Introduction to Horse Racing Betting
| Updated: 
The earliest evidence of horse domestication dates back to around 4500 BC in Central Asia. According to the available evidence, horses were originally ridden and were later used to pull chariots and other vehicles. Horse racing likely became a part of people’s daily lives very early on, although there is no unequivocal evidence to confirm this.
What distinguishes the sport today is that it is one of the few disciplines in which most spectators are also punters, while relatively few people watch horse racing purely because of their admiration for the sport. Many fans enjoy betting because it raises their adrenaline and makes races more exciting. A race may not be as interesting or entertaining if there is no particular horse whose performance they can follow while hoping to earn a profit.
Sportingpedia is a platform that will guide you through the world of horse racing. From understanding betting odds to reading racecards and developing the right strategy, this is the place to begin your online horse racing betting journey. We know the subject can be confusing for novices and inexperienced betting enthusiasts, so keep reading to find answers to the questions that may come to mind before starting your horse racing betting adventure. We will begin by presenting some basic information about the sport itself and then proceed to betting on horses. In addition, you will have the opportunity to read useful betting tips that can help you have a pleasant and profitable betting experience.
Best Rated Bookmakers for United States-
Claim
$1000
Match Bonus9.718+ New customers only. 100% match bonus up to $1000. Min deposit $50. 10x rollover requirement. Promocode: MYB100 -
Claim
$250
Match Bonus9.4Join Bovada, make your first deposit and instantly receive a 50% Sports Welcome Bonus up to $250. -
Claim
$500
Match Bonus9.3Get a 100% Bonus, up to $500, to wager in the Xbet Sportsbook when you sign up and fund your new account with minimum of $45. Be sure to use promocode XB100 to claim this offer on your first deposit. 7x rollover requirement prior withdrawal. -
Claim
$200
Match Bonus9.2The bonus and the deposit need to be rolled over 4x at min. odds of -200 (1.5) before a payout is possible Max. $200 of every bet count towards the rollover. -
Claim
$150
Match Bonus9.1Get a 150% Bonus, up to $150, to wager in the BetUSR Sportsbook. Deposit minimum $100 and wager at least $500 within 30 days of registerening your account and you will automatically qualify for $150 CASH BONUS with just 1x wagering requirement.
Basics of Online Horse Racing Betting
Although on-track betting continues to enjoy lasting popularity, the convenience provided by modern online sportsbooks has led more punters to place their bets over the Internet. Thanks to the abundance of betting platforms, enthusiasts can wager on a wide variety of horse racing events held around the world. Modern technology enables sports betting without significant limitations related to time, location, or device. While you do not have to be an expert in the sport to win with your bets, you certainly need to understand the different types of wagers you can place and what the various odds formats shown by online bookmakers mean.
Methods of Horse Racing Betting Explained
The first thing you need to learn before you start wagering on horse racing is how the various betting methods work. Please note that we do not mean the different bet types, which will be explained later, but the three main betting methods available today.
Fixed-odds betting
Undoubtedly, this is the most popular way of betting on horses, used by thousands of punters around the globe. Generally speaking, it involves placing a bet at odds set in advance by a particular bookmaker. If your prediction is correct, you will receive a payout calculated according to the amount of your stake and the betting odds for that event. Logically, if the bet is unsuccessful, you lose your stake. As with other sports available through online betting platforms, odds are displayed in three main formats: fractional, decimal, and American. Besides being more popular in different regions of the world, each format has specific characteristics you need to understand.
Also referred to as UK odds, British odds, or traditional odds, fractional odds show how much profit your stake will generate if your prediction is correct. The first number indicates how many units you could win, while the second shows how many units you need to risk to win that amount. Let’s look at an example featuring three different sets of fractional betting odds.
| Fractional Betting Odds | |
|---|---|
| Odds | Payout |
| 5/1 | 5 units for every 1 unit wagered plus the original stake |
| 9/2 | 9 units for every 2 units wagered plus the original stake |
| 1/4 | 1 unit for every 4 units wagered plus the original stake |
By looking at the odds, you can see whether a particular horse is considered a favorite. If the first number in the fractional odds is smaller than the second, you are betting on an odds-on favorite, and your potential profit will be smaller than your original stake. Do not equate betting odds entirely with the likelihood of winning, since odds may reflect the interest of betting enthusiasts rather than predictions based on in-depth research. In other words, the more punters bet on a particular horse, the lower its odds may become. Although there is some relationship between these two factors, you can become a more successful bettor by learning to identify gaps between public opinion and reality.
As you can see, it is quite simple to calculate your profit using fractional betting odds, but it is even easier with decimal odds because all you have to do is multiply your stake by the odds. In other words, decimal horse racing odds show the total payout. If you wager $15 at odds of 2.5, you will receive $37.50, including a net profit of $22.50. Even-money odds are presented as 2.0. In this case, a successful $15 bet will result in a $30 payout, including the winnings and the original stake.
