All Horse Racing Betting Types Explained in our Beginners Guide to Betting

Types of Horse Racing Bets

You will probably already be aware of a “to win” bet and the chances are you have heard of the expression “each-way bet”, these are just two of the more straightforward bets. There are lots more out there which we will explain in this guide.

Difference Between Early Prices and Starting Prices

Online bookies offer early prices on races in the UK and Ireland, they are usually available by late afternoon on the day before racing. You can think of them as “early bird specials” and you will find that the early prices are updated constantly online. This is the perfect time to try and find the best odds with different bookies, like many people, I myself, have more than one online bookmaker that I use. This allows me to find the best price.

If you take an early price, most bookmakers will offer “best price” or “best odds guaranteed” and should the returned starting price (SP) be better than the early price taken then the bookmaker will pay out on the SP.

Betting to Win Online

The easiest bet! This is a straight forward bet on your chosen horse to win the race outright in first place.

Example: You bet £20 on Horse A at 4-1. If it wins, you receive £100 i.e. 4 x your £20 stake plus your stake returned.

Betting Each Way On Horses

An each-way bet is in reality, two bets on the same horse. Half of your total stake is bet on the horse to win and half on it to be placed (the place requirement changes depending on the amount of runners). If your selection wins, you win on both parts of the bet. The place part of the bet is paid out at a fraction of the win odds and will be shown in the betting slip.

The fraction of the odds on the place bet, depends upon on the type of race and the number of runners. You need a minimum of five horses to race (runners) to be able to bet each-way:

• If 5-7 runners are in the race, the bet pays out on 1^st and 2^nd place at ¼ odds
• If 8 or more runners are in the race, the bet pays out on first, second and third places at 1/5 odds
• In handicap races, the pay-out is ¼ the odds as follows:
• 12-15 runners, the bet pays out on 1^st, 2^nd and 3^rd place at ¼ the odds
• 16 or more runners, the bet pays out on the first four places at ¼ odds

Although these are general guides, special events might see these terms changed with certain bookies paying each-way down to fifth or sixth place for big races such as the Grand National.

Example: You Bet £100 each-way on horse “bin dipper” at 8-1 in a handicap race with 16-runners, if it finishes fourth, you receive £300 i.e. ¼ odds x your £100 stake. If it wins you receive £1200 i.e. Your £300 place bet return plus £900 for your £100-win bet.

Place Only Betting at Online Sports Sites

There may be situations in which you wish to bet “place only”. An example of this is a race in which you believe that the favourite will not be beaten. You therefore may wish to bet on the horse who you believe will finish second or third. Stoke-on-Trent bookie, Bet365 allows you to do this, you can bet on a horse without the “win” part of the bet.

If you are a fan of American betting then you will find that the USA have a different definition for a “place” bet, a place bet means you are betting for the horse to finish 1^st or 2^nd, the term “show” is used to describe the horse finishing 1^st, 2^nd or 3^rd. You will see different odds for the different markets.

Online Betting Strategy for Win and Each-Way

Although there are always exceptions to every rule, it is very rarely worth backing a horse each way if the odds on that horse being placed are less than 4-1. This is because you need odds of greater than 4/1 to cover the “win” aspect of the bet.

Although we have mentioned “place only betting”, it is difficult to recommend it as a tactic to use. If you bet on a horse at 100-1 and it is in 2^nd place whilst approaching the final fence, you are only going to get paid out at ¼ of the odds, even if your horse finishes first.

Each-way betting is a useful strategy for outsiders, rather than fancied horses. Let’s be honest, there is nothing better than seeing a 250-1 shot that you have backed each way, cross the line first.

Ante-Post Betting

Ante-Post or “Futures” Betting is a relatively strange market, ante post bets are bets placed in advance of the event, this usually means placing a bet prior to the overnight declaration stage.

The benefit to the punter is that you can receive a better price than you would on the day (but not guaranteed), the main disadvantage of ante post betting is that if your horse doesn’t run it is considered a loser – ante post bets are accepted all in run or not.

