If you’re new to betting on horse racing, then it’s important that you build an understanding of the basic horse racing betting types in Australia.
Horse racing betting types are varied with many ways you can wager your hard-earned cash on the ponies. Below are the most common horse racing betting types that you should be aware of:
Sometimes known as “Straight up” or “On the nose”, a “Win” bet means you are betting on that horse to win the race. Second place is just not good enough!
A “Place” bet is betting on your horse to finish either first, second or third. Winning the race is great, but if you only have a place bet, you won’t win any more than if you’d finished third. The odds for place bets are typically in the range of one-quarter of win bets.
Most online sports betting websites require a minimum of eight horses in the race in order to pay three places. If there are less than eight horses, there will be “No Third Dividend” (NTD) and only the top two places will be paid.
An “Each Way” bet is actually the same as placing both a “Win” bet and a “Place” bet. If your horse wins the race, you’ll win both bets, but if the horse finishes second or third, you’ll lose the “Win” bet and win the “Place” bet. If your horse is at big odds and finishes second or third, this can still be a profitable play, but for shorter priced horses, your overall result will be close to breakeven.
When you take a bet with Fixed Odds, it means that price is locked in for your bet, regardless of how the market moves. Sometimes Fixed Odds can be beneficial for the smart punter. If you jump on Fixed Odds early, the market may move in favour of your horse and the price will shorten. This won’t affect you, as you locked in juicy Fixed Odds early.
Starting Price (SP)
The Starting Price is the average of the on-course bookmakers at the start of each race. The price is unknown until after the race.
Top (Best) Fluc is available up to thirty minutes prior to each race and is the top fluctuation of price of the official on-course bookmakers as determined by the Bookmakers Pricing Service.
Best of 4/5
Best of 4/5 is the product of Betfair Australia which we highly recommend if you’re betting on horse racing in Australia. The Best of 4 product is available at all horse races around the country and provides the best odds of the three Australian Totes or the Starting Price, whichever is greater. The Best of 5 product is available at selected major Saturday meets and includes the Best of 4 plus the Betfair Exchange Starting Price, whichever is greater.
These products are also worth mentioning as some of our recommended betting options for horse racing. These two products will guarantee you the best odds possible.
365Win is offered by Bet365 and allows you to take a Fixed Odds price, but if the price drifts and the Starting Price is bigger, then you’ll receive the SP instead. Bet365 also have some of the most competitive Fixed Odds prices around.
Centrebest, offered by Centrebet, is a similar concept, allowing you to take Fixed Odds, but if the price drifts, then you’ll get paid out at the highest of the three Australian totes.
You’re getting the best of both worlds – the option to take early Fixed Odds, but with drift protection if the price goes out. If you’re serious about betting on horse racing, then you must make sure you have an account at Bet365 and Centrebet, which you can sign-up to and claim some great bonuses by clicking on the links here at Before You Bet.
Pick the first two horses in a race in any order and your “Quinella” bet will be a winner. Quinella dividends are calculated according to the total money in the pool and are declared after the race has run.
Similar to a Quinella except that you must select the exact finishing order. This is obviously a little harder to win than a Quinella, so the payouts are usually a little bigger.
Pick the horses to finish first, second and third in a race to win the “Trifecta” for a handy collect.
When you “box” your exotic bets, you are picking a range of horses to finish in the top two/three of the race. These bets are more expensive as you are betting on all combinations of the horses selected in the bet. If any of combination of your horses finishes one-two or one-two-three, then you’ll win.
As the name suggests, the “First Four” will earn you a very tody pay day if you can pick the horses who will finish in the top four of a race.
One of the most popular exotic bets in horse racing, the “Quaddie” can potentially turn a small investment into a huge collect. The Quaddie requires you to select the winner in four nominated races at each race meet. Typically, these races will be the last four races of the day.
You can select more than one horse in each race, but each horse will increase the number of combinations and the cost if you wish to have 100% of the bet. Alternatively, if you have a set budget, you can opt to use take a smaller (or larger) percentage of the bet.
The Quaddie is determined by dividing the total prize pool among the winning combinations.
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