Guide To Different Horse Racing Betting Types/Markets
Anybody who has ever placed a bet on a horse race will know that there’s so much more to it than just trying to back a winner. So we are going to have an in-depth look at all of the different betting types/markets for the sport of the kings. If you ever had a question like “what is an each way bet?”, or “why can’t you just bet on all the horses in a race?”, then you’ll be glad to know that we’ve got the answered to these questions and many more besides.
While our guide won’t be able to guarantee you a winning bet every time, it will help to uncover some of the more interesting betting types/markets offered by bookmakers. So be sure to check out our betting guide and see how you can maximise your potential wins and minimise your losses the next time you bet on the horses.
Why Do You Need To Know Different Betting Types?
For most casual horse racing punters, betting is usually a simple question of trying to predict which runner will come first in a horse race. Although this is the most popular kind of horse racing bet, it is all or nothing. To make betting more varied, there are other betting types that can offer a better alternative than just betting on every horse in a race.
Imagine that you wanted to bet on a particular runner that turned out to be the race favourite. This meant they could only deliver relatively unprofitable odds. In order to boost your profit potential, you could also bet on other runners in the race and predict their finishing position. While this increases the potential risk of you losing your overall bet, it has the potential of making your winnings much more worthwhile. This is just one among many possibilities we’re going to explore in more detail, throughout the course of this article.
Although it might take some time to get used to the terminology that surrounds some of the more advanced horse racing bets, it can be worthwhile in helping you formulate a betting strategy over the long term. So if you want to take your horse racing betting to the next level, be sure to follow our guide to the most popular betting types.
Why Don’t People Bet On Every Horse In The Same Race?
Let’s start by dealing with one of the issues most commonly raised by newcomers to horse racing betting. It might seem like a failsafe strategy to try betting on all horses in a race, but this shows a lack of understanding about how bookies formulate their odds.
In order to stay in profit, all bookmakers will gradually tilt the odds in their favour. By setting the prices for each runner so that the potential winnings are a fraction less than the amount you’d need to break even, it means that you’ll never be able to recoup your betting stakes if you backed all the runners.
Now that we have we have answered that recurring question of why don’t people bet on every horse in the same race, we’ll need to take a look at some of the betting options that might actually be worth your time.
The Most Popular Types Of Horse Racing Bets
If you go to any respectable sports betting website, then you should expect to find a wide range of ways to bet on horse racing. To help you make sense of this, here is a quick summary of the most common horse racing bets for you to consider.
Race Winner Bet
This is by far the most common type of bet, and it’s also the simplest. All this requires you to do is to make a single selection on one racehorse.
So how does the race winner bet work? If you wanted to bet on a horse with odds of 5/1 and you put down a stake of £10, then you could look forward to receiving £60 in return if all goes well. This would be the £50 profit, plus your original £10 stake.
However, some betting sites will display their odds in a decimal format. This automatically includes your original stake in the odds. Returning to our example, a 5/1 fractional bet would be displayed as 6.00. Some newcomers to betting find that decimal odds are easier to use, but it’s usually a matter of personal taste, and most decent betting sites will allow you to switch between the two odds formats.
If a standard race winner bet looks a little risky for your favoured runner, then you might want to try placing an each-way bet. This requires you to put two different bets on the same racehorse. The first part of the each-way bet will back the runner to win, while the second part will predict that the runner will place.
Having a horse that places means that it will have to finish within a certain range of positions in the field depending on how many runners there are in the race. If there are between two and four runners, only a first place result will win the bet. If there are between five and seven racehorses, you are allowed to have your horse finish in the top two places for the bet to be successful. For races where there are between eight and 15 runners, then a top three finish will allow you to win an each-way bet. If there are sixteen or more racehorses, then you only have to have your horse finish in any of the top four places for you to win something.
