Straight Bets
Like other types of sports betting, betting on horse racing also has straight bets. This type of wager is the most basic bet that everyone can join. It has different kinds of stakes that every beginner can partake in: win, place, show bets.
Win Bets
If you are a total beginner in sports betting, the win bet would be an excellent wager to try out. You only have to select a horse you think would cross the finish line first. Then, if your horse reaches the finishing line first, you win.
Place Bets
Like the win bets, place wagers will require you to decide what horse you think would likely win. The only difference is that you will need to guess what place they will rank.
Place bets typically vary for every bookmaker. Unlike the win bets, this wager only needs you to select a horse that would place in first or second.
Show Bets
The show wager might be the easiest of all in the straight bets. Like the aforementioned straight bets, show wager would require you to pick your candidate horse that is highly likely to rank in first, second, or third place.
In essence, the different types of straight bets will need you to choose a horse that is definite to win or place in any winning rank.
Exotic Bets
If you are slowly getting used to horse race betting, you must be ready to take your wagers up to a notch. Exotic bets have increased difficulty compared to straight bets. This type of bet is a parlay bet.
A parlay bet connects the result of multiple horse racing events in a single wager. In simple terms, when you are betting for an exotic wager, you are betting on different horse race events. Exotic bets are also divided into horizontal exotic bets and vertical exotic bets.
Horizontal Exotic Bets
Horizontal exotic bets are the type of parlay wager where you will need to select the winner of consecutive races. Here are the most well-known type of horizontal exotic bets:
● Daily Double. A daily double bet works when you place two single wagers in separate race events. Both of your selections must win first place respectively to win this bet. If not, you will lose your stake. It is crucial that two of your horses and not just one.
● Pick 3. Pick 3 is like the double bet. The difference is that you must bet with three selections on separate events. This bet is a popular multiple bet. All your picks must win in their events to win treble bets. If one team loses, you lose your wager like the double bets.
Here comes the fun part. Some bettors take Pick 3 wagers to another level, giving a pretty large payoff.
A famous example of an advanced Pick 3 betting option for a first-timer when if you are unsure of the winner of the first race, but you are pretty confident for the second and third race, then you can choose to bet like this
This selection means that you pick any horse to win the first race, and you bet on the #5 horse to win the second race and #2 for the third race. If you guessed all the winners, you could bag the winnings.
● Pick 4, Pick 5, Pick 6. These three different bets also work the same as the Pick 3, and you can place advance bets. The only significant difference is the total of consecutive races they need to partake in.
Vertical Exotic Bets
Unlike horizontal exotic bets, vertical bets are to guess the correct rankings of all participants of a single race. So, all you have to do is bet for the correct finishing order of winners.
● Straight Exacta. Straight exacta means “straight exact,” and that is how you can win this type of vertical exotic bet. So, you will need to select two horses and guess the order that which they will win and place, first and second. Keep in mind that both of your picks must win.
● Straight Trifecta and Straight Superfecta. Straight trifecta will need you to pick three horses and their exact possible winning places. Meanwhile, straight superfecta works the same but with four horses and their winning finishes.
Boxing Exotic Bets
The last type of exotic bet is the boxing exotic bet. It is an alternative, an option given by the bookmaker for the other type of parlay bets. It is to allow your selections to win in any order.
For instance, if you want to bet for the boxed trifecta bet, you must select three horses, and the three of them must come in first, second, and third. As long as all your horses reach the winning places, you can win the boxing exotic bets. It is also possible for other vertical exotic bets.
Final Thoughts
Learning the common types of bets, you can wager for horse racing should give you an idea of what works for you. Although you can not be an expert on the first try, you will eventually reach there. Continue formulating your strategy, and surely you will also be able to have profited while watching your favorite sport.
