Betting on all sports is exciting, but there’s something about betting on horse racing that takes it up to a whole new level. A great deal of this has to do with the thrill of the run-in when two or three horses, hopefully including your one, vie to finish first.
Also, there’s a good chance that you’ll be getting far better odds than you would in other sports where it’s a simple contest between two teams or individuals.
But before anyone embarks on horse betting for the first time, there are a number of things to learn and bear in mind.
The first of these are the different kinds of bets you can place on a race.
Horse racing odds and bets
Unlike some sports that use American odds based on the amount you would need to wager to win $100 or how much a $100 bet would win you, horse race betting is different.
Instead, they are expressed as the multiples of the stake amount you’ll win if your horse does.
So, say you put $10 on a horse at odds of 3-1. This means you would win $30 and get your original $10 stake back. A horse heavily backed to win might be at something called odds-on to win. In this case, odds could be expressed as 5-4, and a $10 stake would only win you $8.
Straight wagers
This is the most basic form of bet you can place. There are a number of different categories of this kind of wager. The most basic is a win which, just like it sounds, is on whether your horse will come first in a race.
You can also place a bet on a place. This pays out if your horse finishes in either first or second place. It will pay out less than for a win because, statistically, your chances of winning are that much higher.
You can also choose to place a bet on a show. This also wins if your horse comes in in third place in a race. The payout in this situation is almost certain to fall into the odds-on category so your winnings will be lower than your stake.
You can also place a bet that’s “across the board”. In this you place three separate bets on whether your horse will win, place or show. If it wins all three bets will pay out. If it finishes second the place and the show bets do and if it’s third then at least the show bet will come good.
Exotic wagers
As you gain more experience in betting it could be time to try what are called exotic wagers. More complex than simple ones, they also offer the chance of greater payouts. It’s a good idea to follow expert sites like Doc’s tips, if you plan on placing any advanced bets.
The first of these is the exacta. This is a prediction that a particular horse will come first and another second and only pays out if this is the exact result. The alternative to this is the quinella in which the two horses you’ve chosen can come first and second in either order.
Then there’s the trifecta. In this you need to correctly predict the finishers’ 1-2-3 order of the finishers and it will only pay out if they finish in this exact order. If you’re feeling even more confident, then there’s the superfecta, which is a prediction of the first four horses.
Get this right, and the multiplication of all their odds together will mean a pretty sizeable payout, as one novice bettor discovered in 2013.
On all of these, you have the option to “box” your bet. This means that the horses you’ve picked can finish in any order. The stake will be higher, but so will your chances of winning.
Picking your horses
Of course, the million-dollar question is how to pick the horses that you’re going to back.
This is a question of looking at their form – that’s how they’ve performed recently in other races – as well as whether they have already beaten other horses that they are competing against in a particular race. This is all information that is easily available and becomes easier to understand the more you study it,
Another key consideration is who the trainer and the jockey of the horse are, as they may be in the middle of a particularly successful winning streak.
Choose smaller fields to start
For beginners, it’s also a good idea to start with races with fewer runners. Avoid big races like the Grand National, which can have up to 34 horses competing, and concentrate on ones with between 8 and 12 instead. You’ll be maximizing your chances of winning, and there’ll be much less form to study.
Like everything, betting on horse racing gets easier with practice. So, although it might seem initially confusing, once you’re in the saddle, you’ll be well on your way!
