Gone are the days when punters simply backed horses to win or place, and that was that. Of course, that option is still there and is by far the most popular, but the best horse racing sites offer a wider variety of markets now, giving bettors more flexibility with their wagers.
How To Bet On Horse Racing
Backing a horse to win does what it says on the tin. You may hear this referred to as 'On the Nose', and while you should always shop around for the best odds, the Betfair Exchange is a great place to start for win only bets.
An each way bet is where you put an equal amount of money on a horse to win and place respectively. A place is finishing the top 3, 4, or however many places are paid out in each specific race, which varies depending on the size of the field. A place bet can also be placed as a standalone bet on some horse racing betting sites.
- Betting without the favourite
If you like the look of a horse but want to eliminate the risk of it being beaten by the favourite, then you might want to just remove that problem from the equation and take your chosen horse to win without the favourite. Some bookmakers will even offer each way bets without the favourite too. Of course, the odds are much shorter than outright win bets in this instance.
With insurance bets, you only get paid if your horse wins, but you get your stake returned to you if it places. Odds are shorter than outright winner odds as you have a smaller chance of losing your entire stake.
A forecast bet involves selecting which horse will come first and which horse will come second. With a tricast, you add the third-placed horse in too. If successful, the payout is determined after the race but odds are often very high, particularly with tricasts.
You can bet on the gap between the first and second horse without specifying which horse it will be. Alternatively, you can lengthen 'win' odds by backing your horse to win by a certain number of lengths.
This type of bet is only seen on certain horse racing betting sites, but it gives bettors the opportunity to back one horse over another and disregards all of the other runners. Whether the two horses in question finish 1st and 2nd or last and 2nd last does not matter.
- Pool bets (Tote Scoop 6, ITV 7)
Pool bets offer the potential for big wins, with players required to select runners from anywhere between 4-7 races. Requirements to win are dependent on the pool type, for instance Scoop 6 asks players to pick a winner in each race, while a Placepot requires players to pick horses that will place in each contest.
If a punter is the last person standing, they will win the pool and its jackpot amount, while multiple winners will split the prize based on their original stakes.