The purpose of betting in horses is to beat the “Oddsmakers” and therefore win money. Besides, if you put your money on your favorite horse, that makes the race more exciting and fun.
The bet is done through sports books and bookmaker entities that accept those kinds of bets. To place the bet you go to the sportsbook personally or online, there's also the option of doing it through the phone. The difference between a sportsbook and an oddsmaker is that the first one only accepts the bet, the second one sets the betting odds.
You have to mark a selection you're going to bet on, the type of bet and the amount to wager. Your selection will depend on the odds offered, that's why you should check the range of odds that are available before you make your final decision.
Here is a list of the most common types of bets used in horse racing:
- Straight bet or Single or Win bet: This is the simplest and most popular bet. You bet on a winner at given odds. You win only if your chosen horse finishes first.
- Place: You collect if your horse finishes either first or second.
- Show: The third horse across the finish line. A wager to show means you win if your horse ends up either first, second or third.
- Combination Bet: Combinations cover from two up to four horses to win in a determined order.
- Pick 3: The player has to pick the winners of three consecutive races.
- Pick 6: The player has to select the winner of six consecutive races prior to the first race of the picked six.
- Quiniela or Reverse Forecast (UK): A bet placed on two horses to finish first and second in either order.
- Perfecta or Exacta or Straight Forecast (UK): A bet placed on two horses but they must cross the finish line in the exact chosen order.
- Trifecta or Tricast or Treble Forecast (UK): A bet placed on three horses to cross the finish line in the chosen order.
- Superfecta: A bet placed on four horses to cross the finish line in the exact chosen order.
- Daily Double: The player selects the winners of the first and second races on that day. The bet has to be placed before the start of the first race.
- Jackpot: Pick six winners in six races to share in a Jackpot prize. The rules and prizes will vary.
- Parlay or Accumulator: A multiple bet. Simultaneous selections on two or more races with the intent of pressing the winnings of the first win on the bet of the following race selected, and so on. All the selections made must win in order for you to win the parlay. If a race is a tie, postponed or cancelled, your parlay is automatically reduced by one selection.
- Future: A bet on a future event. When a season starts, the sportsbooks give out odds for horses to win a certain event. The odds change as the race date approaches and in most cases get shorter, but if you win you get paid at the original odds that you took. This is possibly one of the most profitable bets.
- Exotic Bets: Betting on unusual events.
- Proposition Bet or Prop Bet: An offer of bets at odds and conditions chosen by the sportsbook.
