Horse racing betting is a popular form of entertainment that combines the thrill of sports with trying your luck at gambling. But if you are new to it, you are probably wondering how to bet on horse racing and where do you even start?
In this article, we will do a step by step walkthrough of the betting process, examine the differences of placing a bet at the racecourse and online, take a closer look at the betting slip, and discuss some of the most common mistakes and tips to elevate your betting experience.
How Horse Racing Betting Works
Betting on horse racing means you are placing a stake on a potential race outcome in hopes of getting a payout if your prediction is right.
Of course, the most obvious outcome of a race is the winner, where you place your wager on a horse that in your opinion will come to the finish line first, but there are other betting markets that are either focused on the race outcome or its other aspects.
Whether you are betting online or at the tracks, you will need to find a bookmaker that offers odds on the race and betting market you are interested in.
How to Bet on Horse Racing (Step-by-Step)
The entire process of placing a bet on a horse you want to support in a race can be split into several steps.
- Choose a Race
Horse races vary in distance, race and track conditions, requirements towards runners, and prizes. Choose a race that you are interested in and want to bet on.
- Pick a Horse
This step is more than just finding a horse that appeals to you. When you are selecting a runner to bet on, analyse its recent performances and form, use expert sources to learn about the market trends and favourites, and see what odds are offered on each runner.
- Select Bet Type
There are a number of aspects that play a role when you select a bet type. Is your horse considered a strong contender for the win? How many runners are participating in the race? Which bet offers the best value on your money? Depending on the answers, select the win, place, each way, or another type of bet. At this stage, understanding key horse racing betting rules can help you choose the most suitable betting option and avoid unnecessary risks.
- Decide on Stake
Sure, the more money you wager on a bet, the bigger the potential payout will be, but always consider that you might lose that money just as well. Select an amount that won’t affect your overall budget but at the same time will bring you good value on your bet.
- Place a Bet
Once you have made all these decisions, it is time to place the bet. Head over to the bookmaker facility at the racecourse or the bookmaking platform online, find the race you are betting on among their offers and place your bet. We will discuss how to do it in the next section.
How to Place a Bet in Horse Racing
When you are ready with your well informed decision, it is time to act. The actual bet is the same whether you place it online or at an in-venue facility, but the steps of the process slightly vary. Let’s take a look at how to place a bet in horse racing at the track and how to bet on horse racing online.
At the Racetrack
- Get a programme that provides all necessary information on horses, jockeys, and other relevant aspects.
- Find a betting facility that offers the best value odds for you. They will mainly be located in designated areas at the racecourse, but some old school bookies will set up shop right at the tracks.
- Tell the teller what bet you want to place. Your information should include: race name/number, the amount you are willing to bet, type of bet (i.e. win, each way, place, etc.), and horse number and name. Confirm this information if asked.
- Collect your ticket, check again that all information is correct. You need to hold on to the ticket because you will need it to collect any potential payout.
Online
- Create an account with a bookmaking platform you choose. If you already are their customer, simply log in.
- Go to the horse racing page, select the race you want to bet on.
- Choose the bet type, then find the horse you want to bet on in that race and click the button to add it to the betslip.
- Enter the amount you want to wager.
- Confirm your bet by pressing a corresponding button.
How to Fill in a Horse Racing Betting Slip
When you are betting at the racecourse, the teller will fill out the betslip for you. When betting online, you will have to do it yourself. However, in both cases you will need to know what information is required for a valid slip. Here is a simple breakdown of how to fill in a betting slip at horse racing.
- Race number. Races are numbered in the on-course programmes and on the bookmaking platforms. This helps avoid the confusion since most races have long names.
- Bet type. Whether you choose to bet on win, place, each way, or a more complex betting market, state it on your bet slip.
- Stake amount. Plain and simple, include the amount you want to wager.
- Horse number. On a betting platform, you can find your selected horse by name on the list with the number next to it, but when you are betting in person, make sure to tell the teller the horse’s number that you can find in the programme. Similar to race number, this helps avoid confusion, especially when two or more horses in the same race have similarly sounding names.
- Odds. You won’t have an option to include this information to your online bet slip and there is no need to mention it to the teller at the racecourse betting venue, but the odds will appear on your betting slip automatically.
For example, your verbal bet to the teller will sound something like this: “Race 3, £10 to win on #5.” Your bet slip will show the following:
- Race 3
- Stake £10
- Win
- Selection #5 (plus the horse’s name)
- Odds 4/1
It will also include other relevant information such as the date, time when the bet was placed, the fixture or racecourse name, the bookmaker, and the total stake amount if you placed several wagers.
