Horse racing has been a popular spectator sport for hundreds of years and throughout that time has been synonymous with gambling. Originally, bets were placed on match races, between one horse and another, but nowadays bets are usually placed on races involving larger number of runners.
If you are interested in betting on horse racing, you need to have at least a basic understanding of the types of bets available, how to calculate your winnings and so on.
Single Win Bet
The simplest type of bet is a single win bet. You select one horse that you expect to win a race and stake a certain amount of money on it. If the horse wins, you receive winnings equal to your original stake multiplied by the winners odds, plus your original stake back. For example, if you stake 10 on a single win bet at odds of 5/1 and your horse wins, you receive winnings of 50, plus your original stake of 10, making a total of 60.
Single Each-Way Bet
If you think that your selection may run well, without necessarily winning, you could opt for a single each-way bet instead. A single each-way bet involves two stakes, one for a win bet and one for a place bet. The win part of a single each-way bet is exactly the same as a single win bet, but the place part is slightly more complicated. In races with five or more runners, if your selection finishes second or third, or in some cases fourth or even fifth, you receive a fraction of the win odds determined by the type of race and the number of runners. For example, if you stake 10 on a single each-way bet (a total of 20) at odds of 5/1 in a handicap race with eight runners and your horse finishes second or third, you receive one fifth of the win odds, or even money, to your place stake. Obviously, the win part of your each-way bet loses, so you receive winnings of 10, plus your original stake of 10, making a total of 20.
What To Bet
What to bet, in terms of stakes, is entirely your own business, although it is a good idea to set aside a sum of money, known as a betting bank, which you use exclusively for betting on horses. What to bet, in terms of selections, is a huge subject that cannot possibly be covered satisfactorily in an article of this length. However, your choice essentially boils down to backing your own judgement, by studying form, or backing someone else’s judgement, by following horse racing tips. Horse racing tips are freely available in most national newspapers, specialist horse racing publications, such as the Racing Post or the Racing & Football Outlook and on various websites.