All the big races are available to bet on well in advance and some astute punters like to pick a horse early in the season when the odds of the horse that they fancy will be much higher than if they waited till nearer the time.

Some of the meetings where ante-post betting would be available include;

• Kentucky Derby
• Cheltenham Festival
• Aintree Grand National
• Epsom Derby
• Breeders Cup
• Dubai World Cup
• Epsom Oaks
• 1000 Guineas
• 2000 Guineas

Although ante post betting is popular and most known in horse racing, the same rules can apply across all sporting events – look out on the event for “ante post rules apply” message.

Recently, bookmakers have started offering a “non-runner – no bet” promotion for some of the top races. However, in the vast majority of cases, ante-post bets are placed “all in, run or not”.

Making Ante-Post Betting Work for You

Ante-post betting will not suit everyone, as it does involve a high element of risk. As bookies rush to quote prices for a race it is possible to get great prices but the general advice is to allow the market time to settle.

One of the biggest dangers is the fact that a horse may get injured nearer the time of the race, as we have mentioned this would result in the loss of your stake. You will often see horses listed for a race when in fact the owners have no intention of their horse being in the race, you can minimalise this risk by studying race reports for confirmation of running plans.

Ante-post betting can be a very profitable market, one such story is that of Conor Murphy who was a stable boy for Nicky Henderson. Conor placed a £50 ante-post accumulator and won so much money that he was able to quit his job and seek work as a trainer in the United States.

Betting “Ante-post” does not mean that you have to place your bets weeks in advance, many bookies offer prices early in the week for races on a Saturday. Some trainers will state the preferred conditions (the going) so nearer the time you can make a judgement call if you think the horse is likely to race or not.

Forecast Betting in Horseracing

Forecast and Tricast betting involves selecting horses to finish 1^st and 2^nd or 1^st, 2^nd and 3^rd in the correct order. This is a lot harder to predict but as a result the odds will be a lot higher to reflect this.

Straight Forecast – The Straight Forecast involves picking the 1^st and 2^nd horse in the correct order.

Exacta – Is the same as the Straight Forecast but the return is based on the Tote pool dividend, this will vary from race to race. The minimum stake to bet is £2.

Trifecta – The Trifecta requires you to name the first three in the race in the correct order, also to a minimum stake of £2. Again, this is hard to predict but the returns are also very high.

Swinger – The Swinger or Tote swinger as it is also called, is a single-race bet with two selections where both have to finish in the first three to achieve a return. Separate dividends are returned for first and second, first and third and second and third.

Horseracing Reverse Forecasts & Tricasts

Reverse Forecast and Reverse Tricast betting is the same as Forecast and Tricast betting except that the horses do not have to finish in the same order. The bet covers all the permutations of your selections. Each permutation is a separate bet within the Forecast or Tricast so your original stake will be higher, a similar wager can be found with dog betting. As there are multiple bets involved, your stake will be higher than placing a single bet.

Multiple Bets in Horse Racing

For punters wanting maximum pay out from a relatively small stake, multiple bets are a popular choice. This involves combining horses from several races in doubles and upwards. These are perhaps the most common bets and you may have heard some of these terms before.

Double – 2 horses combined, both have to win for you to receive a return on your wager.

Treble – 3 horses combined, all three must be successful.

Trixie – 3 horses in combined in 3 doubles and 1 treble, 4 bets in total. The great thing about the Trixie is that you only need 2 horses to win to get a return. Remember as it is 4 bets, your stake will be x4.

If you prefer to have the prospect of a return from only 1 winner, you can place a “Patent” which also includes 3 single win bets i.e. 7 bets in total so your stake will be x7.

Yankee – 4 selections in 6 doubles, 4 trebles and 1 accumulator. You need 2 horses to win to get a return i.e. 11 bets in total. If you would prefer to guarantee a return from only 1 winner, the “Lucky 15” also includes 4 single bets i.e. 15 bets in total. Some online bookmakers will enhance your winnings with a bonus, this can change from site to site.

Canadian or Super Yankee – 5 selections in 10 doubles, 10 trebles, 5 four-way accumulators and 1 five-way accumulator i.e. 26 bets in total. This is one of our favourite bets.