Types of Bets (Quick Overview)
To help you get started, let’s review some of the most common beginner friendly horse racing bets. It is strongly recommended to start with these to master the betting process and learn to understand the odds before you venture into more complex and high risk bets.
Win
Your aim is to predict the outcome of the race, i.e. which runner will come to the finish line first and win.
Place
This wager is for a horse to take one of the winning places in the race. Depending on the number of runners and type of race, this can range between two and four places. You have an advantage of not having to predict the exact place the horse will take, anywhere in the winning top qualifies as a victory for you.
Each Way
You place two different stakes on the same horse in one race. One stake is for the horse to win, the other one is to be placed. If the horse wins, you get a payout on both wagers. If the horse only gets a place in the winning top, you lose your win wager but are eligible for a payout on your place wager.
Example of a Horse Racing Bet
The guide above covers every step of how to bet on horses, but let’s take a look at a practical example.
Let’s say, you want to place a wager at the next horse racing fixture in your city. Start by selecting the most interesting race for you. Consider if you prefer shorter or longer distances, races with or without age restrictions, and any other aspects.
Example: you select race #2
Once you know the race, study the list of declared runners, see where the market tends to lean, who is considered a favourite, who is a dark horse, and who is seen as a weak contender. The information you should research includes the jockeys, horse trainers, their past records at this particular race, as well as historical tendencies this race shows.
Example: you select horse #7 named Storm Shadow
After you have selected your horse, it is time for the bet type. Think if your horse shows a strong potential to win, whether it competes against equally skilled contenders, or if you want to somewhat control your risks, and go with corresponding bets.
Example: you select a win bet
Now on to the odds. Shop around until you find a bookmaker that offers the best value odds on this horse under this bet at this race.
Example: you select a bookmaker that offers 5/1
And finally, decide how much money you want to wager on this bet. Be sure that you are comfortable with parting with this amount, as no wins are guaranteed.
Example: you select a £10 stake
When you place your bet, your bet slip will look like this:
- Your Town’s Racecourse
- Race 2
- Stake £10
- Win
- Selection #7 Storm Shadow
- Odds 5/1
What happens if your prediction is correct and you win the bet? You will qualify for a payout. This is how much you will get:
£10 at 5/1 = 10 x 5 = £50 (winnings)
£50 + £10 (initial stake) = £60 (total payout)
To collect your winnings, head over to the betting facility and present the bet slip to the teller if you are at the racecourse. At an online platform, it will be automatically added to your wallet in the timeframe specified in terms and conditions.
Tips for First Time Bettors
For first time bettors who are just starting out on their journey in the horse racing betting world, we collected some tips to help you navigate the process.
- Start with simple bets. It is very tempting to jump right into a high risk, multiple-leg bet that promises high payouts if you win. But without prior knowledge, understanding of the odds, the market trends and general scarce experience, you are not equipped to make an informed decision. That’s why newbies are recommended to start with straightforward bets before they move on to other betting markets.
- Understand the odds. Odds are one of the most significant factors in choosing your bet. They tell you how much value you will get on your wager if you win. They also inform you of the perceived probability, i.e. how likely the bookmakers think this particular outcome to happen on the tracks.
- Set a budget. Never enter a race without a set limited budget. When you don’t have a specific amount that you can spend on betting, it is easy to try and chase your losses with more bets. But this approach always leads to disastrous outcomes. Instead, define a budget you can afford to lose without negative consequences and stop playing once you use it up.
Common Mistakes to Avoid
Everyone who tries something new makes mistakes because that’s how we learn. Yet, some mistakes are easily avoidable to save you unnecessary headaches. We collected some of the most common ones to help you have a smoother and more enjoyable horse racing betting experience.
- Betting without understanding the odds. You are entering a bet without any knowledge of whether this horse is expected to win or is seen as a weak contender, how much you stand to win, i.e. if the bet brings you any value, and overall, whether this bet is worth making.
- Choosing complex bets too early. These usually require a thorough understanding of horse racing as a sport, the betting process, and the market. As such bets involve higher risks, you are essentially setting yourself up for a loss because at the start of your journey you don’t have enough knowledge to make an informed decision.
- Not checking the betslip. Like we said, everyone makes mistakes. But a mistake on your betslip may cause you to lose your winnings if you entered some information incorrectly. The solution to this problem, however, is very simple. Make sure to thoroughly check every detail on your betslip before you leave the bookmaker’s facility or press the “Submit” button online.
Betting is only available to participants above 18 years. Please bet responsibly. BeGambleAware.org