Since the US is one of the leading horse racing countries, many punters there are familiar with and prefer the American odds format. It is quite different from the other two formats, which is why relatively few bettors outside the region choose it. Moneyline odds may seem complicated at first, but once you understand them, they are easy to use. American odds have either a plus or minus sign in front of the number. Negative odds are given to favorites and indicate how much you need to wager to win $100. Positive odds, on the other hand, indicate that you are betting on an underdog and show how much you can win for every $100 staked.
Pari-mutuel Betting
The term pari-mutuel betting originates from France and can be translated as “to wager among ourselves.” Odds are not fixed, and punters do not wager against a bookmaker. It may sound quite unusual, but all bets placed on a particular horse go into a pool for the race, so the size of your potential winnings remains unknown until the last moment. When the event is over, the pool is divided among all bettors who made correct predictions, according to the relevant stake sizes. Due to the specific nature of pari-mutuel betting, winnings can vary considerably, ranging from small returns to substantial amounts.
Exchange Betting
We conclude this section of our horse racing betting guide with another popular wagering method: exchange betting. Betting exchanges are an alternative to conventional online sportsbooks and differ in that they enable betting enthusiasts to set odds themselves and wager against one another. Punters are divided into two categories: those who back a horse and those who lay a horse. To back a horse means wagering on it to win the race, while laying a horse means betting that the competitor will not win. The second option may appeal to inexperienced punters because it can involve less risk, although its potential payouts are usually lower.
Main Horse Racing Wagers
The relatively complex nature of horse racing allows sportsbooks to offer multiple betting markets that go far beyond the straightforward Win bet. Each wager features different betting odds and payouts, so it is important to familiarize yourself with all the options at your disposal, especially if you plan to generate notable returns from betting on horses. In the section below, we briefly explain how each bet works and how difficult it may be to make a correct prediction.
Traditional bets
Even if you are a complete novice, you should have no major difficulty placing any of the three straightforward horse racing bets: a win bet, a place bet, and a show bet. However, we will outline each one briefly to help ensure that your wagers are based on informed decisions. The Win Bet requires little explanation. Those who place this wager must predict which horse will finish in first place. If the competitor you selected wins the race, you will receive a payout calculated according to the odds and the amount of your stake. If this sounds too risky and you are not yet confident in your predictions, you may try the Place Bet, which offers greater flexibility and a better chance of winning. Your bet is considered successful if the selected horse finishes in either first or second place. The lower level of risk leads to a smaller profit, but this wager offers a useful opportunity to gain experience before moving on to more lucrative but riskier betting markets. The Show Bet is a variation of the place bet, with the main difference being that it also covers third place.
There is also the so-called Across-the-Board Bet, which combines the three straightforward horse racing bet types. With this wager, you must stake equal amounts on the same horse to win, place, and show in a particular race. Few betting enthusiasts favor it because it can be expensive to place, while the potential payout may not seem attractive enough.
| Across-The-Board Bet | |
|---|---|
| Position at the end of the race | Payout |
| 1st | Win + Place + Show |
| 2nd | Place + Show |
| 3rd | Show |
Exotic Bets
Exotic bets are an extremely popular category of horse racing wagers that require the bet to cover multiple horses. This can happen within the same race, as with the Exacta, Trifecta, and Superfecta, or across several horse racing events, as with the Daily Double, Pick 3, Pick 4, and similar wagers. Despite the considerable difficulty of predicting complex outcomes, exotic bets attract significant interest because punters can win substantial amounts in a short period.
One of the most profitable bet types is the Exacta, which requires you to predict not only which two horses will finish in the first two places but also their exact order. Such a bet requires in-depth knowledge of horse racing and close monitoring of the performances of key horses and jockeys. That is why the Exacta is mainly used by highly experienced punters who enjoy challenges that may be difficult for novices to overcome. However, the Exacta is not the most profitable type of exotic horse racing bet. The Trifecta and Superfecta cover the top three and four horses, respectively, and are extremely difficult to predict correctly. In both cases, the betting enthusiast must predict the exact order in which the horses will cross the finish line.
We continue our review with the Daily Double, which requires you to predict the winners of two consecutive races. When this betting market was first introduced, it covered only the first two races at a track. Today, punters can wager on any two races that take place immediately after one another. The concept behind the Pick 3, Pick 4, and similar bets is much the same. The number in the bet’s name shows how many consecutive race winners you must predict correctly.
So far, we have explained the main and most common types of horse racing bets. However, the variety of available betting markets is not limited to these wagers. You can also find online bookmakers that allow you to place matchups, prop bets, lays, accumulators, and other wagers.
Kinds of Horse Races Explained
Horse racing is divided into four main types: flat racing, steeplechase, harness racing, and endurance racing. Some focus on speed, while others emphasize stamina or specific skills. Certain races also involve only particular horse breeds or horses competing at a specific level. It is in your best interest to understand what these terms mean before placing your bets, as some types of horse racing may be more suitable for your wagering preferences than others.
Flat Racing
The most famous type of horse racing is undoubtedly flat racing, which usually involves thoroughbred horses competing on a level surface. There are major events in different parts of the world, demonstrating the discipline’s universal appeal. In the United States, these include the Kentucky Derby, Preakness Stakes, and Belmont Stakes, which make up the Triple Crown. The UK hosts the King George VI and Queen Elizabeth Stakes, the Derby, the Oaks, and many other races.
