Betting is the act of gambling money by predicting the outcome of a sports event or a game. A bettor or gambler is the person who is making the bet. A bookier or dealer is someone who accepts the bet from a bettor and pays for a win. The outcome in horse race betting can be either a win or a loss of your choice, depending on the kind of bet you are making. In this article, you will learn about the common methods of betting money in a horse race.
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Recommended: How to Bet on Horse Races for Beginners?
Types of Bets
In sports betting, specifically in horse race betting, there are three common types of bets that one can place – bet to win, bet to show, and bet to place.
Bet to win
This is the most basic kind of betting in which the player wages money on the winning of a horse or any other specific event and is paid out on winning. The bets are made through a bookie who will give you the odds of a particular market. The winning probability in this type of bet is comparatively lower.
For example, if you are betting $1 on a market with 2-1 odds, you’ll get $6 in return if your horse wins the race. So, if you are after more money and willing to take risks, this is the best betting option for you.
Bet to place
When, instead of placing your bet on a horse to win, you bet money that your horse will finish in either of the first two positions, it is called a bet to place or a place bet. The payouts are lower than the win bet, but the odds are better since you will win the bet if your selected horse finishes at any of the first two spots.
The place bet itself may differ depending on the location of the event.
In the UK, if there are seven or fewer horses in a race, only the first two finishers are usually considered for winning bets and there is no show bet involved in such events. If there are eight or more horses in the race, the first three places are paid for place bets. And if there are 16 runners in a race, the first four places will be treated for place bets.
On the other hand, in the US, a place bet simply denotes the first and second position in a particular event, irrespective of the number of horses in the race.
Bet to show
When you place a bet on your horse finishing at first, second or third place in the race, it is called a show bet or a bet to show. You will win the bet if your horse secures any of the first three positions in the race. It is considered one of the easiest bets in horse racing since the odds of winning are way higher than other betting options.
Since the probability of winning this kind of bet is higher, the payoffs are the lowest among the three bets. The risk is also the lowest here. So, if you are looking to play safe, this is the bet you should place.
There is an alternative type of bet, called Each Way bet, in horse race betting. This type of bet involves splitting your wage amount into two and placing half on the win, and half on the place. This way, if your horse finishes at the first place, you are paid according to the win bet, and if your horse finishes at the second place, you are paid according to the place bet.
There are some other less popular types of bets that are placed on horse races. Check them out below.
Quinella: Betting on two or three horses for finishing in the first and second place in a specific order. The winning probability is not much.
Exacta: Betting on two or three horses for finishing in the first and second place in an exact order. The winning probability is very low and the payout is very high.
Trifecta: Betting on three or more horses to finish in the first, second, and third place in exact order. Very hard to win and very high payouts.
Daily Double: Betting on a horse to win two consecutive races. Hard to win and payoffs are nice. There are further alternatives to this type of bet depending on the number of races to pick.
Superfecta: Betting on four horses to finish in the first, second, third, and fourth places in exact order. Extremely hard to win.