Can someone explain the odds and betting systems in horse racing?

I watch horse racing sometimes but I get confused when poeple talk about the odds and the bets. Can anyone explain?

Thanks!

Public Comments

1. 5 TO 1 WILL PAY ABOUT $12. ON A $2 DOLLAR BET. 2X5+THE 2 YOUR BET +$12.
2. In horse racing, you're not betting against the bookie, but against all the other bettors. The odds are like the percentage of the pool that you'll get. If it's a longshot, the pool is split up among a smaller group of winners than if it's a heavy favorite... if it's split among a small group of people, each person ends up with a big amount of money... if it's a big group of winners, then everyone gets a little bit of money.
   
   
   
   As for the different types of bets, the NTRA website offers an excellent guide...
   
   here: http://www.ntra.com/content.aspx?type=other&id=14778§ion=ntrau
   
   and here: http://www.ntra.com/content.aspx?type=other&id=4799§ion=ntrau
   
   and this is a more in depth guide to playing the races: http://www.ntra.com/images/learn-to-play.pdf