A “Lucky 31” combines five selections in the same way as a Canadian or Super Yankee but also includes 5 single bets for 31 bets in total. Again many bookies will add a bonus if your “Lucky 31” comes up.

A Heinz combines six horses in 57 bets: 15 doubles, 20 trebles, 15 fourfolds, 6 fivefolds and 1 accumulator. A minimum of two of your selections must win in order to get a return. The name of this bet comes from Heinz’s early historical advertising slogan “57 Varieties”

The “Lucky 63” is the same as the Heinz bet only with 6 single bets added and bookmakers usually offer bonus payments similar to those on the Lucky 15 and Lucky 31.

Super Heinz involves every multiple combination of seven horses i.e. 120 bets: 21 doubles, 35 trebles, 35 fourfolds, 21 fivefolds, 7 sixfolds and 1 accumulator. A minimum of 2 of your selections must be successful to get a return.

Goliath – As its name suggests, this is a big bet. 8 selections in every multiple combination for a total of 247 bets. The bet includes 28 doubles, 56 trebles, 70 fourfolds, 56 fivefolds, 28 sixfolds, 8 sevenfolds and an accumulator. Again, a minimum of 2 of your selections must win in order for you to receive money back. Many punters will use a lower stake with these big bet combinations, for example a 5p stake x 247 = £12.35.

Scoop 6 – The Scoop 6 is an accumulator on Saturday, across six chosen races.  You are required to stake £2 and one selection in each race. The Scoop 6 jackpot prize will roll over to the following weekend if nobody manages to name all six winners. This can lead to a considerably higher pay out than the starting price accumulator. Tote Jackpot – TheTote Jackpotis run daily and is where you have to correctly name the first 6 winners at a meeting. The minimum stake is £1. This can be your path to riches, Steve Whiteley scooped a record £1.45m for his £2 Tote Jackpot bet when 12-1 shot Lupita finally won after a series of 26 defeats. Tote Placepot – A Tote Placepot is available at every British race meeting and requires you to select a placed horse in each of the first six races. Dividends are declared after the last Tote Placepot race and will reflect the amount of money staked and the number of winners. Tote Quadpot – A Tote Quadpot bet is also available at every British race meeting. It consists of selecting a placed horse in the 4 Tote Quadpot races at your chosen meeting.

Strategy for Multiple Betting on Horse Racing

The incentive for multiple bets is the hope of a massive win for a relatively small outlay. This comes more into the “fun” or “high risk” side of betting but you can still cut down on potential losses by adopting a strategy.

For example, when placing a Lucky 15 on four horses that are all likely to start at short prices, the advantage of the Lucky 15 is that you get a return on one winner, yet you are staking four extra points than you would for a Yankee. Therefore, you need odds of at least 3-1 just to cover your extra stake. Likewise, you need 4-1 for a Lucky 31 and 5-1 for a Lucky 63.

Most professional punters argue against each-way betting and multiple betting but both have their advantages. At Ascot in 1996, Frankie Dettori rode 7 winners, the cumulative odds of his seven winners was over 25,000 – 1. Lucky punter Darren Yeats staked £59 on the Italian that day and was rewarded with a cool £550,000. Unfortunately, most people won’t be as lucky as Mr Yeats but it does illustrate how quickly winnings can accumulate.

Special Bets on Horse Racing

Online sports bookmakers also offer a great choice of special bets on horse racing. These include daily specials and you can even place long term bets on the Jockeys’ and Trainers’ Championship.

Many bookies offer enhanced prices for certain jockeys to win meetings and you can even bet on the number of favourites that win. Many of the televised ITV and ITV4 races are incentivised with free bets.

Betting Exchanges

Betting exchanges have changed the way that you can bet on horse racing. With betting exchanges, you are acting as a bookmaker in that you offer a fixed price to a fixed amount. You can back a horse to win but you can also “lay” a horse to not win.

If the horse loses you collect the punters stake money but, if the horse wins, then you have to pay the other person the amount of the stake multiplied by the odds on which you agreed.

