Horse Racing 101: Exploring The Different Types Of Bets (Part 1)

by | 18 Mar 2022

Horse racing is one of the oldest sports in history. It’s also one of the most popular and lucrative betting opportunities available, with billions of dollars wagered each year on races around the world.

With so much money being bet on the horses, it’s no surprise that a lot of people want to try their hand at making money off them as well. However, before you try to place a bet online, you need to understand the different types of bets available to punters. 

There are many different types of bets you can make on horse racing. Some are simple to understand, while others take a bit more knowledge and experience. Here are some of the most common types of bets you’ll see at the track or online:

1. Win Bet

The most common type of horse-racing bet is by predicting which horse will win.  Some races offer fixed odds, in which the payoff is known before the race begins. Other races are pari-mutuel and payout according to how many people like each particular horse—rather than what their odds of winning may be. 

The more money you put into a horse to win a race, the greater your share of the betting pool will be.

2. Place Bet

Place bets are placed on horses to finish first, second, or third. If there are eight or more runners in a race, place bets payout on the winner and runner-up; if there are five to seven runners, you can only win by betting on the winner and the runner-up. If there are fewer than five runners, you cannot bet on the place. 

Related: Three reasons why Tote Betting is a rort against the average Bettor

3. Each-Way

You can think of each-way bets as a type of bet that is a combination of win and place bets. If the horse wins a race, both parts of your bet will be paid out. If it places but does not win, only one part of the bet (the win) is lost.

4. Exacta

The name itself implies that you must predict exactly the places the horses will win. To win this type of bet, you must predict which horse will be the first across the finish line and also identify in what order all other horses will place. 

An Exacta bet is paid out in a pari-mutuel fashion, so you won’t know exactly how much money your winnings will be. However, if you pick two long shots as opposed to the favourites, you can increase your potential payout.

5. Quinella

A quinella is a type of bet that allows you to bet on two horses and have them finish first or second in either order.

It is similar to an exacta (which features two horses), but the payoff comes from a separate pot. Quinella bets pay less than Exacta bets, as it is easier to predict which horses will finish first and second.

6. Trifecta

A trifecta bet is a type of bet wherein you must predict the winner of the race, as well as which horse will come in second and third. Since it is harder to pick three horses correctly than two (known accurately enough by most fans), winning trifectas pay more money.

7. First Four

The first four bets are a type of bet wherein you must predict the horses that will finish in the top four positions. If your selection is correct, you are rewarded with higher odds (and more money). First-four betting is often referred to as superfecta.

The other different types of bets in horse racing will be discussed in the second part of this blog post series. 

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Article Tags: Horse Racing Tips, Sports Betting, Betting Odds, Sports

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