Horse Racing Betting Types
There are many different types of bet that can be placed when gambling on horse racing and if you are considering trying your hand at betting on horse races you need to be aware of the different types of wager that you may want to place. Here are some of the most common.
Win
When a gambler bets to win on a horse race, they are betting that their chosen horse will finish in first position. This is the most basic kind of bet.
Place
When placing a wager for Place, a gambler is betting that their horse will finish in either first or second position in order to be successful.
Show
A Show bet is a wager for the chosen horse to come in either first, second or third. This bet enables the gambler to collect should their chosen horse finish in any of these places.
Across the Board
Like a Show bet, this wager is a bet that the chosen horse finishes in one of the top 3 positions however the payout works in a different way. Should the chosen horse come third, only the Show bet is collected. Should the horse come second, the gambler collects on the Show and Place wagers and if the chosen horse comes in first, the payout is for all three bets – Show, Place and Win.
Exacta
This exotic wager comes with a huge prize. In order to win, the gambler must correctly choose which two horses are going to come 1st and 2nd and in the right order.
Exacta Box
An alternative to an Exacta wager, this bet differs in that the gambler must choose the horses that will come in first and second position, but not in any particular order.
Quinella
Similar to the Exacta Box, the gambler must select the horses that will come first and second in no particular order. The difference between a Quinella and an Exacta Box is that the Exacta Box has two bets on one ticket, while the Quinella only has one.
Trifecta
This exotic bet type involves correctly choosing the top three horses in the right order. While it is a tricky wager, it comes with a large payout.
Trifecta Box
This wager involves choosing the horses that will finish in the top three positions in any order. Similar to an Exacta Box wager, this bet is 6 bets in one as there are six possible outcomes.
Superfecta
The hardest possible wager in any type of horse racing, the Superfectas comes with an impressive payout. It involves choosing the correct top 4 finishing horses all in the right order.
Superfecta Box
Similar to the Trifecta Box and the Exacta Box, the Superfecta Box involves choosing the correct top four horses in any order. Essentially 8 bets in one, there are a total of 24 combinations possible.
Daily Double
This involves 2 win wagers made on two races held back to back. Usually, the daily double wager can only be made on the first 2 races and the last two races of a racing day and in order to collect, both of the chosen horses have to win their races.
Pick 3
Similar to the Daily Double, this involves choosing the correct winner in 3 consecutive races.
Parlay
Similar to a sports parlay wager, this type of bet allows the gambler to select between 2 and 12 horses across different races and they can choose from a variety of days and tracks, with no need for the races to be consecutive. All of the chosen horses must win for the bet to be successful.
Win Parlay
When a gambler makes a win parlay bet, all of their chosen horses must win, coming in first place in order to collect.
Place Parlay
In a Place parlay wager, all of the punter's picks have to come in either first or second place in order for the gambler to collect on their wager.
Show Parlay
In a Show parlay wager, in order to collect the punter's picks must all come in one of the top three positions i.e. in either Win, Show or Place.
All parlay bets (i.e. the win parlay, place parlay and show parlay) are not only available in standard horse racing but also in harness racing and greyhound racing.
There are also several newer types of wagers which at the present time cannot be chosen at the race track or at a traditional bookmakers but which must only be made through an online bookmaker.
These include:
Pick 4 – where the gambler must correctly select the winners across four consecutive races.
Pick 5 – in order to collect the punter must correctly pick the right winner in five consecutive races.
Pick 6 – the punter must correctly choose the right winner in six consecutive races in order to collect on their bet.