From Red Rum and Tiger Roll to Frankel and Desert Orchid, thoroughbreds have always had a way of fascinating the audience. These remarkable animals provide us with dozens of nail-biting races per year. As a result, we have various betting opportunities at our disposal, regardless of whether we want to back our favourite horse or bet against it.
So, how to create a winning betting slip? How to make a difference between betting options and find the one that offers the highest returns? First, you will need to learn the basics of different types of bets for horse racing. Then, you can start looking for the best horse racing betting sites to place your bets.
6 Quick Facts About the Types of Horse Racing Bets
- Two primary categories of bets are straight and exotic.
- Straight bets often entail higher risk and offer higher payouts.
- Each-way bets effectively comprise two wagers.
- Starting Price (SP) presents the average odds with on-course bookmakers.
- Accumulator bets are also known as Multiples.
- Horse racing bets can have different names in different parts of the world.
What Are the Different Types of Horse Racing Bets?
Horse racing would never be as popular as it is now if it wasn’t for betting, online or land-based. Millions of bettors spend hours browsing through the offering, looking for favourable betting odds and suitable bet types. Yet, not all bet types are the same, and it’s necessary to know what each type entails.
In essence, bookmakers offer two primary types of bets in horse racing. As the name implies, straight wagers are straightforward and less complicated than exotic ones. For that reason, they are more common on UK betting sites, and every bookmaker provides this type of bet.
On the other hand, exotic wagers require more knowledge and more betting experience. These bets often require multiple selections from various events. Without a deep understanding of horse racing betting, your chances of winning will be much lower with this category of wagers. Then again, the so-called exotic bets provide more flexibility, allowing for an almost endless number of combinations.
Now that you know more about the different types of bets for horse racing, it’s time to check out the most-played subtypes.
Types of Straight Horse Racing Bets
The most common category of wagers related to horse racing is known as “to win.” In a way, the name is self-explanatory, indicating that bettors aim to predict the winner. By banking the winner outright, you will place a single selection on a particular horse and hope that it crosses the line first. It doesn’t get much simpler than that.
The following types of bets in horse racing are place and show. In essence, these categories are similar to the win bet, except that you need to predict who will finish second or third, respectively. Place bets focus on the second-placed horse in the race. Nowadays, they are less prevalent than win wagers. Also, predetermined place terms can play a role in placing this type of bets.
Another straight type of wagers is the show bets. As we already said, this proposition requires that you predict which horse will finish the race in third place. Some new bookmakers might extend the payout places to the fourth and fifth, depending on the number of runners at the starting line.
Types of Exotic Horse Racing Bets
Effectively a combo of two wagers, each-way bets provide punters with a bit of breathing space. The thing is, these bets require you to predict whether a horse will win or finish placed (one of the first three).
So, these wagers cover more possibilities than a straight bet. As a result, each-way options come with lower odds than win or place wagers because the probability of winning is relatively high. In essence, each-way bets present a double-chance proposition. Thus, you’ll have to place double the stake of a single win wager when opting for an each-way.
Forecasts / Tricasts
If you consult a glossary on horse racing types of bets, you will find that forecasts and tricasts are similar to each-way bets. They are, in a way, but with slight differences. Also, you’ll find that some glossaries refer to these bets as doubles and trebles.
To be precise, these wagers predict whether your selected horses will finish among the first two or three. Forecasts can be straight or reversed, taking into consideration the way horses cross the finish line. Likewise, tricasts can require that you specify whether the horses will finish in the correct or any order.
The famous acca bets are among the most common wagering options in the UK betting world. These wagers are not exclusive to horse racing betting, and you’ll find them in almost any sports category. When it comes to horse racing types of bets, they require one wager on four (or more) results.
Punters must predict correctly all selections to claim the winnings. Thus, accumulators, also known as Multiples, can offer massive returns for a small stake.
Every betting enthusiast understands that the higher the risk, the higher the returns. Following this principle, we can say that the Yankee wagers are among the most rewarding types of horse racing bets. These wagers comprise four selections in unique events and 11 bets: 4x doubles, 4x trebles, and a four-fold accumulator.
A minimum of two selections must be successful in claiming a return on a Yankee bet. On the other hand, every Yankee bet will require 11x the stake of a single bet. So, if the minimum stake for a straight bet is £1, you’ll need to place £11 for a Yankee.
If Yankee is too easy for you, Canadian bets could be up your street. As a step up from Yankee, the Canadians are (almost) full-coverage wagers that span five events. These types of exotic horse racing bets comprise 26 selections, including 10x doubles, 10x trebles, a four-fold, and a five-fold accumulator.
To trigger a payout, you must predict successfully two or more selections. So, although the Canadian can seem complicated, its appeal lies in generous returns on a low stake. Even if you don’t predict accurately every selection on your betting slip, you could end up with a reward.
Lucky 15 / Lucky 31
The last types of horse racing bets explained in this guide will be Lucky 15s and Lucky 31s. As the name says, Lucky 15 involves 15 selections across four events. Precisely, bettors need to find 4x singles, 6x doubles, 4x trebles, and a four-fold accumulator. Because of the single bet involved, you could generate a return by having only one successful selection.
Lucky 15 wagers can bring massive payouts, and the same goes for Lucky 31 bets. Moreover, Lucky 31s can provide a fortune for an average stake. Yet, successfully predicting 31 selections is easier said than done.
How to Choose the Right Horse Racing Bets
As you can see, UK bookmakers offer many types of horse racing bets. Some of those categories require more knowledge than others, but it’s clear that Lady Luck always has the final say. Nonetheless, every class of wagers has its pros and cons, allowing you to choose the ones that suit your style.
We already said that straight wagers offer simplicity and effortless betting. So, if you are new to the process, these horse racing types of bets can be an excellent choice. Well-versed punters can combine events and place exotic bets that include various permutations.
What’s more, bettors have an array of odds checkers and odds calculators at their disposal nowadays. When you visit a betting site, these handy tools can help with wagering. Use them to determine potential returns and then place the stakes accordingly.