Betting on horse racing can seem complicated at first, but it’s quite simple once you understand the basics. Here’s an easy guide to help you get started, with real-life examples to illustrate how different types of bets work.
How to Bet on Horse Racing: Types of Horse Racing Bets
Win, Place, and Show Bets
- Win Bet: You bet on a horse to finish first. If it wins, you collect.
- Example: Bet $5 on horse number 3 to win at odds of 5-1 at Amwager or TVG. If the horse wins, you collect $30 ($5 bet x 6 = $30).
- Place Bet: You bet on a horse to finish first or second. If it does, you collect.
- Example: Bet $5 on horse number 3 to place. If the horse finishes first or second, you collect $10.50.
- Show Bet: You bet on a horse to finish in the top three. If it does, you collect.
- Example: Bet $5 on horse number 3 to show. If the horse finishes first, second, or third, you collect $7.
Exotic Bets
Daily Doubles, Pick 3s, and Pick 4s
- Daily Double: Pick the winners of two consecutive races.
- Example: Bet $2 on horses 3 and 5 in races 1 and 2. If both win, you collect based on the combined odds.
- Pick 3: Pick the winners of three consecutive races.
- Example: Bet $1 on horses 3, 5, and 7 in races 1, 2, and 3. If all three win, you collect based on the combined odds.
- Pick 4: Pick the winners of four consecutive races.
- Example: Bet $0.50 on horses 3, 5, 7, and 9. If all win, you collect based on the combined odds.
Multihorse Bets
Exactas, Trifectas, and Superfectas
- Exacta: Pick the first two finishers in exact order.
- Example: Bet $2 on horses 3 and 5 to finish 1st and 2nd. If they do, you win.
- Trifecta: Pick the first three finishers in exact order.
- Example: Bet $1 on horses 3, 5, and 7. If they finish 1st, 2nd, and 3rd, you win.
- Superfecta: Pick the first four finishers in exact order.
- Example: Bet $0.10 on horses 3, 5, 7, and 9. If they finish in that order, you win.
Keying and Boxing Bets
- Boxing Bets: Cover different orders of finish with the same horses.
- Example: Box a $1 trifecta with horses 3, 5, and 7. It costs $6 and covers all combinations (e.g., 3/5/7, 3/7/5, 5/3/7, etc.).
- Keying Bets: Bet one horse to finish in a specific position, with multiple other horses covering the remaining positions.
- Example: Key horse 3 to win, with horses 5, 7, and 9 to finish 2nd and 3rd.
Exchange Wagering
Exchange wagering involves betting against other bettors rather than the track.
- Example: Bet $20 on a horse to win, but sell your bet before the race if the odds become unfavorable.
Betting on Jockeys and Trainers
- Jockeys: Consider the jockey’s performance and relationship with trainers.
- Example: Bet on a top jockey who consistently wins at a specific track or distance.
- Trainers: Look at a trainer’s record and patterns.
- Example: Bet on a horse from a trainer with a high win rate after long breaks.
10 Popular Questions About Horse Betting Answered
How old do you need to be to bet on horse racing in the U.S.?
In the U.S., the legal age for betting on horse racing varies by state. You must be at least 18 years old in some states, while others require you to be 21. For example, in New Jersey, you need to be 18 to place a bet on horse racing.
What are the pros and cons of betting favorites in horse racing?
Pros:
- Higher chance of winning: Favorites are favored for a reason, usually due to a strong track record or excellent performance metrics.
- Consistent returns: While the payouts are lower, favorites often provide a steady return on investment.
Cons:
- Lower payouts: Betting on favorites means smaller winnings compared to long shots.
- Overbetting: Favorites are often overbet, which can reduce the value and potential profit.
Example: If you bet $10 on a favorite at 2-1 odds, you’ll win $20 plus your original bet, totaling $30. In contrast, betting $10 on a long shot at 10-1 odds would yield $100 plus the original bet, totaling $110.
Betting long shots strategy in horse racing: pros and cons
Pros:
- High payouts: Long shots can offer substantial returns on a small wager.
- Excitement: Betting on a long shot adds an extra level of excitement to the race.
Cons:
- Lower chance of winning: Long shots win less frequently, making it a riskier bet.
- Inconsistent returns: You may experience long periods without a win.
Example: Betting $5 on a horse with 20-1 odds can result in a $105 payout, including the original bet, but the chances of winning are slim.
Can you win consistently betting on horse races?
Yes, it is possible to win consistently by employing research, strategy, and discipline. Successful bettors analyze past performances, track conditions, jockey and trainer statistics, and other relevant data to make informed decisions.
Example: A consistent bettor might use speed figures, watch replays, and follow trends in trainer and jockey performance to increase their chances of winning.
How much money do you need to bet on horse racing?
You can start betting on horse racing with as little as $2, which is the minimum bet at most tracks and online platforms. However, the amount you choose to bet depends on your budget and betting strategy.
Example: Beginners might start with small bets like $2 win, place, or show bets, while more experienced bettors might place larger wagers or multiple bets.
What is the best bet in horse racing?
There is no single best bet; it depends on your strategy, risk tolerance, and confidence in your pick. Win, place, and show bets are straightforward for beginners, while exotic bets like exactas, trifectas, and superfectas offer higher rewards but are riskier.
Example: A win bet on a solid favorite is a safer option, while a trifecta box can provide a higher payout if you correctly predict the top three finishers in any order.
What are speed figures in horse racing?
Speed figures are metrics that measure a horse’s performance in past races. They adjust for track conditions and other variables to provide a standardized rating that can be compared across different races and tracks.
Example: A horse with consistently high speed figures is likely to perform well, making it a strong candidate for bets.
What is a maiden race in horse racing?
A maiden race is a race for horses that have never won a race. These races are typically for younger or less experienced horses.
Example: Betting on maiden races can be tricky, as horses are often unpredictable, but studying their training and past performances can provide insights.
Who gives the best horse racing tips & predictions?
Trusted sources for horse racing tips and predictions include expert handicappers, online betting sites like TVG and Twinspires, and racing forms like the Daily Racing Form (DRF).
Example: Following tips from a reputable handicapper who has a proven track record can improve your chances of winning.
How important is the jockey in horse racing?
The jockey plays a crucial role in horse racing. A skilled jockey can significantly impact the outcome of a race through strategy, timing, and decision-making.
Example: A top jockey with a history of winning at a specific track or distance can give a horse a competitive edge, making it a more attractive bet.
By understanding these basics and using examples to illustrate different types of bets and strategies, you can get started with horse racing betting confidently. For more detailed guides and tips, visit your sportsbook and practice with small bets to get a feel for how it all works. View all betting bonuses here.
