There are many aspects to horse racing betting that beginner bettors should learn and practice, but the most essential of them is knowing and understanding the bets, what each of them implies, how they work, and what they can potentially bring for the bettor.
In this article, we will take a closer look at all common horse racing bets, discuss how to choose a suitable bet for you, and share some common mistakes people make and tips on how to avoid them.
What Are Horse Racing Bets?
As any sports betting activity, horse racing betting is built on various bets. It means you are placing a wager on a specific outcome of the race. If this outcome does take place on the track, you will be eligible for a payout.
There are two main types of horse racing bets: straightforward, i.e. simple bets related to the outcome of the race, and exotic that either include more than one horse, combine several bets in one, or require more experience from bettors to be placed under an informed decision.
Below you will find the most common horse racing bets explained. We will break down their respective objectives and give practical examples on how each of them works.
Types of Horse Racing Bets
We compiled together some of the most common bets that enjoy popularity among horse racing bettors. You will find these bets offered on most major bookmaking platforms that include horse racing in their menu.
Win Bet
The objective of this bet is to predict the outcome of the race. As a punter, you place your wager on a horse that in your opinion will come to the finish line first and become the winner. This straight bet is considered the simplest to follow and is often recommended for beginner punters to build their experience.
You are eligible for a payout if the horse you backed does win the race. The amount you will get depends on the size of your stake and offered odds.
Example:
Based on the analysis and market trends, you think that horse A will win the race and place a wager on it under the offered odds, for example, £10 at 17/2. If your prediction happens to be correct and horse A becomes the champion, you will get a payout in the amount of £95 (£85 winnings and £10 initial stake).
Place Bet
The objective of this bet is to predict one of the horses that will take a winning place in the race. The number of winning places in each race is determined according to the number of runners at the start line. It is always announced in advance and typically ranges between 2 and 4.
You are eligible for a payout if the horse you named in your bet takes any of these places. What works in your favour is that you don’t have to define the exact place it will take.
Example:
You place a wager that horse A will take a paid placement in a race with 20 runners. With this number of runners, the winning top will span from the first to the fourth place. You don’t have to specify if horse A will take first, second, third, or fourth place. If it comes to the finish line in any of these positions, you will win your bet.
Each Way Bet
This bet gained popularity with the onset of the digital gambling era. While you are still betting on the outcome of the race, it works somewhat differently. Here you put two stakes on the same horse in one race: one for the horse to win and the other to be placed.
If your horse wins the race, you are eligible for two payouts, one for each stake you placed. If your horse is placed, you will lose the win wager but will get a payout on the stake wager.
Example:
You place an each way bet on horse A: £10 on win with 7/1 odds and £10 on place with 5/1 odds.
If horse A wins, you get £70 (win bet) + £50 (place bet) + £20 (initial stakes) = £140, with the profit of £120.
If horse A is placed, you get £50 (place bet) + £10 (initial place stake) but lose £10 (initial win stake). So your total payout is £60. With the deduction of the win stake loss, your profit is £50.
Show Bet
This bet is very close to the place bet. This term is mostly used in the North American betting market, where place is specifically reserved for the first two positions and show is a bet where you bet that your horse will come to the finish line either first, second, or third.
Correspondingly, you will rarely, if ever, find such a bet on the UK betting platforms, where every winning position is classified as a place. The mechanism for betting and payout qualification is the same as the standard place bet.
Example:
While betting on a US or Canadian betting platform, you place a wager that horse A will come to the finish line in the top three. You are not required to specify which place exactly it will take, so any place between the first and the third will bring you a win.
Exacta
This betting market is considered exotic because it includes two horses in the same race. Your objective as a punter is to name two horses that will take first and second place in the race in that exact order.
As the outcome of your bet depends on two horses instead of one, the risk of making a wrong prediction goes up.
Example:
You bet that horse A will win the race and horse B will take second place. You are only eligible for a payout if that is exactly what happens on the track.
If horse B comes to the finish line first, while horse A is the second, you will lose your wager. The same happens if either of these two horses misses the top top entirely.
Quinella
This bet can be explained as an exacta with more relaxed terms. In your bet, you are still nominating two horses to become the winner and the first runner up of the race, but this time you don’t specify the exact order in which these two horses will come to the finish line.
Since you get more chances to win, this bet offers lower risks compared to the very similar exacta.
Example:
You place a bet that horse A and horse B will be the first two horses to come to the finish line, however you don’t specify which one of them will take the first place and which one the second. You will qualify for a win whether horse A becomes the winner and horse B becomes the first runner up or vice versa.
Trifecta
This bet takes exacta one step further by adding a third horse to the equation. You are placing your wager on three horses to take the first, the second, and the third positions in the race. Same as exacta, these are not three different stakes but one.
Now that there is a third horse’s performance influencing the outcome of your bet, the risk increases.
Example:
You place a wager on horse A to win the race, horse B be the runner up, and horse C come to the finish line third. You will only win if this is the exact order how they finish the race. If, let’s say, horse C comes first, horse B comes second, and horse A comes third, they are still all in the winning top three, but you will lose your wager.
