Horse Racing & Betting: Understanding How the Mechanism Works

horse racing and betting

If you’re new to horse racing and betting, then you’ll need a beginner’s guide to understand all the ins and outs of the industry. This will allow you to enter the betting world with the advantage of knowledge and insight. Before you can begin betting on the horses, you need to understand a few fundamentals of the horse races and how and what kind of bets are placed. 

In this article, we’ll guide you through the entire process. Let’s take a look at the different types of racing bets that you can choose to place. 

Types of Horse Racing Bets

Here are the most common types of bets placed in the horse racing industry: 

1. Win Bet

This is the most common type of bet that people place on horses. It is also known as a “straight-up” or a “winning bet.” This type is pretty self-explanatory. When you place this bet on a horse, it means you’re betting on the horse to win the race. 

2. Place Bet

A place bet is a type that allows you to bet on a horse to finish in one of the top three positions. So, whether your horse finished first, second, or third, a place bet will win you the same amount of money. The winning odds for place bets usually range in the one-quarter of win bets.   

3. Each Way

Each Way is the type of bet that combines both the win and place bets. It means that you’re placing both the bets at the same time. So, if your horse wins the entire race, you win both the bets. And if the horse finishes second or third, then you take money for only the place bet. 

What are the standard Horse Racing Betting Options? 

Here are the different standard horse race betting options: 

1. Fixed Odds

If you place a bet with Fixed Odds, it means that your bet will have a locked price irrespective of the changes in the market. Sometimes Fixed Odds can be beneficial if you are strategic and jump on Fixed Odds initially. This way, the market could move in your hose’s favour, and the price will shorten. However, these changes won’t affect you as you have locked in your Fixed Odds. 

2. Starting Price 

The Starting Price is the type that is the average of the on-course bookmakers at the beginning of each race. In this bet, the price remains unknown until the race is finished.

3. Top Fluc

Top Fluc bet is the type that is up for grabs for up to thirty minutes before each race. It is the top fluctuation of the price of the on-course bookmakers as determined by the pricing service of the Bookmakers.

4. Best of 4/5

One of the bets that we confidently recommend is the 4/5 offered by Betfair Australia. The Best of 4 product is available across the country and offers the best odds of the starting price or the three Australian Totes, whichever is higher. The Best of 5 bet is available only at a selected few major Saturday meets and includes the Best of 4 along with the Betfair Exchange Starting Price, whichever is higher.

What are the Common Types of Horse Racing Exotic Bets?

Here are the common exotic horse race betting options: 

1. Quinella

If you pick the first two horses in a given race in any order whatsoever, then your Quinella bet will make you win. This type of bet has dividends that are calculated based on the total money in the pool. They are only declared after the race has finished. 

2. Exacta

Exacta is basically the same as Quinella, except that you’re required to select the horses in the exact finishing order. That is why this is one of the harder bets to win, but it also offers bigger payouts.  

3. Trifecta

Trifecta is the bet in which you have to pick the horses that will finish first, second, and third positions in order to win the bet. It offers the most handsome payout.

Final Thoughts

Before you jump into the horse betting world, it’s important to understand the fundamentals of racing and betting. To learn more, visit our website here!