Okay, let us admit it – man is a gambling creature. We love all forms of betting, including horse betting. In fact, we have been betting on horse races ever since horses have been running.
Betting on horse races is outstandingly profitable, just as long as you know how to do it. Of course, to experienced punters, horse racing betting is as easy as a child’s game. But to the unexperienced, it might seem tremendously difficult. That is why we have created our beginners guide to betting on horse racing – read below and you will see how easy horse racing wagering really is.
Types of Horse Races
First and foremost, you need to know what types of horse races exist. The most common type of horse racing is flat racing. Here, horses gallop around a straight or an oval track. The second most common type is jump (or jumps) racing, which is also known as Steeplechasing and, especially in the UK and Ireland – National Hunt racing. As you could guess, jump racing is the type of racing where horses race over obstacles.
Another common type of horse racing is harness racing – here, horses trot whilst pulling a driver in a sulky. Last, but not least, there is endurance racing, in which horses travel great distances, ranging from 25 to 100 miles (40 to 161 kilometers).
Horse Racing Betting Odds
Now that you know that you can bet on four different types of horse racing, we can proceed to explaining horse racing betting odds.
Luckily, horse racing betting odds are quite easy to understand. In the UK, horse racing betting odds are displayed as fractions but, in general, Europeans and bookmakers like sportsbettingday, express them in a decimal form. For example, if a horse has 2/1 odds and you bet £1 on it, you will have a £2 profit if that horse wins. Decimal odds represent the value of the fraction plus one – 2/1, then, is 3.00. Decimal odds are used to show how much a punter gets from a bookmaker.
Betting on Horse Racing
To almost all horse racing punters, the most intriguing thing about the event is the betting part itself. The tension, as well as the explosion of equine power and the celebration (or disappointment, for that matter) as your horse finishes a race provides a thrill familiar only to horse racing betting enthusiasts. Below, we will discuss the most popular horse racing betting types, for you to learn and experience that thrill firsthand.
Probably the simplest bet one can place on horse racing is the win bet and, thanks to its simplicity, it is exceptionally common among beginners. Generally, the win bet is one bet, based on one outcome, where punters back a specific horse to win the race.
The each way bet is another outstandingly popular bet. Here, punters back a horse each way, effectively making two bets. Placing an each way bet, players back a horse to win the race, and also bet on its place. The term place varies in different race types and number of competitors, but usually punters bet on their horse to finish in the top three.
It is important to take into account that the place element of the bet pays out a fraction of the main odds. Again, that percentage varies with different bookmakers, but generally it is ¼.
To illustrate, let us suppose you place an each way bet of £10 on a horse at 4/1. This will cost you an overall of £20 – one £10 on the win and the other on the place. If your horse finishes first, you get £40 for the win portion as well as £10 on the each way bet. On top of this, you also receive the amount of your initial bet back.
If your horse finishes second or third, you will lose the £10 win bet, but you will make a £10 profit from the each way bet, so you will be fine either way.
Single bets represent bets in which punters are backing just one single event. For example, if a player bets on Sir Barton in an event at the Wolverhampton Racecourse, that is a single bet. The single bet can be either a win bet, or an each way bet.
In horse racing, multiple bets comprise of various kinds of bets. There are simple multiple bets, complex ones, all the way to the notorious Goliath bet, which consists of 247 individual bets placed in one single wager.
Arguably the simplest of all multiple bets, the double bet deals with the backing of two different events. For example, punters might bet on the aforementioned Sir Barton to win the Wolverhampton event and on Trigger to win at Wetherby. In order to succeed, both events must end according to your bet.