Interest in thoroughbreds reaches its peak when the animals are three years old or older. At this point, the horses achieve physical maturity and can produce good results on the track. They also meet the conditions for participating in some of the most expensive and prestigious competitions in the world. The main human figures in this field are the jockey, who controls the horse during the race; the trainer, who is responsible for feeding and training; and the owner, who bears the costs of the competitor’s upkeep. We should also mention the breeders, whose responsibility is to match suitable stallions and mares so that purebred racehorses with excellent qualities can be born.
The racetrack has no obstacles, and its surface is usually turf or dirt, although some newer racetracks have synthetic surfaces. In general, these races are between 1 and 3 miles long. Flat horse races are divided into two subcategories: conditions racing and handicap racing. The first category is based on distinctive factors such as age or sex. In handicap races, horses considered better than the others are required to carry more weight. This balances their chances of winning and presents a real challenge to betting enthusiasts.
Steeplechases
This discipline has several names that are primarily used in different regions where horse racing is popular, including jump racing, hunt racing, and hurdles. Steeplechases are not as widely popular as flat races, but they attract considerable interest in countries such as the UK, Ireland, and France. As the name suggests, horses must jump over different obstacles throughout the race. These can include fences, open ditches, water jumps, and other obstacles. Many horses competing in this category are relatively old because technique and experience are of the utmost importance.
Endurance racing
This category of horse racing requires horses to possess different qualities from those already described because the focus is on stamina and endurance on the track. Although speed is always a factor to consider, horse racing fans and avid punters are more interested in the ability of horses to withstand heavy physical exertion and perform well over long distances. Endurance rides can be conducted over various distances but usually do not exceed 160 km for a one-day race.
Endurance horse racing does not enjoy immense popularity because it is very exhausting for both horses and jockeys. Moreover, its long duration is not considered attractive by many punters, so it attracts considerably fewer bets than flat racing and steeplechases.
Harness Racing
Although harness racing does not have the jockey superstars or prestige associated with other types of horse racing, it has a remarkable history and attracts both viewers’ interest and punters’ real-money bets. In harness racing, horses pull a cart, also known as a bike, in which the driver sits. The gait, or the way standardbred horses such as pacers and trotters move across the racetrack, is particularly important.
When the front and rear legs on the same side of the horse move forward simultaneously, this is called a pacing gait. For greater security, horses wear hobbles that connect the legs on each side. When the horse’s legs alternate on both sides, it is called a trotting gait, and no hobbles are needed. Depending on their speed, horses are divided into different classes within each gait. Competitors are allowed to move up or down between classes but never switch between the two gaits.
Horse Racing Betting Tips
A profitable and long-lasting horse racing betting experience is impossible without developing and following the right strategy. If you identify gaps or weaknesses over time, you can always make adjustments and ultimately establish a betting style that suits you.
There is no universal horse racing betting strategy that works for everyone because there are many significantly different types of races, and hardly any betting enthusiast can master them all. You do not necessarily need such a strategy, as there are many ways to become a successful punter. However, there are some basic horse racing betting tips that, if followed, can help you get the most out of your favorite pastime.
If you have read our guide so far, you are already beginning to see how exciting and challenging horse racing can be. There is an abundance of information available, yet many people do not take advantage of it. Do not be one of those punters. Complete your research before placing any bets. Even a quick glance at the racing program can improve your chances of winning, and that is only one of the many research opportunities available to you.
A typical racecard contains plenty of useful information, such as the type of race, the exact number and names of the competitors, the runners’ past form, betting odds, and the type and condition of the track. Conduct your own research on the horse you plan to back, compare your findings with the officially available data, and only then proceed with your wager. Remember that there is no unnecessary information. You never know which factor could tip the balance, so the more data you have, the better. When reading the statistics of a particular competitor, we advise focusing on its performance at that specific track or at least at tracks with similar characteristics because race distance and track surface can have a strong impact on the final outcome.
It is a good idea to create betting accounts with several trusted online bookmakers, as this will enable you to shop for the best betting odds for a particular horse racing event. It is not unusual for one horse’s odds to differ across sportsbooks, whether because of dissimilar analyses or a short-term promotion. This does not apply to pari-mutuel betting because bookmakers do not determine the odds, and you will not know the size of the race pool before the event ends. Looking for better betting odds may not seem worth your time if it adds only a dollar or two to your payout. However, when you consider your betting results over the long term, you will see how quickly these small amounts can accumulate.
There are many horse racing events available to bet on every day. Although betting on more races gives you more opportunities to win, do not try to wager on every event you encounter, as this can quickly take the fun out of your betting activity. A reasonable approach is to focus on one type of race and develop in-depth knowledge that can help you make more accurate predictions.
Conclusion
Although this introductory section of our horse racing betting guide contains a considerable amount of information, it covers only the basic aspects of this fascinating sport. If you do not want to remain a casual online bettor but instead aim to become a successful punter, you should continue reading and expand your knowledge of the subject. In the following articles, we discuss the different types of betting markets in detail and share our recommendations for pursuing a profitable betting experience.