Introductory guide to horse racing bet types
Many of you are new to our website, some of you are already seasoned pros, but perhaps others of you are new to the idea of online sports betting and the different types of horse racing bet types
With October here, it means the Melbourne Spring Racing Carnival is about to begin, and plenty of big name Australian horse racing events are coming very soon. So we’ve put together a basic introductory guide for those of you who may be brand new to the idea of how to bet on the horses. For those of you already familiar with the basic wager types, before you head to the track at Flemington, you can share this info graphic with your friends online.
Basic horse racing bet types
The main wage types “Win”, “Place”, and “Each Way” are fairly simple, but are the most popular. There are of course many other betting types available known as “exotic” bets, such as “Trifecta” (picking the 1st, 2nd an 3rd place finishers in order). Due to the complex odds with these, if you’re lucky enough, winning such a bet can often turn $1 into $10,000!
A win bet is the most common type of betting product. It simply means that you are placing a bet on a horse to come first in the race. If the horse comes 2nd or worse, you will lose the money that you staked on the race.
If your horse wins, you’ll receive the winning dividend eg. $10 bet x odds of $5.00 = $50.00 collect.
Different types of win bets
Although win bets may seem simple, there are different types of horse racing win bets. It’s important to understand these as they pay different dividends; some pay a consistently better dividend than others.
A fixed odds bet means that the odds (or price) you see at the time of placing your bet, is the price you will receive should your horse win. It is the most basic type of win bet. All of Australia’s online bookmakers offer fixed price win betting.
Best tote betting
Many betting agencies will offer you a win type called ‘best tote’. This means that should your horse win, you’ll receive the best dividend declared by the 3 official Australian totalisators. Most bookmakers offer this product and it can be especially handy if you’re placing a bet on a horse at long odds.
This is a popular bet type for horse racing fans that regularly place bets. You will receive the top fluctuation of the odds on your selected horse in the official bookmakers betting ring in the 30 minutes prior to the start of the race. This is a far better option than just taking the fixed price at the time of placing your bet, as the horse’s odds may fluctuate considerably during the 30 minutes prior to the race. Sportsbet is a popular bookie that offers Top Fluc betting on win bets.
Best of the best for win bets
Taking it a step further, some bookmakers offer a product called ‘Best of the best’. It guarantees to pay you the highest dividend of the top fluctuation, or the best dividend declared by the 3 totes. Ladbrokes Australia is one operator that offers best of the best. The trick is, you need to place your win bet at least 30 minutes prior to the start of the race. We recommend you use this bet type for your win bets where available.
A place bet is bet where you select a horse to fill any of the top 3 positions in the race. Place odds are inferior to win odds because there is a greater chance of your horse filling one of the top 3 positions than just winning the race. If your horse happens to win the race, you will still only receive the place dividend. The good news is that all of our featured bookmakers offer place betting.
Place betting options
There are fewer options available with place betting. You can either select a fixed odds place bet, or the place dividend declared by one of the totes.
Be wary of small fields
One important thing to understand about place betting is that the number of officially declared place getters can vary depending on how many horses run in the race. If there are only 7 runners or less in the race, place dividends will only be declared for the first two horses. If there are only, four runners, only punters that predict the first placed runner will receive the place dividend.
Each way betting
An each way bet is a popular type of bet in Australia, where you can have ‘a bit each way’. It means that you are effectively placing two bets within one; a bet on your horse to win the race, and a bet on your horse to run a place. For example, if you place a $20 each way bet, you are placing $10 on the horse to win, and $10 on the horse to run a place. If your selection wins, you’ll receive both the win and place dividends.
Each way betting is offered by all of the major online bookmakers.
Exotic bet types
There are also many other different bet types available to you, eg. Trifectas, exactas, quadrellas etc. Exotic bets require you to select more than one horse in the race to fill a certain number of positions. For example, a trifecta bet requires you to correctly select the first, second and third place getters in order.
We hope this guide gives you an introduction to horse racing betting in Australia. If you are unsure about any of the bookmaker’s jargon you come across? Feel free to leave a comment, and we’ll do our best to help answer it.