Horse racing has been around for as long as anyone can remember—racing chariots back in the ancient Roman arenas, Egyptian and Arabic races and more. This is a sport that is steeped in tradition, can be incredibly exciting, and offers all sorts of betting options that go beyond simple win or place bets.
If you are thinking about stepping into the world of betting and are looking to find live odds on the latest races, then understanding the different types of horse racing bets is important. It adds a layer of complexity to your betting experience if you’re looking for something more than just betting on which horse you think will win – allowing horse racing fans to tailor their wagers to their specific preferences—how much they want to spend, how much they want to win – and how much risk they are prepared to take.
Here, we take a look at the different types of horse racing bets out there:
Win, Place, and Each-Way Bets
The three most common bet types are Win, Place, and Each-Way bets.
Win Bets
A Win bet is the easiest form of wagering, where you bet on a specific horse to finish first in the race. If the chosen horse crosses the finish line first, the bet is a winner, and you’ll be paid out based on the bookmaker’s odds.
Place Bets
Place bets involve a punter betting on a horse to finish in the top two, three, or sometimes even four positions, depending on the number of runners and the race conditions. While the odds for Place bets are usually lower than Win bets, they offer a higher chance of winning as your chosen horse doesn’t have to finish first.
Each-Way Bets
Each-Way bets combine elements of both Win and Place bets. You place a bet on a horse to Win and another bet on that same horse to Place. If the horse wins, both bets pay out. If the horse places but doesn’t win, the Place bet is still a winner, so you get a partial payout.
These are popular bets with people who want to maximise their chances of winning while having a little flexibility in their betting strategy.
Exotic Bets – Adding a Little Complexity
Looking for a harder bet with bigger payouts?
Exacta
This is predicting the first two horses in the correct order. You will win if your selected horses finish in your exact specified positions.
Quinella
Similar to an exacta, but the horse you select can finish in any order in the top two positions. This increases the likelihood of winning but offers lower payouts than exactas.
Trifecta
This is choosing the first three horses in the correct order of finish. This bet involves a higher risk but comes with higher potential rewards.
Superfecta
The most challenging of exotic bets, a superfecta requires you to try and pick the first four horses in the exact order. The difficulty will be reflected in the massive potential payouts.
Double
This is betting on the winners of two consecutive races. Both selections will need to win for the bet to pay out.
Trixie
This is a multiple bet involving three selections in three different races. The Trixie bet consists of three doubles and one treble; the Trixie offers some flexibility, as you can get a payout even if one of the selections loses.
Specialty Bets – For All Different Scenarios
Finally, we have the quirkiest of all bets for those looking for something a bit different.
Placepot
Picking a horse to place in each of the first six races of a specific event or meeting. Successful bets will win a share of the pool of money.
Jackpot
Predicting the winners of six consecutive races. Like the placepot, if you are successful, you’ll get a share of the jackpot pool.
Lucky 15
Involving four selections, a lucky 15 includes 15 bets: four singles, six doubles, four trebles, and one accumulator. Even if only one of your selections wins, you’ll get some returns.
This is just the start. The variety of different betting options out there for horse racing fans is incredible. From lower-risk each-ways to jackpot bets, there’s something for everyone.
