Horse betting is one of the popular sports to bet on. Due to the numerous sports betting websites, it’s now straightforward to place wagers and understand the race’s mechanics and rules.
When it comes to betting on racehorses, there are a variety of different types of bets that you can place. Different types of bets offer different odds and payouts, so it’s important to understand the ins and outs of each before placing your bets.
Here’s a look at some of the most common types of bets you can place on racehorses.
Standard Wagers
Standard or ‘straight’ wagers has been around for numerous generations, as has horse racing. It’s the most basic type of betting in horse racing. It includes win, place, and show bets.
If you’re looking for types of bets that you can place just by picking a single horse, give one of the following wagers a try! The minimum amount for these wagers is usually $2.
Win Bets
Win bets are relatively straightforward to remember and understand. It’s betting on a horse you think will win the race; if the horse indeed wins, you can get your payout.
These bets are perfect for beginners. With a staightforward bet, first-timers can get comfortable with horse betting.
Place Bets
A place bet is similar to a win bet, but instead of betting on a horse to come in first, you’re betting on it to come in either first or second place. Place bets usually offer slightly better odds than win bets.
Although, you have to remember that the payouts for place bets aren’t as big as the ones you’ll get from win bets.
Show Bets
Show bets are the most straightforward wager you can place in horse racing. However, the payoffs are usually smaller than you would get from a win or place bet. The reason why it’s called the most straightforward wager because you’ll pick a single horse that you think will win either first, second, or third place.
It’s perfect for those unsure punters. As we all know, numerous factors can include a horse’s win and show bets helps cover the possibility of any mishaps on your favored horse.
Due to the difficulty of a win bet, it would yield the highest payouts compared to these three wagers. On the other hand, a show bet offers the lowest payouts but offers a greater chance of winning. As you can see, the more complex the bet, the bigger the payouts. When choosing what type of bet to place here would depend on your goals – whether to win your prediction or earn money.
Risk is always present in betting; however, discipline bettors advise minimizing that risk as much as possible. You can do this by continuously researching information about horses and jockeys.
Exotic Wagers
After placing straight bets, you may want to challenge yourself and bet harder types of bets. If so, then consider placing exotic wagers! It involves betting on two or more racehorses, whether it’s to win a single race or multiple races.
Indeed, it’s much harder to win than standard wagers, but the payoffs are pretty enticing! You can play multiple combinations and tickets with exotic wagers to increase your chances of winning. However, it would also increase the cost.
The following exotic wagers are singe-race exotic wagers. These wagers are also called “vertical” exotics. When wagering an exotic single bet, you bet on a single, specific race in an order that you predicted the horses will finish.
The difficulty of the bet increases when you choose to punt on an extra finishing position. But, as mentioned above, the potential payoff will also increase when the bet’s difficulty increases.
Exacta Bets
Exacta bets are one of the oldest wagers among exotic bets. Exacta requires punters to select the top two finishers in the correct order.
Quinella Bets
Quinella bets are only available at certain tracks; it’s less common. When understanding the different types of bets, you would only have to remember that quinella bets are like exacta; however, it’s much more simplified.
You’ll pick the race’s top two finishers, but they can either win first or second place. You won’t have to predict the exact places.
Trifecta Bets
It adds another layer of complexity to exacta bets. Trifecta bets require you to predict the top three finishers of a horse race in the correct order. The minimum wager for trifecta bets is typically 50 cents to $1.
Superfecta Bets
You can go further with the trifecta bet and add another horseplayer to your list. Superfecta bets involve picking the top four finishers of the race and predicting the exact order the horses will finish.
Due to how challenging placing superfecta bets is, oddsmakers decided to make the minimum wager amount at numerous tracks just 10 cents. It allows numerous bettors to place numerous combinations with just a small amount.
Final Thoughts
When betting, ensure you take your time and not be tempted to bet with your emotions. Always ensure that you remain logical and think wisely, especially when deciding what type of bet to place. Use this guide when placing a bet to know which would suit you as a bettor.
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