Horse racing is a popular sport which has a long history of sports betting. They go hand in hand and almost anywhere in the world, horse racing is accompanied by betting. However, newcomers to the sport will unlikely be knowledgeable when it comes to the ins and outs of horse racing, let alone betting on horse racing. This is why it is important to have some kind of a Horse Racing Betting Guide for the newcomers and to refresh anybody else’s memory. 

That is why we decided to explain all the things people who bet on horses need to know. Enjoy!

Understanding the Odds

This is and always will be the first thing to do when betting on anything. The odds determine how much you could win and who the favorite is. The favorite will earn you less money while the underdog is a riskier bet, but potentially a more profitable one. There are three types of odds, fractional, decimal and moneyball.

Modern sportsbooks will have explanations of what the odds are and how they work and you can always inquire if you are in person, or check a more detailed guide if you are online.

Horse Racing Betting – Where to Start

The first thing to do when betting on any sport is to know who you are betting on. Whether football and its many players on a team, the dynamics and past matches, or tennis, where you see an individual dominate one surface, there is always some research to be done before placing a bet.

Horse racing is similar, and you should take a look at the horse’s history, whether they had any injuries, as well as whether they have won anything recently. Some horses might be great bets, even though they are not favorites to win a specific race. This knowledge comes with experience and newcomers are better off betting on either favorites or betting smaller amounts of money.

The Types of Bets

Like most sports, the most common bet is the winner, in this case, the winner of the race. You can bet on a horse by name, or by number.

There are variations of this bet, such as show, where your horse could be first, second or third. Another variation is place, where they can be either first or second.

There are bets such as quinella where a group of horses can be first, second and third in any order, and exacta, where they have to be in order. Variations of the bet can extend up to four or even five horses, meaning a huge potential payout.

The pick bets are interesting, because your horse would have to win 3, 4, 5 or more consecutive races in order for you to win a bet. These types of bets have huge potential payouts, but they are very unlikely to happen.

Betting on horse racing is easy to get into, like most betting, but hard to master where your bets will actually be profitable. Follow these tips for a better understanding of horse racing betting. Remember to bet responsibly.