Betting on horse racing and greyhounds brings not only a lot of fun and excitement, but also the occasional big payout. The beauty of betting is that you don’t have to wait too much for the final result, since most of the races last between 3 and 10 minutes. With dozens of races available daily, you’re bound to predict few winners but you need to know the bet types.
All you have to do is follow the experts’ advice, check the horse stats and place your bet. You can wager as little as £1 and net thousands of pounds, depending on the betting type you choose. You have two betting options with horse racing and greyhounds: bookmakers’ offers and Tote.
The Tote is a pool betting system where the money is divided by the number of winning units and paid out as a dividend from the betting pool. Bet types vary from country to country. In this article we’ll be covering the British and North American types of bets. Since horse racing and greyhounds have in essence the same principles, the majority of betting types are identical.
Great Britain bet types
Win – You win if your horse/dog finishes first. Payoffs are determined by the win odds. It’s always trickier to predict solely the winner, but the reward is worth it.
Place – Your horse/dog must finish within the first two places (in a 5-7 runner race), three places (8–15 runners and non-handicaps with 16+ runners) or four places (handicaps with 16+ runners).
Each-Way– These are two separates bets, one for Win and other for Place. For instance, if you’re taking a 5 pounds Each-Way bet, you’ll have to pay 10 pounds.
Exacta (Straight forecast for greyhounds) – To win this bet, your horses/dogs must finish first and second in exact order. This will pay more than betting either of the horses to win or place though to predict the exact outcome is hard.
Trifecta (trio for greyhounds) – This is a much tougher bet than Exacta. It requires you to predict the first three horses/dogs in the exact order. It pays much more, but the odds are always against you.
Jackpot – A popular tote bet that runs every day expect Saturday when it becomes Scoop6 bet. The jackpot comes from the advertised meeting of the day. To win it, you have to pick the winner from each of the first six races.
Scoop6 (specific only to horse racing) – This is the most lucrative type of bet. It is available each Saturday and your objective is to pick the 6 winners from each of the selected races that qualify for Scoop6. The winners sometimes can take home more than £500,000.
Placepot – One of the most popular tote pool bets. It requires you to pick a placed horse from each of the first six races form any British race meeting.
Quadpot – Choose a placed horse from the third, fourth and six legs of the any British race meeting.
Swinger – You must correctly pick to runners to finish in the places; both runners must place in any order. It’s one of the new bet types that operates on races with six runners or more.
North America bet types
Win – Similar to British type. To succeed you must pick the horse that wins the race.
Show – Offers very good chances of winning as your horse must finish first, second, or third. The payoffs are modest, unless you’re willing to risk a big stake.
Place – You win the bet as long as your horse arrives first or second at the finish line. Payoffs are better than for show.
Across the board – This is a combination of win place and show bets. If you bet a horse “across the board” it means you betting on him to Win, Place and Show. Thus, if the horse wins you collect on all 3 bets. If the horse finishes second you collect the Show and Place.
Exotic bets: single race
Exacta – You must correctly pick the two horses that finish first and second in the exact order.
Quinella – This is a similar bet to Exacta but easier to call since it doesn’t require you to predict the order of the top two horses. You win the bet if your horses finish first or second in either order. Quenalla typically pays about half of the Exacta payoff.
Trifecta – You must correctly pick the free horses that finish first, second and third in the exact order.
Superfecta – The hardest bet of them all, Superfecta works only if you predict the first four finishers in the correct order. Predicting Superfecta is difficult. You’ll need a sizeable bankroll and various combinations of horses so that there are more chances of winning.
Double – This is the simplest type of wager that covers multiple races. It requires you to predict the winners of two consecutive races. Most racecourses normally offer an Early Double (first two races on the card), and a late double (last two races on the card).
Pick 3/Pick 4/Pick 6 (Classix) – These bets work the same ways as the Double, only differing in the number of consecutive races that you have to predict a winner. The larger the number, the bigger the payoff, but getting it right, especially in 6 consecutive races is akin to winning the lottery. If no one predicted all the picks correctly, bookies will typically pay out for people who missed one less races.
Place Pick All – This bet is similar to other Pick bets, expect you need a horse to come first or second in each race, instead of winning it. With a Place Pick All bet you must choose a horse in every races of the card (usually 8, or 9 races).