Horse racing is slightly different from other sports when betting, but betting on a horse race is very simple. This guide teaches how to bet on horse racing, the odds system, bet-types, etc.
How to Bet on a Horse Race
About the Odds
For the most popular horse races, the market odds sometimes appear on gambling websites up to one year before a race takes place - this is called the "Ante post" market.
Generally, however, for most standard races, the odds are available the day before the race or on the same day as the race.
Before the race starts, the odds on the horses go up and down – sometimes by only a little, and sometimes they go up or down a lot.
If the odds go up, then this means that bettors have less confidence in the horse to win (they think it probably will not win), and if the odds go down, then it means punters have more confidence that the horse will win (they believe it probably will win).
Generally, there will always be a favorite (shown as "FAV"). The odds can range from "odds on" Favorites, e.g., 1.67 FAV, to longer favorites, e.g., 11.00 FAV.
Sometimes, you may see "JF" beside two or more horses – JF means "Joint Favorite," and so the horses are both favorites – the bookmakers cannot choose which horse is more likely to win.
To calculate the odds on each horse in a race, the bookmakers answer these questions:
- How many horses are in the race?
- Who is riding each horse?
- What is the distance of the race?
- Is the race a "flat" or "jump" race?
- What is the "class" of the horse race? Grade A or B or Grade 1 or 2, etc.["Grade" is decided by the age, ability, success, speed, etc. of the horses]
- How many people (punters) are betting on each horse?
- At this moment - How much money have the punters gambled on each horse?
- Which place did each horse finish in its previous races (usually up to ten races)?
- Is the horse "Handicapped" or not? (Horses are given added weights to make races more even)
How to bet
You can make many different types of bets in horse racing, but the most common are To Win / Each Way. Keeping it simple - to bet for a horse to win or win each way then first:
Choose a horse.
When you have chosen a horse to bet on, then you simply...
- select the horse
- type in the amount you would like to gamble
- choose either a "TO WIN" bet or an "EACH WAY (or) E/W" bet.
- Choose between "SP" - Starting Price and "FP" - Fixed Price
What is the EACH WAY?
An Each Way or E/W bet means you can place a bet so that if the horse does not win but comes 2nd, 3rd, 4th, or even 5th (depending on the number of horses in the race) you can still “win.” Each way bets work like this:
An “each way” bet is actually TWO bets. One bet is for the horse to finish “First,” and the second bet is for the horse to finish “First, Second, Third, Fourth, Fifth”.
For example:
Hedgehunter to win @151.00 Each Way $75
(@151.00 same as 150/1 in fractional)
It is basically:
Hedhunter to win @151.00 – Stake $75
Hedgehunter to come 1st,2nd,3rd,or 4th – Stake $75
Total Stake = $150
The bookmakers will usually pay out one quarter (1/4) of the odds if the team finishes in 1st 2nd 3rd or 4th.
So if Hedghunter finishes 2nd , 3rd or 4th:
Hedgehunter to win @151.00 – Stake $75 – LOSE
Hedgehunter to come 1st,2nd,3rd,or 4th $75 – WIN at 1/4 the odds
$75 x (150/4) = $75 x 37.5 = 2737.50 + $150 = 2887.50
If Hedghunter wins then:
$75 x 150 = $11250
Plus
$75 x (150/4) = $75 x 37.5 = 2737.50 + $150 = 2887.50
So the total return is $14212.50
The number of each-way places is decided by how many horses are in a race:
4-6 horses E/W places 1st, 2nd
7 – 12 horses E/W places 1st, 2nd, 3rd
13 or more horses E/W places 1st, 2nd, 3rd, 4th – sometimes 5th depending on the bookmaker.
Remember that an Each/Way bet is TWO bets, so all places are paid at 1/4 the odds on the E/W part of the bet. (The 1st place plays full odds on the winning part of one bet and 1/4 odds on the winning 2nd bet)
What does SP mean?
There are two types of odds provided when gambling on horses. One is called the "Fixed Price," and the other is called the "Starting Price."
The "Fixed Price" is when the bettor chooses to take the odds offered by the bookmaker when they place their bet.
For example:
30 minutes before the race starts - Horse A is offered at 17.00.
If the bettor thinks that 17.00 is a "good price", and he will take a "Fixed Price" because even if the odds go down on Horse A after placing his bet, he will still be paid at the odds of 17.00.
But he may think the odds might go up so he might choose the "SP" or "Starting Price" – this means the odds given to the horse at the very start of the race will be what he gets paid if it wins. So if the odds go up from 17.00 to 26.00, then he will get paid at 26.00.
Some bettors like to wait until this time because the odds might increase as the race time gets nearer, so they will choose "SP" or the "Starting Price" instead of the Fixed Price.
There is no "rule" about this - Some bettors prefer "Fixed" while others prefer "SP."
Place Markets, Insure Markets and Betting Without
Place market
Place-only betting gives odds for each horse to finish in any place from 1st, 2nd, 3rd, or 4th (depending on the number of horses in the race).
So if the horse you choose finishes 1st, 2nd, 3rd, or 4th, you would win, and the bookmaker pays you at the odds offered. Of course, the odds on each horse are much lower than for a standard win / each-way bet.
Insurance Market
An insurance bet is a bet on a horse to win, but your stake will be returned if the horse finishes in 2nd, 3rd, or 4th (depending on the number of horses in the race).
For example, if your horse wins, you will be paid at the odds for first, but if your horse comes second, third, or fourth (depending on the “Insurance” odds you take), your stake will be returned.
Betting Without
If you choose a horse in a race in the “Betting Without” market, you are simply betting on a horse as if some other horses in the race are not racing. If any of those horses finish before your horse, they are “ignored.”
So if you choose horse number 4 and choose to bet “Without” numbers 6, 15, and 21, then you will win if…
- Number 4 comes first, or
- Number 4 finishes second behind any of 6, 15 and 21, or
- Number 4 finishes third as long as any two of 6, 15, and 21 finish first and/or second or
- Number 4 finishes fourth as long as 6, 15, and 21 finish 1st, 2nd, and 3rd (in any order)
Conclusion
Horse racing is a little different from other sports when betting, but betting on a horse race is very simple if only you learn about a few points of rule. You might be especially confused about the E/W odds when you see them first. If you forget how to calculate it, then return here from the bookmaker website and see the rules again.
