Just How Does Horse Betting Work?
Horse betting or betting on horse racing is great fun. It usually takes place at numerous horse races where betters can stake their money on the last position of horses participating in a race. In horse betting, placing a bet is not as complex as it seems to be. You don’t have to be an expert. Firstly, you need to know the horse to bet on and you can bet on whichever name, number and jockey you like. Besides, you don’t necessarily have to know each horse’s background.
To understand how horse betting works, we need to take a look at a few things.
Categories of Horse racing bets
There are two types of wagers to pick from when betting on horses namely straight and exotic wagers. Straight wagers are recommended for beginners as they are both simple and inexpensive. You just choose one horse to finish in the first place, second place or third place. At most tracks, the minimum bet for a straight stake or wager is merely $2.
On the other hand, exotic wagers let you make many bets on numerous horses in just a single wager. Winning these types of wagers is usually much harder than winning straight wagers. Besides being costlier, they call for a higher level of skill plus knowledge in handicapping (horse picking). But the advantage of exotic wagers is that payoffs on them are higher than straight ones.
Don’t forget: a straight wager allows you to bet on just a single horse.
WIN: This means you are actually betting that the horse you have picked will emerge in first place, and In case that happens then you get to actually collect.
PLACE: When betting on a pony to “place”, it means that your bet is that your pony or horse will emerge in either first or second place. You get to collect if indeed your horse comes in either first or second. A place bet payout is actually lower than a win bet or wager. However, your security lies in being in a position to cash in should your horse finish in the first two places.
SHOW: Here, your bet is that your horse will finish in position one, two or three. However, a show bet payout is considerably less as compared to a place or a win bet.
ACROSS THE BOARD: This type of bet comprises three dissimilar bets in one, namely win, place, and show. This is why it is also known as “combo straight wager”, and it is also costlier as compared with a win/place/show wager. These types of bets are generally not a good wager due to their higher cost and fewer profit prospects.
Exotic wagers let you bet on several horses in one bet, thereby increasing your profit prospects. However, these are more difficult to win than the straight bets. Besides, if you are not cautious, they can get costly and they demand a lot of skill when it comes to handicapping (picking) horses. You can freely try out some exotic wagers only after doing some straight bets.
Exotic bets include exacta, trifecta as well as superfecta options.
Exacta: This involves playing two horses that should finish first and second – precisely as you had bet. However, you can opt to bet on exacta box – meaning both horses can emerge in either order namely first and second.
A Trifecta: Here you actually play three horses coming in your exact order, that is first, second & third.
A Superfecta: This involves playing four horses.
Box Bets: These can apply to the above mentioned three categories of bets.