Understanding the Different Types of Horse Racing Bets
From the outside, the world of horse racing can seem a bit impenetrable, because while the races themselves are straightforward to watch and enjoy, the process of placing a bet looks like a bit of a minefield to the uninitiated.
To solve this, here is an overview of the main types of horse racing bets, and what they mean for punters who place them.
Singles, doubles and trebles
The three most common bets you’ll see horse racing fans make, they mainly differ based on the number of events that they cover.
With a single bet, you’re wagering on the outcome of just one race. With a double, you’ll have to pick winners at two separate races in order to get a payout. A treble increases the number to three, as you’d expect.
Doubles and trebles typically have higher payouts than singles, because there’s a lower likelihood of the stars aligning and all of your predictions proving accurate.
The good news is that none of these are limited to high rollers, but are accessible to anyone with a few pounds to spare. So do you know what a high roller is? Typically, it’s a wealthy individual who’s happy to bet big and not feel the pinch if they don’t pick a winner.
For the rest of us, it’s better to set a small budget and research horses, jockeys and trainers carefully before committing to a wager.
If you place more than three bets across more than three races, then this falls into the category of an accumulator.
Accumulators follow the same pattern as doubles and trebles in that if you want to win, you’ll have to hope that all of the outcomes you predict are accurate. Even if all but one of the horses you back crosses the line first, you won’t get that juicy return you’d hoped for.
Each way bets
You can place an each way bet on all of the aforementioned bet categories, with the difference being that rather than having to back a winner, you only need your horse to place to get cash back from the bookies.
An each way bet sees you stake equal amounts on a horse winning and placing, hence why they are twice the cost of a standard bet.
Should your pick cross the line in first, you’ll get a payout on both halves of your each way bet. If they only place, then your payout will be a proportion of the odds originally agreed.
The parameters for placing will depend on the number of runners in the race. For larger events with 16 or more horses involved, an each way bet could pay out if your pick comes in first, second, third or even fourth, for example.
If you want to bet on multiple races at a single meeting, then a placepot wager could be the one for you. You’ll have to choose six horses across six consecutive races, and have them place between first and third to win.
This is a type of bet in which all of the funds are pooled together, so other bettors will be involved in determining the size of the potential payout. Those that pick correct selections will take a slice of this pie, with winnings apportioned equally across the board.
There are a raft of other horse racing bet types to find out about, but these are usually combinations of the aforementioned basic bets, so with this knowledge at hand you should be ready to get out there and navigate the racing scene without issue.