How To Bet On Horse Races
Horse Race Betting is an old tradition and one of the oldest forms of gambling and learning how to bet on them can be as exciting as the races themselves, so let's get started.
Finding a trustworthy sportsbook, such as BetPhoenix, is the first step. Here, you'll ensure you're dealing with secure and reliable payment methods to transact on your account while getting the most profitable Horse Racing odds and the best promotions.
Additionally, you will benefit from top-rate customer service accessible twenty-four, seven, three-hundred sixty-five days a year to assist you with any questions or requests. You can create a new account, choose your preferred online payment method, and deposit money.
You'll need to navigate the list of available sports and choose "Horse Racing." Then, you will be welcomed and see the upcoming races that are taking place from all over the world. Once you have located a horse racing event that interests you, you will also be introduced to a wide range of Horse Racing odds types, which we will briefly explain.
Types of Horse Racing Bets
In general, Horse Race Betting Odds are essentially fractions, which represent the relationship between winning and risking, for example:
- 7/3 Odds: You will win seven units for every three units wagered.
- 1/5 Odds: You will win one unit for every five units wagered.
The previous examples tell us two things:
- If the 1st number is larger than the 2nd one, the net profit of your Horse Race Betting will be larger than the amount you wagered.
- If the 2nd number exceeds the 1st one, your return will be less than your risk. This usually happens when you place a wager on the "odds-on favorite" because everyone is betting on the same horse. Everybody will receive a smaller payout if the odds-on favorite prevails because the betting pool will be divided among multiple winning tickets.
However, as we mentioned, there is a list of all the Traditional Horse Race Betting (Win Bet, Place Bet, Show Bet, and Across the board), all the Exotic Horse Racing Bets (Exacta bet, Quinella bet, Trifecta bet, Superfecta bet, Daily Double bet, Pick 3, pick 4, and pick 6), and Other Horse Racing Bets ( Specials / Prop Horse Racing bet, Matchup, and Lay Wagers) that are going to be explained below.
Traditional Types of Horse Racing Bets
This type of Horse Race Betting is the most popular bet type. Also known as "straight bets," it is easy to understand regardless of how much or little you know about wagering, thanks to its straightforwardness.
Win bets are the most common and uncomplicated bet. It requires you to select the horse from a racing event that you think it's going to win the first place outright.
Out of the straight bets, this is the one that offers the best payout but the one with the highest risk because if the horse that you were rooting for doesn't finish first, you lose. However, if the horse you chose manages to finish first, you will receive the reward.
For example:
Let's say you bet $25 for National Treasure to win the race with Horse Racing odds of 7/3. This means that you can get a return of $83.33, which is a $58.33 win, considering that you bet $25.
A place bet will require you to bet for a horse that you think might end up in either first or second place, meaning that you don't have one but two opportunities to win. If the horse comes first or second, you will win the wager and walk away with the payout. You will lose if the horse you bet on doesn't end up first or second.
Horse Race Betting, such as this one, has a lower payout than Win Bets because you have double the chances of winning the bet, which means a lower level of risk.
When it comes to Place Bets, it's also worth mentioning two things:
- These bets are only available in races that have more than five players
- You'll receive the same payout for winning first place as second place.
For example:
Let's say you make a $3 place bet on King Russell with Horse Racing Odds 1/4. This tells us that you can possibly make a return of $3.75 with a profit of $0.75.
A Show Bet takes the concept of a Place Bet even further, and they are very similar; however, instead of covering just the top two positions, you will be covering the top three. In this case, the race needs at least eight runners before the Horse Race Betting becomes available.
If the horse you bet on doesn't finish in any of the top three spots, you'll lose the payout; if the horse does, you'll win. Like the Place Bet, you'll receive the same payout for winning first, second, or third place.
This type of traditional bet is the safest, which is why, as a result, it is the one that offers the lowest reward if you win.
For example:
Let's say you make a $4 Show Bet on Lord Miles with odds of 1/9. This tells us that you can possibly make a return of $4.44 with a profit of $0.44.
Regarding the Across the Board bet, you will have three bets in one, which means that this type of Horse Race Betting combines the Place Bet, the Win Bet, and the Show Bet.
For example:
If you choose a $4 across-the-board bet, you will need to pay a total of $12 to cover all three options: a $4 Win Bet, a $4 Place Bet, and a $4 Show Bet. If you bet on Hit Show to win the race, and he does, you will be paid out on all three wagers. If Hit Show finishes in second place, you will only receive the payout on the Place Bet, and if he finishes in third place, you'll receive the payout of the Show Bet. If he finishes fourth or worse, you will lose your entire wager.
Exotic Horse Racing Bet Types
Exotic Horse Racing Bet types are another way to bet on Horse Racing Odds. They are a little more advanced and complex than the traditional bet types mentioned before. Still, they are very popular among bettors because even though they are not as straightforward, they do provide more significant payouts.
The range of exotic bets you can use in horse racing includes:
When it comes to the Exacta Bet, you must choose two horses from one race to finish in the top two spots, but there's more to it; before being paid out, you must correctly predict in which order your two chosen horses will finish. The payout for this exotic bet is significantly higher because it is harder to predict than any traditional bet type.
For example:
You place a 3-6 exacta bet for $4. This means you expect horse No. 3 to win and horse No. 6 to place. If the reverse happens, you win nothing.
