If you are wondering how to bet on horses, you have come to the right place. Horse racing is a sport which is still popular thanks to the betting industry. Many people enjoy placing wagers on races, and you can win a good amount if you have knowledge about the sport. However, many people simply assume that horse racing is too complicated and don’t want to have anything to do with it.
It is true that you have a lot of betting options, so you need to know more things about horse racing than about other sports. But once you grasp the basics, betting on horse racing becomes intuitive. The most difficult part is differentiating between the sport and the betting in different countries.
The sport has a basic conception, but there are slight variations between horse racing in the UK and horse racing in the United States. Some of those differences include race types, names of different bets, and the odds. You need to know the meaning of various odds and what kind of wagers are there in horse racing. Also, it is crucial to do research on the horses themselves and how you can make bets. If you are wondering how to bet on horses, continue reading our guide.
Horse Racing Odds Explained
The easiest way you can place a wager in horse racing is by betting on a specific horse to win the race. If it does, you receive a payout. But that does not mean that there aren’t any other betting options. You can bet on a horse finishing in the top positions, or on more than one horse winning different races. These wagers are different and depend on your location, so the names of the bets are also changed. You can check out our article on “Types of Horse Racing Bets” to learn more about this subject.
The odds are used for calculating how much money you will win if your wager wins. When you are betting on fixed odds, you need to know everything there is to them. That is not the case with parimutuel betting. We will explain the differences between the two below, but first, let’s see the three different odds types.
The Decimal odds are very popular in Australia and Europe if you know how to bet on horses . These odds show exactly how much money you will win. If the odds are 2.0, that means you will receive 2$ (the stake is included) when the bet is 1$. With “odds on” bets, you still make a profit, but it is smaller than the amount you wagered. For example, if your bet is 1$ and the odds are 1.60, you get 1.60$ in return, which leaves you with a profit of 60 cents.
Fractional odds can be found most often in the UK and Ireland. With them, you see how much money you will receive in addition to your initial bet. So, if the odds are 3/1, it means that you get 3$ for each dollar wagered plus the original bet. If you placed one dollar on these odds, then you will receive 4$ total. Other examples of fractional odds are 6/4, 7/3, 12/10. If you see odds of 1/1, this means that will make a profit of 1$ for each dollar you bet. An example for “odds on” bet would be 2/5.
Americans mostly use this form of betting odds, and it can show a positive or a negative number. If the value is positive, you can calculate how much money you can win if you wagered 100$. Let’s say that the odds are +200 – this means that you can potentially win 200$ plus the stake if you bet 100$. That can be compared to 2/1 in fractional odds or 3.0 in decimal odds. If the number is negative, then it shows you how much you need to wager to win 100$. So, let’s say that the odds are -200 – you would need to bet 200$ if you want to make a profit of $100 in addition to your initial bet. We hope that this section helped you with the understanding horse racing odds.
Betting on Fixed Odds in Horse Racing
Fixed odds mean that you are making a wager at agreed odds, regardless whether they are fractional, decimal, or moneyline. A good example would be betting at an online bookie. You simply need to pick the horse you think is going to finish first and choose the amount that you would like to bet. If you win, the bookmaker pays you your winnings, and if you do not, the bookie keeps the money.
Of course, you can also place a bet on a race which will be held in a couple of weeks or months – this is also known as futures or ante-post betting. The process is pretty much the same; however, there is always the risk that your horse will not participate in the race due to an injury, so your bet loses. The positive of futures betting is that the odds are usually bigger.
It is important to know that there are some horse races where your wager needs to be at the “Starting Price” (the odds at the beginning of the contest). If you are wondering how to bet on horses, continue reading our guide.
How to Bet on Horses at Parimutuel Gambling
With parimutuel betting, or simply Tote betting, you do not bet against a bookmaker, but rather against other punters who also made a bet on this event. The best are collected into a “pool,” and then the winners divide the money among themselves. With this betting form, you do not get traditional odds, but your winnings are calculated according to the punters who made a wager and won. Of course, a small part of the prize pool is used for taxes and to pay the horse-racing authority.
Some race tracks offer only parimutuel bets, even though bookies usually have fixed odds. Many betting companies offer Tote betting for specific parts of the world, and most of them usually provide rough odds of the event so that the people can estimate how much they can win.
Where Can I Place Horse Racing Wagers
Well, the answer to this question depends on your location. Some countries have bookmakers with retail shops where you can go and place a wager. Others provide their customers with phone betting options. If you decide to go to a horse race, you can directly bet there. However, the main principle of betting on this sport remains unchanged, regardless of the betting form that you choose. Convenience is of the utmost importance here.
Our advice for the ones, who want to learn how to bet on horses, is to try to wagering online, because it is easy and you can get cool perks which aren’t available in conventional betting forms. Horse racing websites usually provide you with the option to bet on many events which take place in different locations worldwide. They also have cool promotions and bonus offers for new and existing customers. It is crucial that you choose a reputable betting website if you want to try out online gambling. The best way of doing so is checking out our bookmaker reviews.
Understand Horse Racing Odds to Decide on What to Bet
After you have learned more about horse racing and the different ways you can place a wager, you need to decide which horse you are going to pick. Most people usually choose the horse with the best name because they are betting for fun, but if you want to win money, that may not be the best alternative.
It is important to do some research before betting on a horse. That is why we have dedicated a page on Horse Racing betting strategy.