This page summarises the most common types of horse racing betting in the UK.
Conventional betting
This is the most common type of betting and it's the method that most punters know and enjoy. Bets can be made with bookmakers, on-course or in high street betting shops. Bookmakers quote odds for each horse either electronically or manually. Odds may differ, bookmaker to bookmakers, depending on liability and an individual bookmakers assessment of form. A punter selects a horse that they wish to back and places a bet at the stated odds. Bookmakers provide some method of proof of bet either bookmakers copied betting slip or ticket. On racecourse this maybe a printed betting ticket that shows: the amount bet, the betting and the amount that you stand to win. The advantage of this type of bet is that you know exactly what you stand to win or lose. Although this amount may change in the event of a non-runner [rule four deduction]. The disadvantage is that the odds are in the bookmakers favour. So theoretically the bookmaker wins no matter what the result. Methods of bet include : on-course bookmakers, betting shops, internet betting and telephone credit betting. Choices include option to take Starting price [i.e. SP] or advertised betting odds. On some of the bigger races several of the big bookmakers may offer early morning prices. This type of betting may offer some benefits over the SP since the better can identify possible value betting opportunities. The SP system has the added complication, that the punter does not know what odds are until after the race has finished. By which time the bookmaker can have adjusted their sports book to offset any liabilities. Conventional betting can be made with bookmakers such as Ladbrokes, Hills, Tote, Coral. Internet bookmakers include Skybet etc
Betting exchanges - matched Betting
Recently, a further betting option has been included into the punters armoury. This is in the way of betting exchanges. Betting exchanges give the punter additional choice and allow them to act as the punter or bookmaker.Person to person [or peer to peer] betting is about individuals making their own betting book, and offering their own odds on the outcome of a race [or other sports event]. So the punter can either bet or lay the partcular event in question. Betting exchanges are only possible on internet or other electrical communication devices. Typical betting exchanges include betfair, betdaq.
Spread Betting
This method of betting has significantly increased in popularity in the last few years and is more akin to buying and selling shares on a stock market.
Tote Betting
A different type of betting is Tote betting. All of the bets placed on a race are pooled, a deduction is made to cover costs and the Tote's contribution to racing. A winning dividend is then calculated by dividing the remainder of the pool by the number of winning units. The dividend declared inclusive of a one pound stake. In other words, pool customers bet against each other, whereas with Standard Betting they bet against the bookmaker. This means that you don't know the odds that you will get when you place the bet. The odds can change all the way up to the start of the race. Types of BetWinA win bet is the most straightforward and simple bet you can make. You simply back a horse to win. If it comes first you collect. If it doesn't you loose.
Place bet
If you back a horse to get placed then you are selecting a horse to come first, second, third or fourth. Depending on the number of runners in the race and the type of race (i.e. a handicap) you may only get paid if the horse is first or second, or if the horse comes in the first three. A race must have five runners or more for you to be able to make a place bet.
Each Way
If you back a horse each way, then it doesn't need to win for you to collect money. Depending on the number of runners in the race and the type of race (i.e. a handicap) then the horse may come second, third or fourth for you to collect. If the horse wins you basically win twice. You pick up your money for the win, plus you money for the place. An each way bet is two bets put together a win bet and a place bet. A race must have five runners or more for you to be able to make an each way bet.
Double
A double can apply to either a win or each way bet. This means that you back two horses in two different races. If the bet comes in then you multiply the odds for both horses. If one part of the bet fails then you lose all the money that you staked. TrebleA treble works in the same way as a double, except that it covers three horses. As with a double you can bet on either a win or an each way treble.
Accumulator
An accumulator is the next step up. Here you can back four or more horses to either win or come in each way.
Straight Forecast
As with a double two horses are selected for the straight forecast. The difference is that they are both in the same race. You select the two horse that you think will come first and second and you must name the one that you think will win. The horse must finish first and second and in the specified order for you to pick up the money.
Reverse Forecast
Reverse forecast is two straight forecast bets put together. Therefore as long as your horses come first and second you will win. The order that the two finish in doesn't matter.
Tricast
A tricast is a step up from a double, where you name the first three to finish. Obviously this is a pretty hard bet to pull off and the odds will reflect that.
Patent
A patent covers three horses in three different races. It has seven bets in all, three singles, three doubles and a treble.
Trixie
The trixie is similar to the patent in that it covers three selections all in different races. It differs from the trixie as there are no single bets. Therefore the trixie is made up of four bets, three doubles and one treble.
Yankee
A yankee is a step up from the trixie and has four selections, all running in different races. It has six doubles, three trebles and one fourfold.
Super Yankee
The super yankee. It covers five selections, generating twenty six bets. Ten doubles, ten trebles, five four folds and one five fold. HeinzThe Heinz is a step up again and takes its name from the fact that it covers fifty-seven bets for six selections. The bet is made up of fifteen doubles, twenty trebles, fifteen four folds, six five folds and one six fold.
Goliath
The Goliath covers eight selections and generates a massive two hundred and forty seven bets. That's twenty-eight doubles, fifty six trebles, seventy four folds, fifty six five folds, twenty eight six folds, eight seven folds and one eight fold.
The Tote Jackpot
There are six races in a Jackpot and you have to select all six winners to win. All bets are placed in a pool and winners share the pool between them after The Tote has taken a percentage of the pool. The minimum bet is one pound with permutations being accepted to a minimum unit stake of 10p upwards.
Placepot
The Placepot is identical to the Jackpot except that you are selecting horses to be placed rather than to win. Scoop SixA relatively new type of bet introduced by The Tote. It is similar to the Jackpot in that you have to pick the winner of six races. It differs by the fact that covers six races that are televised on a Saturday afternoon. The races may come from more than one racecourse. You can also win if all your selections are placed.
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