For those who are new to the thrill of betting on horse races, this guide is tailored to explain the basic terminology and allow you the chance to place a bet by running through the various areas to keep an eye on.
Betting Types In Horse Races
When you’re going to make a wager, there are two types to choose from: single horse bets – better known as straight wagers – and exotic wagers. For beginners, it’s best to ignore the exotic wagers if you are learning the ropes and rather do a straight wager since they’re usually fairly cheap and quite simple to get the hang of.
Straight Wager Overview
Straight wagers, also known as single horse bets, are when you bet on one horse and one horse only. You’re able to place a straight wager in the following ways:
Win: You are betting that the horse you’ve chosen will come in first.
Place: You are bet on the place in which your horse will come – which is either first, or second. This type of bet pays less than a win-only bet, since you’re doubling your winning chance.
Show: A show bet is a top three choice, since you’re betting that your horse will either be first, second or third. It’s a great way to hedge your bet, but the payout for a show bet is far less than either a win or place bet.
Across The Board: When you place an across the board wager, you’re betting all three of the above options for a single horse – and this type of bet can be considered a combo straight wage or an each way bet, since it’s a three in one type of bet (being a win, place and show bet). The downside of this type of bet is that it’s more expensive than the other bet types since you’re essentially placing three separate bets under one name.
Win/Place or Place/Show: When wagering on a win/place or place/show bet, you’re essentially making multiple bets in one – namely that your horse will win and place, or if he fails to win, you’ll just collect the place bet. With place/show you’re betting your horse will place, or finish second or third, and you’ll collect either both, or just the show bet if your horse fails to place.
As a quick overview, exotic wagers are when you place a variety of bets on multiple horses, using only a single wager – but the skill needed to pick these kinds of bets tend to make them far more expensive – though the payout for them are also quite high.
Different exotic wagers include: Exacta bets (betting which two horses will come in first and second in exactly that order), Quinella wagers (betting two horses will come first or second in any order), and Trifecta bets (an exacta bet but for three horses, noting what order the horses will come in first, second and third). Superfecta bets are also popular (betting that four horses will come in first, second, third and fourth in an exact order).