Each type of wager has its own separate pool. A percentage of all money bet into a particular pool is deducted for track administration, government taxes and the purses that are paid out to the horsemen. The remainder of the pool is paid out to the winning bettors.
The payoffs that appear after each race on the tote board are the $2 payoffs for Win, Place, Show, Exotic and Multiple Race wagers. If you have made a $1 box or wheel you have to divide the displayed payout in half to determine your actual winnings.
When playing online, you are not betting into a paramutual pool so you may see something that states "we pay track odds" meaning whatever the odds are at the track are what the online racebook is going to pay out.
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