A Beginners Guide To Betting On Horse Racing

A Beginners Guide To Betting On Horse Racing

Betting on the horses for the very first time can be a daunting task, as there are plenty of risks involved, as it's your hard-earned money. However, if done right, there can be plenty of rewards, provided it is only done as a hobby. Here is our beginner's guide on how to make the most of having a flutter.


Where To Bet  


First and foremost, you will need to find a bookmaker, either down your local high street, online via the bookie's apps or on-course when attending a race meeting in person. The on-course bookmakers can usually be found at the front of the stands near the home straight so they can see who passes the post first. When it comes to the local street bookies or the online apps, be sure to use reputable companies like William Hill and Ladbrokes for the in-person bookies or the online ones such as Bet365, SkyBet and various others.


How The Betting Odds Work  


In the UK, the odds are typically shown in fraction form. However, in Europe, at betting exchanges and potentially other international countries they are usually done in a decimal format.  


An example of what happens when you put a bet on. If you put £1 on a horse at the odds of 3/1 in the market, you make £3 profit, BUT you also get your £1 stake back, therefore altogether you will get £4 back as a complete winning stake.


Now going back to how other countries may use a decimal format for their odds, in the fraction format of 3/1 that would look like 4.00 as a decimal. There is no difference whatsoever in terms of what you get back, as the decimal odds specify how much you will get back from the bookmaker based on a £1 bet including your stake, while the fractional odds say what profit you will make, so the number will be minus the stake. 


It can get a little confusing at first, as there are various different looking odds, for example we have 7/2 or 10/3, which does make it a little trickier to work out yourself. However, if you were to put £1 on a horse at 7/2, you get £3.50 back in profit (£4.50 altogether, including the stake), meaning the 7/2 odds are actually 3.5/1 in a simplified manner. Anything with a 2 in it means you half the first number, therefore 15/2 would be 7.5/1, or 13/2 would be 6.5/1 and so on.   


If a horse was to be described as an “odds-on shot” or “very short in the market” etc, that would usually mean the odds could look like 1/10 as opposed to 10/1, which means if you were to bet £10 on a horse at 1/10 you would have got £11 back, a profit of just £1. So for every £10 you were to put on at that price, would mean you get £11 back (Just £1 more). 


Different Types Of Bets


Win - This is simply a bet that you place for the horse to win. Therefore, if the horse comes 2nd or 3rd, you get nothing back. It has to solely win the race. 


Each Way - A bet for the horse to either win or to place (either 2nd and 3rd, and sometimes 4th onwards, depending on the number of runners in the race). The place portion of your bet pays out at a fraction of the main odds and again this varies but is usually 1/5. Each-way bets are usually best placed on horses at longer odds - for example, if you put a £1 each-way bet on a horse (which means you put £2 on, every each-way bet is double) each way at 2/1 and it places, you get £1.50 back, therefore a 50p loss - however if you back a horse with £1 (£2 stake) each way at 12/1 and it places you get £4 back, meaning you get a £2 profit.  


Doubles - A bet consisting of two selections, with both needing to win in order to guarantee a return.  

Trebles - A bet that includes three selections, and requires all three selections to win in order to guarantee a return.  

Accumulators - A bet that includes four or more selections, and requires all the selections to win to guarantee a return.  

Trixie - A bet consisting of four bets involving three selections. A trixie is made up of three doubles and a treble, so a minimum of two selections must win to guarantee a return. 

Patent - A bet consisting of seven bets involving three selections. A patent is made up of three single bets, three doubles and one treble. It is essentially a trixie bet but adds in the three single bets too, so if one selection wins you will get a return. 

Yankee - A bet consisting of 11 bets involving four selections - six doubles, four trebles and a fourfold. This means a minimum of two selections must win in order to guarantee a return. 

Lucky15 - One of the more popular betting options. A lucky 15 consists of 15 bets over four selections - four singles, six doubles, four trebles and a fourfold. It is essentially a yankee but with the addition of four singles, so only one selection needs to win in order to guarantee a return. 

Lucky31 - A bet consisting of 31 bets across five selections - five singles, ten doubles, ten trebles, five four-folds and a five-fold accumulator. You only need one selection to win to guarantee a return. 

Lucky63 - A bet consisting of 63 bets across six selections - six singles, 15 doubles, 20 trebles, 15 four-folds, six five-folds and a six-fold accumulator. You only need one selection to win to guarantee a return. 

Canadian - A bet consisting of 26 bets that involves five selections - 10 doubles, 10 trebles, five four-folds and a five-fold accumulator. It is also known as a super yankee bet. 

Heinz - A bet consisting of 57 bets across six selections - 15 doubles, 20 trebles, 15 four-folds, six five-folds and a six-fold accumulator. 

SuperHeinz - A bet consisting of 120 bets across seven selections - 21 doubles, 35 trebles, 35 four-folds, 21 five-folds, seven six-folds and a seven-fold accumulator. 

Goliath - A bet consisting of 247 bets across eight selections - 28 doubles, 56 trebles, 70 four-folds, 56 five-folds, 28 six-folds, eight seven-folds and an eight-fold accumulator. 

Straight forecast - This is a type of bet that requires you to pick the first two finishers in the race, in the exact 1st and 2nd order.


Reverse forecast - Similar to a straight forecast, except the two horses selected can finish either 1st or 2nd in any order. 


Tricast - This bet is where you pick the first three finishers in the exact order of 1st, 2nd and 3rd


Placepot - One of the most popular bets for racegoers. You choose a minimum of one horse in each of the first six races on the card to finish in the places. If they all place, you win a share of the total prize money in pool. If one selection fails to finish in the places, your bet loses. 


Jackpot - Similar to a placepot, but instead of backing the horses to finish in the places, they all need to win. If one fails to win, the bet will lose.