Betting on horse racing is relatively straightforward once you get the hang of it. We know, however, that Paddy’s horse racing pages can feel a little intimidating if you haven’t wagered on the horses before.
The sport has so much tradition and history, and so many experts follow races from around the world, that we can often forget that bettors have to start somewhere!
That’s why we’ve created the ultimate guide to horse racing bets, with the aim of helping new punters get accustomed to what odds are available.
From simple single bets to complicated multiples, Paddy’s here to show you the ropes. We’ll begin with the most straightforward bet types in horse racing before digging a little deeper into the odds!
Main horse racing bets
There are two main types of bet in horse racing: win and each way. Both reward you for correctly guessing a successful horse in a race. Of course, the standard way to bet on horse racing is to predict who will win and stick to that selection. Over the years, though, the each-way bet has become the go-to option for many bettors because it carries a level of protection.
Here are the main horse racing bets you will find in the Paddy Power sportsbook:
- Win – A simple bet on who you think will win a race. The horse racing odds show you the chances of a horse winning. Whichever horse is top of the list is the favourite to win.
- Each Way – An each-way bet splits your stake in two. One half backs the win, the other half backs a place. If your horse wins, you win both halves of the bet! If it finishes in one of the ‘places’ (usually between 2nd and 4th) then you only win the second half of your bet, at perhaps 1/4 or 1/5 of the full price).
- SP – The SP is another type of core bet and is effectively a win bet where you agree to back the Start Price. A horse’s odds could rise or fall in the time between you placing your bet and the race beginning. If you think the odds will rise then you can bet on the SP and keep your fingers crossed that you’ll lock in a better price!
- Lay – A lay bet in horse racing is when you back the horse not to win. You bet against it and claim profit if it loses. The odds are usually very low here, especially if you lay an outsider.
Same Race Combinations
Now we know about the basic horse racing bet types, it’s time to look at some more intricate options. Below are bets you can make within the same race. They feature more than one selection, which means you’re usually betting on a horse to win and at least one other to finish second. The point of same race combinations is to greatly increase your odds and thus your profit potential.
- Forecast – A forecast in horse racing is when you bet on the horses that will finish first and second in the correct order. This is no easy task but it’s a good option if there are two low-priced horses, and the rest of the field are considered outsiders. In America, forecast bets are also called Exactas.
- Reverse Forecast – A reverse forecast requires you to again predict the top two of a race, but this time it can be in any order. The odds aren’t as high as a straight forecast here because there are two winning outcomes compared to just one. Reverse forecasts are the usually the first multiple bet type that newcomers will place, in order to get more accustomed with complex wagers.
- Tricast – A tricast bet requires you to predict the first, second, and third finishers in the correct order. It is only available on races with eight or more horses. Tricasts are notoriously difficult to predict but you are rewarded with very high odds if you structure them right.
- Combination Forecast – A combination forecast is where you select three or more horses in the same race and bet that at least two will finish first and second. Your odds are reduced for every selection you make but, of course, the bigger your combination the better your chances of winning.
Multiple Race Bets
It’s also possible to add selections from more than one race into a mega bet. These are called multiples and work the same as when you’re building an accumulator in football or NFL. Each pick needs to win in order for the multiple to pay out. The risk is higher but so are the odds.
Here are five of the most commonly-placed multiples in horse racing betting:
Double – A double bet in horse racing is when you bet on two winners of two separate races and pull them together into one bet. Both horses need to win their races for you to win the double!
Treble – A treble bet in horse racing is the same as a double but this time you have three selections from three separate races. Your odds can balloon here if you pick the right horses. Some bettors cash out their trebles if the first two horses win.
4-Fold – The same as a double or treble but this time you back four horses from four different races.
5-Fold – A five-fold in horse racing is a common acca placed during big events like the Cheltenham Festival, where you seek to bet on the televised races each day. All five horses need to win in order for your five-fold to pay out. It’s possible to bet a very small stake here and still chase big profits.
Each Way Double – Each way doubles require you to make your selections ‘each way’ bets, which creates a more complicated structure. Read more about each way doubles here!
