Horse betting guide for beginners: types of bets and other tips 

Horse racing season has started, so bookies prepared their odds pages to accommodate the new and old bettors. In the latest years, stats show that more people are interested in betting on horse racing odds, but given the complexity of this sport, they make crucial mistakes and lose money.

Bet types for horse racing odds

At first sight, it might not look like horse racing has many bet options; however, the truth is different. The main categories are standard and exotic wagers. The standard bets are also categorised into show, winner and place. They are easier to understand, so start with these if you are a newbie.

Standard bets

The winner bet is the most straightforward one. You simply put a stake on which horse will win the race. If the horse wins, the bettor collects their winnings. The place bet allows you to wager on the horse finished first or second in the race. The payout is lower than a winning bet, but the chances of winning are higher.

The last standard bet, the show is all about the podium. You predict which horse or horses finish in the top three positions. Although they seem similar, their payouts are different, and each presents different risks.

Exotic bets

Exotic wagers are more complex and have fancy names. However, you’ll see that you will start managing them after you have enough inside knowledge about the sport and betting.

The first exotic bet is called exacta. The bettor anticipates the first two horses that will finish in the top two positions in the precise order. Quenilla bet is also a subtype of the exact wager, but it’s rare, and you can pick the two winners and win even if they switch places.

Trifecta makes bettors forecast the first three horses that will finish first, second, and third in the correct order.

Superfecta anticipates the first four positions in the correct order. Trifacta and Superfecta have very low minimum bets to allow people to bet on multiple combinations of horses. You can find websites and land-based bookies with these bets starting from $1.

The Super High-5 is the most complex bet because it is hard to predict the first five racers that cross the finish line in order. Usually, this bet is given a jackpot, and bookies keep it and multiply it each race if no one wins. The minimum bet size depends on the platform, but it doesn’t surpass $5.

Betting platforms

When it comes to horse racing betting, it's important to do your homework and understand the many sorts of bets available. It is, however, equally crucial to ensure that you are receiving the best possible value for your wagers. This is where online gambling comparison websites may help.

By browsing their extensive list of tips and tricks for betting and other reviews, you can find exclusive deals, promotions and industry insights that will help you maximise your winnings. Whether you're new to the world of online betting or a seasoned pro, it's always worth checking out what professional websites have to offer.

Sports on betting sites have common bonuses, meaning you’ll likely find a generic cashback bonus for all in-playing sports. However, sports-dedicated platforms might have promotions for bigger tournaments for each sport. For example, you might find offers for The Breeders' Cup at the end of October. You need to research the market and see which is best for you.

Believe in your mind and gut feeling

Having a favourite horse or jockey is good, but separating favourites from potential winners is better. You might like certain racers more than others, but you must always put your mind before your heart and bet on performances and facts, not feelings and hopes. To achieve financial growth with horse race bettings, you need to differentiate and comprehend each racer and horse's top abilities and flaws.

Emotions can cloud your judgment and lead to irrational decisions that could end up costing you money. Take your time, understand the odds and rules, and make calculated decisions based on the facts.

While having a favourite horse is okay, avoiding letting personal biases or emotions affect your betting strategy is crucial. Successful betting requires discipline, patience, and the ability to make logical decisions based on the data available. You can increase your chances of winning by approaching wagering with a clear mind and a logical approach. However, sometimes your gut feeling will be right, and you will lose your well-thought stake because, at the end of the day, gambling and betting rely on luck.