This type of betting strategy requires a good deal of expertise, the ultimate aim is to be in a win/win situation in which no matter what the result is, you will win.

In-Running Betting

One of the most exciting developments within the online sports betting arena is betting “in-running”. No-longer does the book close when a race starts and you can see the odds changing in real-time to reflect the action on the course.

It is a fascinating and fun way to bet and brings the excitement of the track direct to your home or even your mobile or tablet if you are out and about.

Rule 4 Deductions

All bets are subject to Rule 4 deductions, you may also hear rule 4 being called the Tattersalls Rule of Racing and it governs what happens if a horse is withdrawn from a race. Let’s give an example to show how it works;

• You have bet on “Lucky Luke” @5/1 in the 13:30 at Ascot. There are three scheduled horses in that race. Before the race “Bin Dipper” withdraws due to injury.
• The race is now a two horse race and of course the chances of you winning has now increased so the 5/1 you received is no longer a fair reflection of your horse’s chances of winning.
• Rule 4 involves deducting a set amount from any winnings. The size of this deduction is determined by the price of the non-runner at the time of withdrawal. Let’s say in our example that the horse that withdrew was priced at 7/4, therefore looking at the table below a deduction of 35p in every £1 would apply. This would automatically be deducted from any winnings.

Free Bets for Horse Racing

If you don’t have many accounts with online sports bookmakers, then the great news for you is that you can pick up some fantastic deals that are only for new customers. As bookies try and tempt you to join them, they will offer free bets and some companies offer enhanced odds on your first bet.

The bonus amounts vary between bookmakers but usually range from £10 to £200. Rather than just giving you free cash, most will require you to make an initial deposit and often the bookie will match the amount you deposit.

One-point worth making is that some bookmakers have a “wagering requirement” which stops you withdrawing your bonus amount until you have bet a certain amount over your initial deposit. This wagering requirement can vary greatly from bookmaker to bookmaker and can make a huge difference to how much you need to bet.

For example, if you have a £10 bonus with 5x requirements, you will need to stake a total of £50 for any of your bonus winnings to be transferred to your Main Cash Balance. If the wagering requirement is 10x, you would need to bet a total of £100.

Our Top Ten Tips for Betting on Horse Racing

1. Free Bets – Take advantage of special offers for new customers. You are not limited to just using one company. This gives you a chance to get to know a sportsbook and by trying a few you will soon find a bookmaker you like.
2. Best odds guarantee promise – If you take a price about a horse and the starting price is better, most bookmakers guarantee that you will be paid out at the better price.
3. Compare prices at sites – Once you have more than one online account, you can compare the odds that they are offering to ensure you get the best value for your bet. Differences between prices can be your key to making a profit. Prices are usually online by late afternoon for the following day’s racing, for bigger events the prices will be available well in advance.
4. Check the going reports – The ground is one of the key factors in assessing form and judging how a horse will run. Some horses prefer faster ground but a very few excel in different conditions such as heavy ground. You can check the history of a horse to see what type of ground it prefers. A change in the going can really benefit certain horses.
5. Study the form – It is always worth taking a little time to study the form of the runners, this effort can pay dividends in the long run. When picking a selection, it should have good recent form over the distance and on similar ground.
6. Keep a record of your overall total – If you are serious about your betting, keep a record of your investments. It is easy to only remember the winners and forget about the losing so having an awareness of your profit and loss will help you develop your skills.
7. Keep up-to-date with trends –It’s so easy in the modern age to keep abreast of all the latest news and races. Keeping informed will help you spot hot streaks for a jockey or stable.
8. Ante-post betting – To minimise the risk of having a non-runner, always check the racing reports to confirm running plans before placing your ante-post bet.
9. Special bets – Check online regularly for the latest special bets or offers, some companies offer price boosts which can add great value to your selections.
10. Never bet beyond what you can afford – It can be quite easy to get heavily engaged in betting and the majority of people are able to enjoy betting without any problems. However, if you feel yourself or someone you know has a problem with gambling, then they should seek help. The website at gambleaware.co.uk has some great tips to help you stay in control.