Horse Racing Bets and Wagers

Horse racing is probably the most popular of all sports for betting. Gambling and horse racing go hand in hand and with horse races taking place daily all over the world there are plenty of opportunities for betting on horse racing. Virtually every online gambling site in existence will have a section dedicated to horse racing betting.

If you are new to betting on online horse racing betting then you may find the following list of the types of horse racing bets useful. You should note that some bets are known by different terms depending on whereabouts in the world you are.

Win Bet

This is the most common and simple bet and can also be referred to as a straight bet or a win single. Quite simply, you are betting on which horse you think will win the race. If you select correctly then you win your wager. Win bets are usually placed at fixed odds, which means the odds on your bet are determined at the time of placing your bet. You can also place a bet and take the starting price (SP) which means, if you win, your wager will be paid out based on whatever odds the horse was at the start of the race.

Place Bet

The place bet can have different meanings depending on what country you are in. In North America, a place bet means betting on a horse to finish either first or second. The odds on a place bet will be lower than a win bet for the same horse, but you clearly have a greater chance of winning your bet. If your selection finishes in the top two, you get paid out.

In the United Kingdom, and most other parts of the world, a place bet can is betting on a horse to finish to finish “in the places”. The number of places that get paid out will depend on the number of horses taking part in the race. For example in a five horse race a place would be first or second third place. In a ten horse race a place would be first, second or third place. The odds for a place bet are usually ¼ of the odds to win.

Show Bet

This is a betting term used in North America. A show bet is a bet on the horse to finish in the first three places.

Each Way Bet

Each way betting is a term used most places outside North America. It is a combination of the win bet and a place bet. Basically half your bet is on the horse to win, and the other half of your bet is on the horse to finish in the places. If your selection wins the race, then both parts of the wager get paid out. If your horse does not win but does finish in the places then just the second half of your bet gets paid out.

Across the Board Bet

This bet is the loose equivalent of the each way bet in North America. It is essentially a wager in three parts; a win bet, place bet and show bet. If you back a horse across the board and it wins, then all three aspects of your wager get paid out. If the horse finishes second, then just the place bet and show bet parts get paid out. If your selection finishes third, then just the show bet parts is paid out.

Forecast / Exacta

The forecast bet, also known as an exacta bet, is betting on the two horses that will finish in first and second place. To win this bet you must get both the horses correct and in the right positions. For example if you bet on Horse A to win the race and Horse B to finish second, but Horse B wins and Horse A comes second, your wager does not pay out

Reverse Forecast / Reverse Exacta / Quinella

These three terms all relate to the same bet. It is a similar bet to the forecast defined above, but you don’t have to get the positions correct. You just have to pick the two horses that will finish in the top, in any order.

Tricast / Trifecata

This bet is similar to the forecast, but you must select the three horses that finish in the top three. Like the forecast, to win this wager you get all three horses right and in the correct order. This bet can sometimes be referred to as the triple bet.

Reverse Tricast / Reverse Trifecta

To win this bet, you must correctly select three horses that finish in the first three places. You do not need to specify which order they finish in, but must get all three correct to get paid out.

Lay Bet

A lay bet is where you are effectively backing against a horse to win a race. If you place a lay bet on a horse and it doesn’t win, then you get paid out. If, however, it does win the race then you lose your wager.

Double Bet

The double bet involves making two selections for horses to win separate races. Both horses must win their respective races for you to get paid out with this bet. You can also place each way doubles, which means both horses need to at least finish in the places for your wager to pay out.

Treble Bet

To win a treble bet you must correctly select the winners in the three separate horse races. You must get all three right for your wager to win. You can also place each way trebles.

Accumulator / Parlay

An accumulator, or parlay, is the term applied when you make four or more selections on one ticket, for the winners in separate races. As with a double or treble, you will need all of your selections to win their respective races to get paid out on this wager.

Permutation Betting

Permutation betting is popular among bettors who want to go for the big pay out possible when you make multiple selections, but also cover themselves if one or more of their selections lose. It involves making multiple selections and then betting on some or all of the different permutations. For example, a Trixie is four separate bets on three selections. You are betting on the three possible doubles and one treble. This way, if one of your selections loses, you will still have one winning double bet as part of your wager. If you placed a Patent bet on the same three selections, then you are also covering the three win singles for each selection for a total of seven bets. The following list details all the different permutation wager and the different bets that they include.

  • Trixie. 3 selections with 4 bets. 3 doubles and 1 treble.
  • Patent. 3 selections with 7 bets. 3 singles, 3 doubles and 1 treble.
  • Yankee. 4 selections with 11 bets. 6 doubles, 4 trebles and 1 four-fold.
  • Lucky Fifteen. 4 selections with 15 bets. 4 singles, 6 doubles, 4 trebles and 1 four-fold.
  • Canadian, also known as a Super Yankee. 5 selections with 26 bets. 10 doubles, 10 trebles, 5 four-folds and 1 five-fold.
  • Lucky 31. 5 selections with 31 bets. 5 singles, 10 doubles, 10 trebles, 5 four-folds and 1 five-fold.
  • Heinz. 6 selections with 57 bets. 15 doubles, 20 trebles, 15 four-folds, 6 five-folds and 1 six-fold.
  • Lucky 63. 6 selections with 63 bets. 6 singles, 15 doubles, 20 trebles, 15 four-folds, 6 five-folds and 1 six-fold.
  • Super Heinz. 7 selections with 120 bets. 21 doubles, 35 trebles, 35 four-folds, 21 five-folds, 7 six-folds and 1 seven-fold.
  • Goliath. 8 selections with 247 bets. 28 doubles, 56 trebles, 70 four-folds, 56 five-folds, 28 six-folds, 8 seven-folds and 1 eight-fold.