There are many different kinds of horse racing bet, and for a novice it can be difficult to know which one to place, or even what each one means. Yet being aware of the risks associated with each type of bet and knowing how good the potential return can be will help you to get more out of your betting experience, so this is a quick guide to the most popular types of horse racing bets which are commonly placed.
The Win Bet
This is perhaps the most basic of all bet types. It does what it says on the tin – you are betting on your horse to win the race outright, and this means that you will only receive your winnings if your chosen horse comes first in the race. If your selection wins, you’ll be paid the full odds.
A Place Bet
This type of bet usually means you are wagering fractional odds that a particular horse will finish in one of the top three places. If there are 5 to 7 horses in the race, a place bet will only pay out on 1st or 2nd place, whereas if there are over 16 horses running, the top 4 places will be paid out.
The Each Way Bet
This is effectively 2 bets – one place and one win. Each one is even. For example, if you are placing an each way bet for £1, you will pay out £2. If you horse comes in first place, you’ll receive both stakes as a cash out, however if it doesn’t come first but is placed, you’ll win the place stake of £1 but your win stake of £1 will be lost.
More Risky Bets
These three are the simplest forms of bet, however there are numerous complex bet types which offer high risks but better returns. Some of these include:
- The accumulator – here you make several selections. If the first wins, the winnings from that wager will be placed automatically on the next and so on. For your bet to pay out, al of your chosen selection have to win.
- The Trixie – this is 4 bets of 3 selections in different events. You will need 2 selections to win to receive a pay out with the bets being 3 doubles and a treble.
- The patent – this is very similar to the trixie, however it has 7 bets – a treble, 3 doubles and 3 singles. Any successful selection will pay out a return.
- The Yankee – this is eleven bets over 4 selections. Two must be successful in order to receive any returns. It consists of a 4 fold accumulator, 4 trebles and 6 doubles.
- The Lucky 15 – this is, as you may guess, 15 wagers across 4 selections. They consist of 4 singles, 6 doubles, 4 trebles and an accumulator. If there is 1 way, it will pay out at treble odds, but if all 4 win, a bonus is paid of 20% on the return.
These wagers represent just some of the popular bets you can make on horse races. The bet you choose depends on whether you want to take a higher risk for a higher rate of return, or whether you’d rather take a low risk bet but receive less profits..