Once you get into horse racing at a high level, it sort of becomes ingrained in you. However, it takes some time to familiarize yourself with the landscape. The information below assumes that you're a beginner in the world of placing bets on horse racing. Therefore, you will be learning about the types of wagers, as well as how you can make some strategic choices.
Horse Racing – Straight Wagers
With any straight wager, you're only going to be betting on a single horse. The variants are based on the performance that you expect.
First, there is the “win” wager. Effectively, you are betting that the horse you've chosen will come in first place. Therefore, unless there is a win, you have nothing to collect.
The next type of wager is known as “place.” Here, you are betting that the horse will come either first or second. Therefore, once the selected steed takes one of the top two places, you will get to collect. As you can imagine, you do have to give up some potential earnings for the added security. In other words, even if the horse you chose wins, your payout would be less than you would earn if you went with a “win” wager.
You can also opt for the “show” option. Here, you are expanding things even further, as you are simply betting that the horse you choose will come in either first, second, or third. The obvious benefit here is that you have a higher chance of winning, as you are hedging your bets. However, the payout you will earn here is substantially less than what you would be able to claim from the previous two options.
“Across the board” Is next on the list, and it means you're betting your horse to “win,” “place,” and “show.” This option is sometimes called a “combo straight wager.” That's because it is technically a combination of the three previous wagers. For that reason, you'll find that it will cost more to bet in this way. That is to be expected considering you're making three different bets.
If your horse should win, you will get all three payouts. A horse that finishes second will grant you the “place” and “show” payouts. Finally, a third-place horse gets you just the “show” amount. Typically, these are not seen as good wagers because of their expensive cost and lower profit potential.
You can also opt for a “win/place” or “place/show” bet. This is similar to the previous option, but you will only be betting on two possible placements instead of three. Therefore, if your selected horse should win, you will earn the “win” and “place” payouts if you make a “win/place” bet. If it finishes second, then only the “place” payout is awarded.
The “place/show” bet has a similar structure. If the selected horse comes second, then both associated payouts would be received. However, if it should come third, then only the “show” amount would be paid.
Horse Racing – Exotic Wagers
With the straight wagers out of the way, now things get a little more complicated. The idea of exotic wagers is to allow you to bet on multiple horses in one go. Obviously, this means that you can increase your profit potential. However, these are much harder to win than straight bets, and they can get incredibly expensive if you are not careful. Additionally, you're going to need a lot of skill in handicapping horses.
One of the best pieces of advice out there is to get the hang of the straight bets before placing any exotic ones. With all that said, it's time to look at the different wagers that fall under this category.
The first exotic wager is known as “exacta.” Essentially, you'll be betting on two different horses to come first and second in a defined order. Therefore, if the two horses should take the top two spots in the reverse of the order you defined, you will get nothing. This bet type is very popular with skilled handicappers, as the payout is incredibly lucrative.
You can also “box” these bets, which means that your two horses can cross the line in any order once they get the top two places. Bear in mind that this will cost twice as much as the standard “exacta” bet.
Next, there is the “quinella.” Again, you will be betting on two horses to come in first and second. By default, they are allowed to do so in any order. This may seem a bit confusing, as you may ask yourself an obvious question. “Why have a more expensive “exacta” bet that basically allows you to do the same thing?”
There are a couple of subtle differences that will factor into your decision to go one way or the other. First, the “quinella” bet is the same cost as the standard “exacta” bet, which means that you will be saving half of the cost of the additional security. However, when you “box” the “exacta” bet, you get a greater payout if your two horses should take the two top spots.
The “trifecta” bet is next on the list, and it allows you to bet on three horses. You are going to be declaring which ones you think will be placed first, second, and third. For you to collect your payout, the horses must be placed exactly as you said they would. You can “box” these bets to make the order irrelevant, but you will be significantly increasing the cost of your bet by doing so.
Finally, there is the “superfecta” bet. This one allows you to bet on four horses, which is the highest number. Following the previous trend, you're betting on the top four horses, and they must be placed in the exact order that you declared. Again, you are free to “box” this bet to make the order irrelevant, so long as you are willing to deal with the additional cost that comes with doing so.
Choosing Your Winning Horse
Picking out a winning horse does not need to be too difficult, so long as you know what sources your information should be coming from. Here is some useful information to get you started.
The Race Day Program
You're going to need to familiarize yourself with the race day program if you are to successfully handicap horses. There is a ton of information present that will help you to make smarter bets. In fact, there'll be a section for each race day with all the historical data and statistics you need.
Class Levels
Horse racing is characterized by different levels of competition or classes. As the classes go up, you will find that the horses perform better, and the purses are much greater. Depending on performances, horses can move up and down the various classes, but racetracks will usually try their best to ensure that competitors are at the same level.
Past Performance
The consideration here is the surface type that the race will take place on. Different racetracks have different surfaces that horses will use. Natural dirt or grass may be present on some, while others will use artificial “all-weather” tracks. Your program will give you some insights into the way a given horse has performed on certain track types.
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