Betting on horses kicked off way back in the early 1600s. Fast forward 4+ centuries later, and there are still folks who find betting on horse races a bit of a head-scratcher.
If you’re one of these people, my guide on how to bet on horse racing will show you the ropes. I love putting my money on the tracks because it lets me apply some strategy rather than only luck. Plus, there are a ton of bet-types to choose from, and I’ll break them all down as you continue reading.
I’ll address the big question right away. The truth is, betting on horse racing is easier than you might think. You simply need to get a grip on the basics and learn a few key strategies. The fact that the sport gives you classic and exotic bets means you can always find a comfortable pick to place your money.
From my experience, I can confirm that the many different horse racing bets are the main confusing aspects for newbies. So, I’ll be throwing light on the key ones. You can view this as sports betting 101 on horse racing, as I’ll keep all the explanations simple. Let’s roll:
As a beginner learning how to bet on horse racing, I’ll advise kicking off with these three. Here’s the rundown:
| Bet Type | Meaning |
|---|---|
| Win | Predict the horse to come first |
| Place | Predict the horse to come first or second (or third, too, for UK folks) |
| Show | Predict the horse to come first, second, or third |
Easy peasy, you’ll agree. The above options are pretty much the simplest you’ll get for wagering on the tracks. I always try to score Win bets since they carry the biggest odds. But getting it right is no walk in the park. A Place or Show bet is a bit safer.
If you've done a bit of research into horse racing, you’ll know exotic bets are where the real action happens. They’re always part of my strategy for betting on horse racing events, and you shouldn’t skip them in yours, either. Here are the main ones you’ve got to know:
| Bet Type | Meaning |
|---|---|
| Exacta | Pick the first and second place horses in the exact order |
| Trifecta | Pick the horses to finish first, second, and third in the exact order |
| Superfecta | Pick the first four finishers in the exact order |
| Boxed Bets | Bet on multiple combinations of horses to finish in any order |
| Quinella | Pick two horses to finish first and second in any order |
| Daily Double | Pick the winners of two consecutive races |
| Pick 3/4/6 | Pick the winners of three, four, or six consecutive races |
Note that Exacta, Trifecta, and Superfecta are also known as verticals. Boxed Bets and Quinella are vertical bets, too, while Daily Double and Pick 3/4/6 are horizontals — because they involve picking winners across multiple races. So, if you see vertical or horizontal bets on a sportsbook site, don’t get it all twisted up.
I can’t skip this, as newbies always want each way betting explained in the clearest of terms. This bet type isn’t complex, though. If you wager on soccer or basketball, you’ll be familiar with Double Chance bets, where you pick two options in one wager. That’s pretty much how each-way bets work in horse racing.
With this option, you make two bets in one and win if any comes out correct. The last each-way bet I made was a Win and a Place bet rolled into one. In other words, I picked a horse to come first and two horses to finish first and second. My Win prediction didn’t pan out, but the Place hit the mark, and I got my payout. An each-way bet is usually safer, so I recommend adding it to your strategy for betting on horse racing.
Odds in horse racing are displayed as in other sports: decimal, American, and fractional. So, if you’re not new to the whole betting thing, you won’t find them challenging to read. However, I promised not to leave anything out in my guide on how to bet on horse racing, so I’ve explained the odd formats below:
| Odds format | Example | How to read | Calculation |
|---|---|---|---|
| Decimal | 6.0 | The number represents your total return for every $1 bet. | If you bet $10 on 6.00 odds, and your horse wins, you get $60 ($10 x 6.00). |
| American | +500 or -200 | Positive numbers indicate how much profit you’d make on a $100 bet, while negatives show how much you need to bet to win $100. | If you bet $100 on +500 odds and win, you get $500. However, to win $100 on -200, you have to bet $200. |
| Fractional (British) | 5/1 | The first number represents your return, while the second is the stake. | If you bet $10 on 5/1 odds and win, you get $50 (5 x $10). |
It’s simple, but one of the most common horse racing betting mistakes I’ve come across involves misreading odds. Some sportsbooks display the rates with a dash, like 7-2 or 5-1, and bettors get thrown off. But don’t sweat it. It’s just a different way of showing fractional odds. So, 7-2 is the same as 7/2, meaning for every $2 bet, you can win $7.
My horse racing betting guide won’t be complete if I don’t share some expert tips. So, check out my top 5 below:
Look into the horse’s form from previous races. The more you know, the better your chances of making an informed bet.
From my experience, some horses perform better on specific tracks and conditions — like turf vs. dirt. So, you’ll want to pay attention to the weather and track conditions.
It’s easy to get caught up in the excitement of horse racing, but always set a budget and stick to it. Betting should be fun at the end of the day.
Different sportsbooks may offer slightly different odds. I always take the time to compare and find the best value, and I recommend doing the same.
You don’t want to put all your eggs on one racetrack – they may all get smashed. So, spread your bets across different types to boost your chances of winning something back, just remember that winning is never guaranteed.
Here’s a takeaway: make sure you use a quality sportsbook. If you don’t, your efforts will be in vain. You can check the banners on this page for my recommended best horse racing betting sites in your locale.
As you become more familiar with how to bet on horse racing, you’ll appreciate the multiple bet types. Also, the fact that the sport thrives on strategy, and that races are regular are big upsides. In my opinion, the main drawback is that understanding it all may take a bit of time.
How do you bet on horse racing? If I’m the one asking you that question, I’m sure you can now comfortably give me the full deets like a pro. Indeed, it might take a little time to wrap your head around everything. But trust me, the learning curve is worth it for the thrill of the track.
The best way to bet on horse racing depends on what you’re familiar with. That said, you can either stake on a particular horse to win or finish within the top three.
You can predict a winning horse by carrying out research and analysis. Check the form of the horses in previous races to get better insights into how they may perform in future events.
Any horse can win a race, irrespective of the color. It’s best to focus on a more effective strategy for betting on horse racing like studying past results, rather than banking on colors.
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