re picking a horse to come in first, second or third place. 

Another option for bets you can make are exotic bets. These are more difficult to win. Three different exotic bets you can choose to make are exacta, trifecta and superfecta bets.

In an exacta bet, you must pick the horses to finish in first and second place in the correct order. In a trifecta bet, you must choose the horses that finish in the top three spots in the correct order. Finally, in a superfecta, you must choose horses to finish in first, second, third and fourth in the correct order.