These days, it’s common to want to partake in the odd flutter while enjoying a day at the races. Who wouldn’t want to take a chance to make a little cash on the side – after all, even tiny bets can make an already fun day even more exciting.
With so many amazing race days on the Autumn calendar, and so many incredible horses to follow, there’s plenty of opportunity to make a day at the races a little more, shall we say, interesting.
However if you’re anything like us, you probably have little-to-zero idea about what any of the betting terminology actually means. Sure, there’s a win, and a place, but beyond that, many of us are baffled.
While the many different betting options for horse racing is wonderful for regular joes, it can be totally confusing for the novice or complete beginner.
So if you have never known exactly what all this lingo is about, all is about to be revealed.
We won’t cover all possible horse racing betting options in this post, but for an overview of the most popular types of bets you can make, keep reading!
#1 – A Win
This one is pretty simple and the most popular option out there. Simply decide which horse you believe is going to win the race and put your money on that horse. If the horse wins, you win. If it doesn’t, you lose your money. TIP: Unless you bet big, or you get lucky on a long shot, chances are the payout will only be small.
#2 – A Place
When you back a horse to come a place, it simply means that if your horse finishes in the first 3 past the post, you win. As it’s much easier to win with a Place bet, the odds will be lower (and the winnings less) than putting a bet on a winner only.
#3 – Each Way Bet
An “each way bet” is a combination of a WIN + PLACE. A simple example would be choosing a horse and betting $2 for a Win and $2 for a Place. The total bet will cost $4 on this example. It’s really just a way of covering more options, but once again, you don’t stand to win very much.
#4 – Exacta Betting
With an Exacta bet, you choose two horses and have to pick their exact finishing order. If both horses come first and second, but in the reverse order to what you chose, then you win nothing. As the name of the wager suggests, your selection and the results have to be exact.
#5 – Quinella
The Quinella bet is very similar to the Exacta bet, except your 2 chosen horses can finish in any order. So long as they come first and second, you win the bet. A Quinella is an extremely popular choice for beginners and professional punters alike, as it’s not that hard to pick in some races. Obviously the easier it is to win, the less money the bet pays.
FYI, there are variations on the Quinella bet, such as the Boxed Quinella and the Banker Quinella. We’ll just leave those there.
#6 – Trifecta
Betting on the Trifecta is one of the most popular betting options due to the fact you can win some very generous payouts. This even includes picking the Trifecta in the yearly running of the Melbourne Cup. The payout for a win is often a very decent sum of money.
To win a Trifecta, you must choose 3 horses in their correct finishing order. It’s not like a regular Quinella where the horses can finish in any order in the top three. You have to nail it exactly. Just like with Quinella betting, there are variations to the Trifecta bet, which include the Banker Trifecta, Boxed Trifecta and Percentage Trifecta.
#7 – First Four
The First Four bet is an extension of the Trifecta, as in you have to predict the first 4 horses past the post in the correct order. Punters who know what they’re doing love this kind of bet because the winnings can be huge.
Of course, it’s not exactly easy to pick the first 4 horses in a race (in the right order as well), but that’s what makes this kind of bet attractive, and very lucrative if you get it spot on.
#8 – Double
On each race day at a particular racecourse, the bookmakers will decide which 2 races will make up the Double. To win, you have to pick the winners of both designated races. It’s not as easy as it sounds, but the payouts can be worth it.
#9 – Treble
The Treble is like the Double, only bookmakers choose 3 races to make up the Treble. Once again, you have to successfully choose the winner of all 3 races to take home the prize money. Obviously picking three winners is harder to do than getting 2 right, so expect a nice wad of cash in hand if you do choose 3 winners.
And remember, if all else fails, you can just ask a friend who knows that they are doing! Giddy up!