Superfecta
This bet adds yet another horse to your bet, so now you are trying to predict the first four horses that will finish the race, all with one stake. For your wager to be eligible for a payout, the horses have to come to the finish line in the exact order you predicted.
Understandably, the risk level for this bet is even higher than other similar bets.
Example:
Your bet states that horse A will be the first to come to the finish line, horse B will be the second, while horse C and horse D will take the third and the fourth places correspondingly. If, for example, horse C and horse D swap places, this will cause you to lose your bet.
Accumulator (Parlay)
Also known as “multi”, accumulator bets comprise multiple races (or “legs”). You only place a stake once, and if you win, your winnings are automatically placed on the next race. Most parlays allow up to six races.
It takes a lot of experience to accurately predict outcomes in several consecutive races, that’s why accumulator bets are generally recommended for more seasoned punters.
Example:
You place £10 on a horse to win the first race and get a payout of £50. Instead of cashing it in, the entire amount goes on to the second bet, where you bet that another horse will win the second race. If you win again and get a payout of, for example, £200, the whole amount will be placed on a third race.
Now if you win the third race, the winnings will be staked on the fourth. However, if you lose, you will lose all the money that you won in the previous legs of this bet. Cashing out your winnings is only possible after the last leg of the race, provided you stayed in the game for this long.
Straightforward vs Exotic Horse Racing Bets
All horse betting types can be divided into two categories: straightforward and exotic. The first category includes simple bets directly related to the race outcomes. They usually involve only one horse. The second category consists of bets with a more complex mechanism that typically involve higher risks and include more than one horse in one bet.
Straightforward bets are:
- Win
- Place
- Each way
- Show (in North America)
Exotic bets are:
- Exacta
- Quinella
- Trifecta
- Superfecta
- Accumulator bets
Beginner horse racing punters are always recommended to start with straightforward bets until they learn to understand the odds and analyse the market.
How to Choose the Right Bet Type
Now that we have the most common horse racing bet types explained, let’s take a look at what you should take into consideration when choosing which bet to place your wager on.
Understanding how to choose a suitable bet is an acquired knowledge that comes with experience. However, it is not as difficult as it may seem to an inexperienced eye. There are some aspects to weigh in that will help you navigate your decision.
The most important of them is evaluating the risk the bet implies versus the reward it will bring. Unsurprisingly, higher risk bets will result in higher payouts, but at the same time there is a higher chance to lose. Lower risk bets bring lower winnings, but you are more likely to get a favourable outcome.
If you are new to horse racing betting, here are some tips on how to choose the right bet type:
- Start with straight bets like win or place to master understanding the odds.
- Analyse which bet brings the best value on your money.
- Decide whether you want to risk your stake on a high risk high return bet or stay in the game longer with several lower risk bets.
- Analyse the market to understand the trends, favourites, and probable outcomes.
Common Mistakes When Choosing Bet Types
There are some common mistakes punters tend to make when choosing which bet they want to place a wager on. Avoiding them will help you have a better control over the risks and minimise your losses.
Overcomplicating Bets
This is not just choosing to bet on exotics over straight betting markets. If you are introducing excessive variables into your bet, spreading your stake over too many outcomes, engaging in multi-leg exotic bets without a proper analysis or, on the contrary, overanalysing secondary aspects like the horse’s performance 3 years ago on one specific track, you are bound to end up making a bet that will inevitably lead to loss.
Ignoring the Odds
Some punters prefer to place bets following their “gut” and completely ignoring what the odds say. Besides showing you how much you stand to win if your prediction is correct, odds indicate how likely bookmakers deem this outcome to take place on the track.
Another mistake inexperienced bettors tend to make in regards to odds is placing the bet with the very first bookmaker they come across instead of shopping around for the best offer on the race and market they are interested in.
Chasing Big Wins
Of course, a successful six leg parlay will bring you a much bigger win than a quinella but it also involves much higher risks. Opting for a riskier bet in hopes for a big win without doing a proper analysis first or having enough experience to understand which bet is worth it can lead to disastrous results.
Another common mistake here is wagering an unjustifiably large amount on a single bet to get a big payout. Horse racing is a gambling activity, and while analysis is important, it still doesn’t guarantee any outcome.
Tips for Beginners
If you are just starting out and are still exploring the possibilities of horse racing betting, it may seem a bit overwhelming. To make their journey to gaining experience smoother and more enjoyable, beginner punters could benefit from the following tips.
- Start simple. Master simple, straight bets before you switch to exotics. A win bet is a good place to start if you are new to the betting process.
- Understand the odds. Odds are essential to assess the value of your possible bet, to calculate your potential winnings, and to know the perceived probability of this particular outcome of the race.
- Manage your bankroll. When you are starting out, avoid placing large stakes. Always have a limited bankroll set aside that you can afford losing. Never chase losses and never go over the limit.
Betting is only available to participants above 18 years. Please bet responsibly. BeGambleAware.org