Betting On Horse Racing

Difference From Sports Betting

I think it’s important to differentiate between horse racing and traditional sportsbook betting, especially if you’re familiar with betting on team sports but not on the horse track. With sports betting online, you can place a bet and know what you will win if you’re right. For example, if you bet on the team that wins, you get that payout, and you can type in the amount of money you want to bet and see what the payout will be, even before you place the bet. The payout will be based on the odds of that team winning based on how much of a favourite they are in the sportsbook.

Paid Out By Total Pot

In horse race betting, the odds will be presented and do technically represent your payout, but how much you are actually paid is dependent on the total pot. The more players that bet on a specific race, the higher your payout will be. Therefore, you cannot type in the amount you want to bet and see how much you will win if you’re right before it starts, but if the odds are lucrative and it’s a popular race (say, the Kentucky Derby), you could win a good amount if you bet a good amount, even if you bet on the favourite. It’s also important to look into the different terminology and bets you can place. For example, you can simply bet on the winner, but you can also bet the trifecta, meaning you correctly guess who will come in first, second, and third place. The odds are extremely low on being right about this, but if you are, the payout can be life changing, which brings us to the next section:

Types of Horse Racing Bets

These horse racing bets are ordered from most likely to win, but the lowest payouts, to least likely to win, but the highest payouts.

Show: This is betting that your horse will either place in first, second, or third place.

Place: If your horse places in first or second, you win.

Win: Probably the most common bet. If your horse wins the race, you win the payout.

Quinella: You pick two horses, and they both have to place either first and second, but it doesn’t matter which one places which of the two.

Exacta: The same as Quinella, only you have to guess which horse finishes in first and which finishes in second.

Daily Double: The horse has to win the race coming up and the race that immediately follows it. If the horse wins both separate races, you win the daily double.

Trifecta: The same as Exacta, only there’s three horses, and you have to guess which will place in first, second, and third. This is a tough bet to win, but the payout is great.

Superfecta: Take the definition of Trifecta, and add a fourth horse and a fourth place spot. This is even tougher, but the payout is even better.

Pick 3, 4, or 6: Pick three is a bit more likely than the Superfecta, and pick four is about the same in odds as the Superfecta. However, the pick 6 is the biggest long shot bet in horse racing. This bet is the same as the Daily Double, except add a third race, a fourth race, and a sixth race, respectively. If the horse wins all of the races back-to-back, you’re in the money.

The Odds Are Dependent

So as you probably gathered from the different types of bets, your odds, and their subsequent payouts, are dependent on both the odds of your horse(s) winning and the type of bet you choose to make. You can bet on the favourite to show, which gives you the lowest payout but the highest likelihood of winning, or bet the more lucrative bets on horses with a low chance of showing, which can turn you into a millionaire, and it’s also why bets like Pick Six are knowing as “The Thinking Man’s Lottery.”

Horse racing, just like all forms of betting, is meant to be fun, relaxing entertainment. Make sure you set a budget and set a timer, or limit yourself to a specific number of races. There’s a reason why Hollywood tends to focus on the horse track when showcasing someone’s gambling problem in the movies. Play it smart, and you’re guaranteed to have fun.