How To Bet In Horse Racing

For newbies, horse racing can be daunting. In order to understand the information presented on the horses themselves, it seems you must need a degree in calculus or civil engineering. The sport uses distance measurements that date back to the late 13th or early 14th century. Once you get through,  the wagers become even more complex.

As such, we wrote this beginner's guide to horse racing betting. It will offer you the knowledge you need to understand, the terminology, aid in horse evaluation, and enable you to appreciate a day at the races. You can then progress to our more complex way of choosing a winner once you've mastered this.

How To Bet On Horses 

There are basically two options, which are internet betting or in-person wagering at a racecourse or casino.

The track you are betting on, the race the pony is entered in, the money you are wagering, the type of bet you are putting, and the quantity of the horse you want to bet on must all be stated verbally to the teller when placing a bet in person.

On the other hand, you would just fill out your betting slip if you were using a mobile or desktop device to place your bet. Your account is automatically credited with any winnings.

How Do Odds Work In Horse Racing? 

Horse racing has a pari-mutuel betting system, which implies that the public bets against other participants rather than the house, in contrast to sports betting, in which the pregame odds are fixed.

The wagers are pooled together, and the more money bet on a particular horse to win, the lesser the winning wager's payoff would be. The same is true for exotic bets like exactas and trifectas, which predict the top two finishers in order, as well as place and show bets, which predict the second- and third-place finishers of a race, which are the top three finishers, in order.

Lastly, by post time, when more money enters the pool, the odds that were in place at the moment of your wager may have changed significantly. In other words, there is no guarantee that your odds will remain the same if you wager on a horse with ten minutes remaining to post at 10-1. In contrast, once your bet is placed in sports betting, the possible reward for your ticket will not alter.

What Are The Types Of Horse Racing Bets 

Win, place, and show wagers are the traditional bets. Typically, the minimum bet is $2, though some tracks may accept bets of less. A win wager is only paid out if your horse comes in first. If your horse places first or second, you win the place bet. If your horse places first, second, or third, you win the show wager.

Moreover, Exotic bets, such as exactas, quinellas, trifectas, and superfectas, have higher rewards but are more difficult to win. The minimum stakes for these might vary from $.50 cents to $2 depending on the track.

Exacta lets you choose the top two winners in the appropriate order.

Quinella needs you to pick the top two finishes in any order

Trifecta needs you to select the top three contestants in the proper ranking.

Superfecta needs you to pick the top four finishers in the exact sequence.

Horses can also be "boxed" for additional betting combinations. If your chosen horses win in any order, a boxed exotic bet will result; but, the cost of the wager increases dramatically.

Additionally, you can bet on the winners of several races. The Daily Double, which involves gamblers to pick the winners of two consecutive races, is the easiest of these so-called horizontal bets. Additionally, there are the Pick 3 (select the winner of three straight races), Pick 4 (pick the winner of four straight races), Pick 5 (pick the winner of five straight races), and Pick 6 (pick the winner of six straight races). 

What Are The Types Of Horse Races?

Horse races can be broken down into four main categories: allowance races, stakes races, claiming races, and maiden races.

Maiden Races

The two types of maiden races are the maiden claiming and maiden special weight, which are for ponies that have never won.

Claiming Races

A race known as a "claiming race" allows every horse entered to be "claimed" or bought after the race.

Allowance Races

In allowance races, weights are assigned to horses in accordance with predetermined criteria.

Stakes Races 

A stakes race may be listed or graded such as Grade 1, Grade 2, and Grade 3 competitions. The nomination fee, entrance fee, or starting fee must be paid by the horse's owner in addition to the purse money for the horse to be able to participate in a stakes race.

Final Thoughts

The excitement and drama of a day at the races are often heightened when you place a wager but doing so can be scary unless you feel like you have a basic grasp of the chances. That said, as you go to many horse racing events, take heed of the things listed above to know how to bet on horses.