If your horse comes in first, then you will win both parts of your each-way bet. But what happens if your chosen horse only gets a placed position in the race? This being the case, you will only win the place part of your bet. This means you can expect to receive about a quarter of the winning odds. While this isn’t quite as exciting as a winning bet, it is less risky than the more stringent race winner bet.
However, before you rush off to place your each-way bets, then you should know that these kind of bets are very odds dependent. So if your horse has odds lower than 4/1, then a place position could actually pay out less than your original stake. So while each-way bets give you a better chance of a payout, it takes skill and research to successfully use this kind of wagering.
Accumulators are becoming increasingly popular bets, and are a decent option if you’re looking to boost your potential profits when betting on horse racing. While accumulator bets carry a large amount of risk, if you play it right, the potential payouts can be remarkable. So if you’ve ever wondered why can’t you just bet on all the horses in a race, refocus your thinking on how accumulator bets could offer a better alternative.
Accumulator bets require you to place multiple bets. You will choose two or more horses to win or place in their respective races. So if you were heading out to a day at the racetrack, you could combine bets on the winners of the first, second and third races into one single accumulator bet. This means that all of the odds would be combined to produce a total that is difficult to win, but can be capable of significant payouts if it comes off.
There’s no real limit to the amount of selections that you can include in your accumulator bet. However, remember: the more selections you include, the riskier the bet is. If you really fancy your chances with accumulator betting, then you can look further into advanced accumulator bets likes Trixies, Yankees, Canadians or even a Heinz. These can combine a massive amount of selections for a potentially huge win.
Forecast and Tricast Bets
If you think that you have a pretty good idea of how a horse race will pan out, then it could be a wise to try a forecast bet. A forecast bet requires you to predict which horses will come first and second in a particular race. If you win this bet, then the winnings from the first runner will be rolled over to the second horse. This means you would be in line for a pretty good payout if all goes as you predict.
If you want to take this a step further, then you could take a tricast bet. This follows the same methodology as a forecast bet, but it requires you to predict the top three finishing positions. Do this correctly, then the winnings will roll over all of your winning selections. While it can be fairly tricky to get either of these kind of bets to work in your favour, they can be handy bets to use if the odds for the favourite aren’t too generous.
Tips For Using Different Horse Racing Bets
Using different horse racing bets successfully requires plenty of research, skill, and — arguably most importantly of all — patience. We would always recommend that you start with simpler bets and then work your way up to the more complex wagers as you begin to get a feel for how the many kinds of bets work. However, if you want to ensure you start off on the right foot, here are some simple tips to follow that can help.
Use Accumulator Bets Sparingly
It can be easy to get carried away with the thought of how much you could win with an accumulator bet. However, you need to remember that all of your selections must win if you want to achieve a return on your bet. So always try and keep the odds relatively low in your accumulator selections so that they don’t combine to produce an acca bet that’s virtually impossible to win. It’s also important to try to remember that you don’t necessarily need to put down a huge stake to produce potentially lucrative winnings. “Keep it simple” is definitely the best choice when it comes to accumulators.
Don’t Forget About Promotional Offers
Nearly all bookmakers like to reward their new and existing customers with a range of promotions. From extra bet deals to losing bet refunds, all of these special offers can significantly boost your potential profits. Of course, it’s always worth double-checking the terms and conditions of each bonus to see how it relates your horse racing bets. It’s fairly common to find that you can only use a bonus for race winner bets, so be sure to read the small print so as to avoid any disappointment.
Consider The Odds
Regardless of what kind of horse racing bet you are making, you will need to pay plenty of attention to the odds on offer. This is an obvious fact when placing a race winner bet, but it’s also very important for each-way bets. This is because if only the place part of your each-way bet wins, then it will need to be on odds of 4/1 or higher to give you a return that’s larger than your original betting stake.
Keep It Fun
Finally, we have to remind you that you should always view horse racing betting as entertainment first, and not as a way to make money. Responsible gambling is definitely the way to go, so always wager with money that you don’t mind losing so as to ensure your horse racing betting remains fun at all times.