Online Horse Race Betting
Horse racing has been around for thousands of years since the ancient civilizations. There are many kinds of horse racing, but the three major types are:
1) Flat Racing – basic race over a specific distance
2) Steeplechasing – where horses jump over barriers
3) Harness Racing – where horses pull carts in flat racing
Betting on horse races is very popular in the gambling world and generates about US $100 billion of economic activity annually world-wide. In the last 10 years, horse betting has been moving from race tracks to online racebooks and/or online betting sites, with people being able to bet on horse races on the Internet from the comfort of their own homes.
Flat racing is the most common form of horse racing, and there are several popular types of horse racing bets. The track in flat racing is usually oval in shape and the race is typically based on speed and stamina.
Types of Odds
In all sports and horse betting there are three ways of displaying odds: American, Decimal, and Fractional.
1) American Odds – Presented in a whole number format such as -100, +200, and so on. These types of odds are mostly popular in the U.S. and among such sports like American football, basketball, and baseball.
2) Decimal Odds – Presented in a decimal format such as 1.2 , 2.3, and so fowards. These types of odds are mostly popular in Europe and with sports such as rugby, footie, and cricket.
3) Fractional Odds – Presented in a fractional number format such as ¼, 3/5, and so on. These types of odds are mostly applied in horse betting, and hence, in the rest of our compositions about horse betting we will utilize fractional and decimal odds.
Straight Bet, Single, or Win Bet
Straight bets in horse racing are the simplest and most common type of horse betting; you bet on a horse that you think will win the race at given odds. If your horse wins, you win. If your horse loses, you lose.
Place Betting
This is when you bet on your horse to come in either first or second place. If your horse comes in 3rd place or lower, you lose the bet. The chances of you winning are higher, but the payout will be lower.
Show Bet
In this type of a bet you are wagering for your horse to finish in the top three – either first, second or third. The chances of you winning are even higher than in the Place bet, but the payout will be lower.
Tote Board
A tote board displays how much money you can win by betting on a particular horse in a Win Bet. We also explain in detail how to read horse racing forms.
If it lists a horse at 3:1, it will return approximately three times the original bet amount in addition to the original bet. Thus, for example, £1 bet to win on a 3:1 shot, will get you (3 * 1) + 1 = £4.
Daily Double Betting
When betting on daily doubles, it’s important to understand the different types of horse daily double bets you can place. These can include; Early Daily Doubles, Late Daily Double, Rolling Daily Doubles, and Wheel Daily Doubles. Make sure you know the difference before wagering at online horse race betting racebooks.
Pick 3 and Pick 6 Bets
Pick 3 and Pick 6 bets are similar in nature but different in payout. In Pick 3 horse race bets, the goal is to pick 3 winning horses in three consecutive races. As follows, Pick 6 horse betting requires you to pick the winning horse in six races in a row, which can lead to a substantial payout if you are skilled enough to do so.
Tips on Horse Betting
Information is the key. When betting on a horse race, try to familiarize yourself as much as possible with the horses, their jockeys and the organizations they represent. You should at least know some history of the performance of the horse you are betting on. In what place does this horse usually finish? Is it a favourite that comes in first place all the time or an underdog that comes in one of the last places? Who is the horse’s jockey and how does he perform? Is he the type of a jockey that rides top horses that win all the time or does he get the type of horses that perform poorly? Is the jockey bigger and/or fatter than the other jockeys? Is the horse in good shape? Has there been any recent news about the health of the horse? This is the type of information and horse race strategies you should be seeking to gather in order to make an informed betting decision.
Knowing as much as possible about the horse and its historic performance can allow you to recognize good value. Betting systems can also really help the sharpest punters that look for a certain minimum payoff on their horse. For instance, if a horse is 3:1 on the Tote Board and you know that historically it is at about 2:1, then you have an overlay – a horse that pays more than it should. On the other hand, if a horse is 2:1 on the tote board and you know that historically it lists at 4:1, then you have an underlay – a horse that pays less than it should. As a punter, you should typically look for overlays and avoid underlays for your horse racing.