This type of bet is anything but one-dimensional, and looking directly into it, you can choose from different options of exacta bet based on how much risk you're willing to face. The main three bets are the straight exacta, the exacta box, and the exacta wheel.
This Exotic Horse Racing Bet is very similar to the Exacta Bet. You must select two horses to place in the top two spots. Different from the previous exotic horse bet, in this case, they can finish in any order as long as they end up in the race in the top two spots. The quinella wager is, therefore, more forgiving than an exacta wager, though the payouts will undoubtedly be lower.
Quinella Bets are usually a minimum of $2. However, there's no maximum, so you can really elevate the payout.
For example:
Let's say you place a $5 quinella bet of 4-5. If the first two winners of the race are either 5-4 or 4-5, the bet will pay off. If one of the two horses doesn't manage to win or place, then you lose the wager.
This may be the more challenging bet compared to the previous ones but don't worry; once you understand, it gets easier.
With the Trifecta bet, you will also need to choose three horses to end up in the top three spots in the correct order. If you miss one horse or if one of them doesn't make it to the top three, you'll lose the bet.
This bet typically costs $2, but the potential payout you can make from something so small can be remarkable.
For example:
Throughout the Kentucky Derby in 2005, Giacomo Horse Racing Odds were at 72/1, with a chance of winning. Even though nobody saw it coming, and he shocked the whole world with his victory, the Trifecta payout was $133.124.80.
You must choose four horses from one racing event to finish in the first, second, third, and fourth spots in order to place a Superfecta wager.
Additionally, the four horses you chose must cross the finish line in the exact order. You will lose your wager if one of the chosen horses fails to place in the top four spots or the order in which they arrived doesn't match the order you bet on.
It's one of the most difficult bets to get right, but with a single $1, you can make tens of thousands of dollars.
For example:
Let's say you select horse No. 5 to win the race, horse No. 8 to place second, horse No. 1 to place third, and horse No. 3 to place fourth. Your bet ticket will look like this: $2 superfecta (5-8-1-3)
The Daily Double Bet is the oldest and one of the most popular exotic bets regarding horse racing. It was first introduced in 1931 and is available to wagerers during the first two racing events of the day or the last two.
It's more daring and thrilling than the previous bets mentioned. In this case, you must predict the winning horse(s) of two consecutive events. You won't win the bet if one of your selected horses doesn't finish in first place on the two consecutive racing events you chose.
For example:
Suppose you select horse No. 5 for the first leg and horse No. 8 for the second. Your early double ticket will cost $2, which will look like a $2 Daily Double (5-8).
Pick 3, Pick 4, and Pick 6 all work the same way with the daily double bet. The only difference is that they require a higher number of racing events. This means that pick 3 will require you to choose the winning horse from the following three consecutive events, pick 4 will require you to choose the winning horse from the following four consecutive events, and pick 6 will require you to choose the winning horse from the following six consecutive events.
For example, pick 3:
You narrow the field of horses for the three following horse racing events. Your ticket would look like this:
- First Leg: Nos. 8, 5, 3
- Second Leg: Nos. 8, 5, 3
- Third Leg: Nos. 8, 5, 3
For example, pick 4:
You narrow the field of horses for the four following horse racing events. Your ticket would look like this:
- First Leg: Nos. 8, 5, 3
- Second Leg: Nos. 8, 5, 3
- Third Leg: Nos.8, 5, 3
- Fourth Leg: Nos. 8, 5, 3
For example, pick 6:
You narrow the field of horses for the six following horse racing events. Your ticket would look like this:
- First Leg: Nos. 2, 4
- Second Leg: Nos. 3, 5
- Third Leg: Nos. 2, 7
- Fourth Leg: Nos. 5, 9
- Fifth Leg: Nos. 1, 3
- Sixth Leg: Nos. 9, 12
Other Horse Racing Bets
Besides the traditional horse racing bets and the exotic ones, you may also come across other horse racing events that you'll have available whenever you'd like.
Such as:
- Specials / Prop bets
- Matchups
- Lay wagers
When it comes to Specials / Prop Bets, we are talking about a type of other bets that has nothing to do with the results of a specific race but instead a side wager on parts of the race or event.
For example:
Which trainer is going to have the most wins in a season?
We sometimes offer odds on two horses in the same race for betting on matchups. This is because you must guess which horse will end before the others. No matter where the horse ends up in the race, picking the right horse will bring you to win the bet. All you have to do is predict which horse will finish first, then the other horses.
For example:
The favorite might be -125, and the underdog is listed at +105. In this case, a wagerer would have to put up $125 to collect $225, backing the favorite, or the bettor could back the underdog, putting up $100 to collect $205.
Lay wagers are when you're betting against an event to occur. You're betting that a horse won't win a race, a team won't win a match, or your player will lose to their opponent. You will accept someone else's bet on that horse to finish second or even win. Although choosing a losing horse is more straightforward than choosing a winning one, placing a wager can still be challenging if you still determine the potential rewards and associated risks.
Bet on Win, Place, and Show among other exciting horse racing bet types including: Exactas, Trifectas, Quinellas, Daily Doubles, Pick 3, and Pick 4.
Enjoy the best Triple Crown odds here at BetPhoenix Racebook. Also find all of the details on the Kentucky Derby odds, Belmont Stakes odds, and Preakness Stakes odds.
Read through our racebook betting rules. See also our track list to find your favorite tracks.
