Due to the nature of the sport – as well as the absence of in-play betting – there are considerably less types of bets for horse racing than there are for other sports. It is important that you study each of them properly and gain a firm understanding of how to use them so that when the time comes, you’ll be able to place bets with total assurance.
The Each Way Bet
The each-way bet is one of the most common types of wagers used in horse racing. It is a bet made up of two parts: the ‘Win’ part and the ‘Place’ part. Both parts are of equal value and you see a return on your bet if your selections wins, but also if it places (finishes in positions 1, 2,3,4 or sometimes 5 in really big races or races with a bookmaker’s special offer).
Straight Bets are the simplest of horse racing wagers and are, very often, the go-to bet-type for beginners. They require less risk, less experience and skill, less funds, and are generally far easier to secure a return. Although you may feel tempted to start experimenting with some of the more exotic wagers right from the off, at this stage we advise sticking with straight wagers where you only bet on one horse and things are kept nice and simple.
The Win Bet
A ‘Win’ bet is when you place a bet on a horse to finish first in a race. If your horse finishes first the bet is a winner. If not, the bet loses.
The Place Bet
Here you’re betting on your selection to finish first or second. You only see a return if the selection crosses the line in one of these positions. Pay-out prices here are generally lower than a win bet.
The Show Bet
A show bet is when you wager on a horse to finish in positions one two or three. Since the chances of winning are higher for this type of wager the pay-out prices are considerably lower than a win or a place bet.
Across the Board
An across the board wager is a combination of the win, place and show bet. If your selection finishes first you collect on the win, the place and the show. If it finishes second you collect on the place and the show. If it finishes third you only collect on the show bet.
Bets where you combine multiple selections into a single bet are known as ‘Exotic Wagers’. They can reap huge profits, although they do require a more strategic approach and considerably more know-how. Exotic wagers are typically used by more experienced punters with a more sizeable bankroll as they can, very often, require you to lay out a fair sum of money in order to guarantee a profit.
The Tricast Bet
A tricast Bet (sometimes referred to as a trifecta) is where you bet on three horses that you think will finish in first, second and third position in an exact order. This can become pricey if you use several horses, however pay-outs are sizeable if the selections come good.
The Reverse Tricast
A reverse tricast, sometimes referred to as a combination tricast, is a variation of a tricast bet where you wager on which horses you think will reach home in first, second and third in any order. This will increase the cost of your bet significantly as you are covering several different combinations, each of which is considered as a separate bet.