Bookmakers offer Punters a huge array of bet types, in differnt betting markets across so the different codes in sports betting and horse racing.
Any new punters have the right to be confused. Here we answer your questions, focusing upon the horse racing betting types.
Single Race Bet Types
Win Bet
Your horse must finish first in the race.
Check out these great ideas for Win Betting
Place
Your horse must finish first, second or third. In races with fie to seven horses no third place dividend is paid (you will will see 'NTD' or No Third Dividend), in in races with eight or more horses in the race, whilst in races with four or less horses, only Win Bets are allowed.
Check out these great ideas for Place Betting
Each Way
An Each Way bet combines the Win and Place bets. If your horse wins, you will collect both a Win and Place dividend or if your runner finishes second or third you will collect the Place dividend only. A $2 bet Each-way is a $2 bet to Win and a $2 bet to Place, for a total bet cost of $4.
How to win big money backing Each Way
Quinella
A Quinella requires you to correctly select the hores that will finish first and second in a race, in any order. There are different types of Quinellas– Straight and Standout.
Check out these ideas on Quinella
Exacta
An Exacta requires you to correctly pick the horses that finish first and second in a race, in exact order. There are different types of Exactas– Straight, Standout, Box or Roving Banker.
Take a look at the ideas on Exacta Betting
Trifecta
Pick the horses that finish first, second and third, in order*... There are different types of Trifectas– Straight, Standout, Box or Roving Banker.
Check out these Killer Trifecta Strategies
First 4
Pick the horses that finish first, second, third and fourth, in order*... Like Trifecta, First 4 can be Straight, Standout, Box or Roving Banker.
Discover how to Hit the First4
Duet
Pick two horses who will place first, second or third but can finish in any order.
Multi Race Bet Types
Doubles
Pick the winners of two nominated races at the same race meeting. A Running Double requires you to pick the winners of any two consecutive races at the same race meeting.
Great Double Betting Ideas & Strategies
Quaddie
Pick the winners of four nominated races at the race meeting. You need to nominate at least one selection in all four legs.
Find out how to crush the Quaddie
BIG6 or Super6
Pick the winners of six nominated races, usually held at the one race meeting, but can also be split over two or more race meeting. You need to nominate at least one horse in all six legs.
Check out this Formula to beat the Big6
* Unless you take a Boxed trifecta or First Four, in which case they can finish in any order. Boxing increases your chance of winning (by increasing the number of possible winning combinations) but it will cost you more to place the bet.
What does a Boxed Bet mean?
When you “box” the runners in your bet, you cover all possible combinations for the finishing order. Available on Quinella, Exacta, Trifecta and First 4.
What is a Standout?
A Standout is a single horse you select to come in First, and any of the other runners you select can fill the other places in any order. Available for Quinella, Exacta, Trifecta and First 4.
What is a Multiple Bet?
A multiple bet is where you pick more than one horse in each leg of the bet. Available for Quinella, Exacta, Duet, Doubles, Trifecta, First 4 and Quaddie.
What is a Roving Banker?
Select a horse as your “Roving Banker”, and then select other horses for the remaining places. The Roving Banker must finish in a place and any of your other selected horses must fill the remaining places in any order. Available for Exacta, Duet, Trifecta and First 4.
What is Flexi Betting?
Flexi betting allows you to nominate the total amount you would like to outlay on your bet, you can include as many selections as you like at an outlay that suits your pocket. If the bet is successful, you collect a percentage of the full dividend. Available on Quinella, Exacta, Doubles, Trifecta, First 4, Quaddie and BIG6.
What is the best betting type?
The easiest bet to collect is the place bet where your horse needs to run either first, second or third in field sizes of 8 or more and first or second in field sizes of 5,6 or 7. Although this might seem the easiest in reality it is one of the toughest bets to win due to the many collects you need to secure to just to break square. At $1.50 you need 67 collects to win $0.50 on 100 bets at $1.00 per bet and at $1.60 you need 63 collects.
The hardest bet to collect is the Super6, Big6 (Straight Six) where you need to pick 6 winners of 6 designated races. If every horse you select is a $4.00 chance in all six races the odds total 4095 to 1. This is calculated by starting with the First Leg ($1 x $4.00 returns $4.00), Second Leg ($4.00 x $4.00 returns $16.00), Third Leg ($16.00 x $4.00 returns $64.00), Fourth Leg ($64.00 x $4.00 returns $256.00), Fifth Leg ($256.00 x $4.00 return $1024.00 and the Final Leg ($1024.00 x $4.00 returns $4096.00). The odds of selecting the six winners is 4095/1 ($4096.00 minus the original dollar bet in First Leg).
There is no best betting type because the choice belongs to the punter who must decide between low dividends and many collects (place betting) or whether to chase the larger return with a minimal number of collects (Straight Six).
Every bet type has percentages to overcome but there are betting venues where the punter can increase their returns. If a punter bets 100 times at the TAB on $2.50 win chances the punter needs to overcome the 15% originally taken from each dollar bet shown earlier. This means the TAB is betting to a 115% market.
If you are betting with a bookmaker using the Best Fluctuations option you have a definite chance to improve your betting returns. During the course of betting horses drift or firm in price. If you bet Best Fluctuation on a horse and it opens at $11.00 but is so heavily backed it starts at $4.00 you still receive the $11.00 odds not $4.00. When betting on the TAB you might back a horse at $11.00 but if it is backed heavily and starts $4.00 you have to accept $4.00.
When betting with bookmakers their percentages will vary whereas the TAB’s never varies hence the bookmaker may be betting a 110% market or 5% better than the TAB.