Horse racing is one of the most popular sports for betting enthusiasts and big money races like the Melbourne Cup and the Kentucky Derby always attract major betting action.
Unlike other sports played only by men and women, betting on horse racing is made even more thrilling owing to the fact that you are putting money down on a largely unpredictable racehorse.
Over in the blink of an eye, horse races always promise heart-stopping action and you can get started with horse race betting in just a few steps.
Types of Horse Races
While flat racing is the most popular form amongst betting enthusiasts, it’s not the only kind of horse racing that attracts betting action. Here are the most popular types of professional horse racing.
- Flat racing
- Jump racing
- Steeple chasing
- Endurance riding
- Quarter horse racing
- Harness racing
You don’t have to learn about each type to be successful with horse racing betting, but it is a good idea to have a basic understanding of the different forms.
It’s also a good idea to become familiar with horse racing jargon, as punters take their pastime very seriously and you wouldn’t want to be left out of the conversation.
Traditional Horse Racing Bets
Also known as straight bets, traditional horse racing bets are not only the most popular, but are also the most straightforward.
- Win: a simple wager on the horse you believe will take first place – the same as a money line bet on AFL premiership betting.
- Place: a wager on the horse you believe will finish in the “places”. The number of places covered (1st, 2nd, 3rd, 4th) depends on how many horses are participating in the race. When placing a place bet, your wager will be successful if your selection finishes anywhere in the top places.
- Each-Way: a combination of the win and place bets – essentially two bets rolled into one. The first part of the bet is a wager on whether your selection will finish in 1st place and the second part of the bet is a wager on whether your selection will place. If your selection comes in 1st place, you will be paid out for both wagers, but if your selection places, you will only be paid out for the place wager.
Exotic Horse Racing Bets
Exotic horse racing bets are more advanced and are not recommended for beginners. Wagers of this type are however popular with horse race betting enthusiasts as they offer a fantastic pay out if the selections are correct. The most popular exotic horse racing wagers are the following:
- Daily Double
- Pick 3/Pick 4/Pick 6
Top Tips for Horse Racing Betting Beginners
As a horse racing betting beginner, you shouldn’t expect to win money right away and patience is absolutely imperative.
- Start with low stakes
- Set a budget and stick to it
- Bet selectively
- Avoid exotic bets at first
- Watch plenty of horse racing
- Don’t be afraid of backing an outsider
- Always bet online for the most competitive odds