Racing to the Finish: A Guide to Horse Race Betting Types
Horse racing is one of the most popular sports in the world that is being followed by both fans and bettors. Wagering on racehorses is a very common practice the bookmakers, who receive countless bets on all kinds of racing events every year.
Punters enjoy betting on horse races as it is unlike wagering on any other sport. Also, there are many betting options to choose from that aren’t available elsewhere. If you like to learn about the betting types used in horse racing, then you should continue reading this article.
What Are the Different Betting Types in Horse Racing?
When constructing a bet slip at a bookmaker, you are given the opportunity to wager on singles or accumulators. Below we will mention and describe some of the most commonly used horse racing bet types that you can wager on.
Straight Bets (Win, Place, and Show)
The win wager is the most common horse racing bet type. You can use it to bet on the horse that you think will end up winning the race. A similar bet option is the place wager, which you can use to wager on a horse to finish the run as a winner or as a runner-up.
Show bets are very similar to place bets, with the only difference being the fact that you will receive a payout if the horse ends up in the top 3 positions.
Each-Way Bet
Next up we have the each-way bet type, which is a wager that you can use to bet on a horse to win and place. This means that if your horse finishes in the placing, then you will receive a Place dividend. But, if the horse wins the race, then you will receive both the Win and the Place dividends.
It is worth noting that there is a great Cheltenham Offer from Skybet that you can use to place a horse racing bet such as this. Betting with Skybet provides a secure and user-friendly platform with competitive odds, as well as various promotions and features such as live streaming, cash out, and accumulator bonuses. Additionally, Skybet offers a variety of sports and events to bet on with a wide range of betting options.
Exotic Bets
Exotic bets are wagers that allow you to bet on two or more racehorses. There are two types of exotic bets that you can use such as vertical and horizontal.
A vertical exotic bet requires you to guess the correct order of a horse race. You can choose to guess the exact position of between 2 and 5 horses. To win a horizontal exotic bet you must correctly guess the winners of 2-6 consecutive horse races
Exacta and Trifecta Bets
An exacta bet is used to bet on the horse that wins the race and the one that ends up in second place, in a specific order. The trifecta bet requires you to correctly guess the order of the top 3 finishes in a horse race.
Superfecta and Hi-5 Bets
You can use the superfecta bet to guess the correct order of the four racehorses in a horse race. The hi-5 bet allows you to bet on the five horses that will finish the race in exact order. These two bets come with a much bigger payout than the previous two.
Quinella Bet
Quinella bet is very similar to the exacta bet, but with only one major difference, you don’t have to correctly guess the order. You can simply place a bet on two horses that you think will end up as first and second, regardless of their order.
Daily Double and Pick 3 Bets
The daily double bet requires you to guess the winners of two consecutive horse races. As for the pick 3 bet, you can use it to bet on the winners of 3 straight races. You should know that the minimum bet amount for these wagers goes around £1.
Pick 4 and Pick 5 Bets
Bookmakers allow you to use the pick 4 bet to correctly guess the winners of four consecutive horse races. On the other hand, you can use the pick 5 bet to wager on the winner of 5 straight races. Some sportsbooks may even offer a jackpot on this type of bet.
Pick 6 Bet
Lastly, we have the pick 6 bet, which is the most rewarding horizontal exotic bet type. It requires the bettors to select the winners of 6 straight races. Once again, some bookies may reward you with a jackpot bonus if you manage to win this type of bet.
