Types of Horse Racing Bets
In traditional horse racing, the first thing to understand is that you are in direct competition with the bookie, sportsbook, or oddsmaker at the track who is setting the line.
They want your money, and you want theirs.
Each sportsbook uses its own system to set the odds. In theory, odds are structured so the book profits regardless of the race outcome.
The Most Common Bets in Horse Racing
Straight Bet (a.k.a. 'Single' or 'Win' bet): Here, you are simply trying to call the winner. For this, you are given definite odds. If your selection wins, you're paid according to the odds you received when placing the wager. Simple in concept, but never short on drama.
Place Bet: This option allows a little leeway on your prediction, paying back as long as your horse finishes either first or second. In exchange, place bets have lower odds than straight bets.
Show Bet: You get even more freedom here, earning a trip to the pay counter as long as your pick finishes inside the top three.
Combination Bet: This wager allows you to select multiple horses to finish in a specific order. The cumulative odds on this can multiply rapidly if you get it right.
Pick 3: A difficult wager that requires predicting three winners in consecutive races in advance.
Pick 6: Parlay bettors are drawn to this play, requiring you to correctly pick the winners of six consecutive races, with all six selections locked in before the first one is out of the gate.
Quiniela or Reverse Forecast (UK): This involves betting on two horses to finish first and second in a single race, where the order doesn't matter. Your two horses can finish in either order. To place the bet, you request a "$10 quiniela, numbers 3 and 7". If the results of the first two horses are either 3-7 or 7-3, you win.
Perfecta / Exacta / Straight Forecast (UK): Also two horses, but the difference here is that your picks must cross the finish line in your chosen order. To bet, say "$5 Exacta, 4-7." You only win if the horses finish 4-7.
Trifecta / Tricast / Treble Forecast (UK): Like a Perfecta, but betting on three horses to cross the finish line in exactly your chosen order. A typical ticket might read "$10 trifecta numbers 3,2 and 5." Only if they finish 3-2-5, you win.
Superfecta: You must correctly predict the first four finishers in exact order.
Daily Double: Allows you to select the winners of the first and second races of the day, placing your bet before the start of the very first race. Example: "$5 daily double on 6 (your pick to win in the first race) and 2 (your pick to win in the second race)".
Jackpot: Like the lottery, you pick six winners in six races. Prizes vary, and because the odds are so extreme, they tend to be substantial.
Accumulator: A sequence of bets of your choice, where you 'let it ride'. You bet on multiple races, and the winnings are passed along to the next bet in the sequence. Successful selections can yield massive payouts, but a single losing leg wipes out the entire ticket. Not for the faint of heart! Tied or canceled races are simply removed from the accumulator.
Future Bet: At the start of each horse racing season, you will be able to get odds on a horse to win a certain event at some future point, which you specify. The odds you get are fixed, so even if they shorten for everyone else as the race approaches, you still get the original odds you were offered.
In the UK, bets are done slightly differently. If you want to place an each-way bet, you need to know that with 2 to 4 runners you can't do place betting. With 5 to 7 runners, place payouts are typically awarded on horses finishing first or second at one-quarter odds. With 8 or more runners, you can go all the way to show and will win one-fifth odds.
To complicate matters, handicap races have different rules. With 12 to 15 runners, payouts can extend to third place at one-quarter odds. With 16 or more runners, you can bet on the 1st, 2nd, 3rd, and 4th at one-quarter odds. If you’re unsure about a wager type or payout structure, ask the bookmaker or teller before placing your bet. Most will happily explain or offer assistance.
For more horse racing advice, check out my strategy tip sheet.
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