Approximate play sequence: 1) Auction - buy a number of horses 2) Train them for the race 3) Select horses for race 1 4) Betting phase 5) Run short race 6) Pay winner, both race and betting money. 7) Repeat 3-6, but with long race 8) repeat 1-6 twice 9) Pay bonus to anyone who has picked the winner in at least 5 of the 6 races. - BoardGameGeek