If you are visiting this page, chances are you are perhaps a bit of a horse betting novice looking for some guidance on what to do. This article aims to provide you with an easy reference guide as to the basics on one of the most popular betting sports in the world – horseracing.
Back or lay?
First and foremost, you need to decide on whether you want to back a horse, or lay it. When you back a horse, you are simply betting that it will win while if you lay, you are betting that it will lose. The reason why you want to know this is that your decision will dictate whether you can place your bet with a traditional bookie, or whether you will have to go with a betting exchange.
Traditional bookies are pretty rigid bet takers as they only offer you the chance to bet on a horse winning or being placed. On the plus side, there are so many bookies around that you can find some very competitive deals by comparing odds.
Betting exchanges are a lot more flexible as they do not just let you back a winner – they let you bet on any horse losing. Many successful bettors exclusively lay horses but you need to watch out as you can get ‘stung’ very easily if a horse you have layed actually wins. For more information on the pros and cons of bookmakers and betting exchanges – please check out horse racing form guide
Ok, so you have decided whether you are going to back or lay a horse. We will now look at some of the most popular types of bet that you can place on horse racing.
The win. This is the simplest type of bet that you can wager on a horse. You simply choose which one will win.
To place. With this bet, you win if the horse finishing in a ‘place’. The number of horses that are considered to be ‘placed’ depends upon how many horses run in the particular race. The further down the pecking order a placed horse finishes, the less of a return it will bring.
Each way. An each way bet is a combination of a ‘win’ and ‘place’ bet. If you want to bet £1 each way on this bet it will cost you £ in total.
Odds can be listed in decimal format or in fractions. Many more betting companies are beginning to use decimal odds as people generally consider them easier to follow. If you are an old fashioned type, you can normally choose to revert back to the fractions method if you choose!You can read horse racing odds comparison for information
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