How to Bet on Horse Racing Odds

Horse racing is one of the most exciting sports to bet on, and it gives punters more ways to bet than most sports do. You can back a runner to win, take a place price, or try exotic bets. Knowing how to bet on horse racing odds will keep you from making rookie mistakes and help increase your chances of success.

Before we get into the step-by-step guide, you need to understand how to read horse racing odds. Next, you need to know the types of bets you can make.

Horse Racing Odds and Bet Types

Some of the most popular odds in horse racing include:

• Fixed odds: Locked in the moment you place your bet, so the price you back is the price you're paid, no matter how the market moves afterwards.

• Tote odds (parimutuel): Your stake joins a shared pool with every other bet on that race and bet type, and the dividend is only set once the tote takes its cut after betting closes.

• Top Fluc (Top Fluctuation): Pays out at the single highest official price a runner reached during on-course betting.

• Starting Price (SP): The official bookmaker price at the jump, used to settle bets where no fixed price was locked in.

• Top Tote Plus (Best Tote): Pays the higher of the three main Australian TABs or the SP, whichever ends up higher.

• Midi Div: Pays the middle dividend of the three TABs, not the best or the worst.

• Best of the Best (BOB): Combines Best Tote and Top Fluc, paying out at whichever is higher.

There are several types of horse racing bets. Each has its own rules, payout structure, and level of difficulty, so it helps to understand how they work before placing a bet. 

Win bet: This is the simplest racing market. You back a runner to finish first. If you back a horse at 4.00 odds with $20, a win gets you an $80 total return. If it finishes second, third or anywhere else, the bet loses.

Place bet: You back a runner to finish within the qualifying place positions. The number of places and settlement rules can vary depending on the field size, bookmaker and specific market. It pays less than a win bet but gives you more ways to make something from the bet.

Each way bet: An each way bet combines a Win bet and a Place bet on the same runner in one ticket. If the horse wins, both parts collect. If it finishes in a qualifying place without winning, only the Place component collects.

A $10 each way bet normally means:

• $10 on the Win

• $10 on the Place

• $20 total stake

Quinella: You select the first two finishers in any order. If you select Horses 3 and 7 and they finish first and second in either order, the Quinella wins.

Exacta: You correctly predict the first two finishers in the correct order. If you select horse 3 to win and horse 7 to finish second, they have to finish in that exact order for you to win. Same idea as a quinella, but it only pays if you've called first and second correctly.

Trifecta: You pick the first three finishers in the correct order. A 3-7-5 Trifecta wins only if horse 3 finishes first, horse 7 second and horse 5 third. You can box your selections to cover them in any order.

First4: First4: In a First Four bet, you must accurately select the first four finishers in the correct order. Similar to a trifecta, there are many ways you can approach this type of bet. You can use different combinations and structures to cover more possible outcomes.

Multi-Leg Bets (Daily Double, Quaddie, Big6): With multi-leg bets, you have to pick winners from multiple selected races within the meeting. A Daily Double covers two legs, a Quaddie covers four, and a Big6 stretches across six races, sometimes across more than one meeting.

How to Bet On Horse Racing: Easy Step-By-Step Guide

The mechanics of placing a horse racing bet are straightforward. The harder part is deciding which runner and what odds to go with.

Step 1: Find the best available racing odds

It’s important to compare prices offered by different bookies before placing any bets. Prices differ between bookies on the same runner, so taking the best price can give you a better return if your bet wins. 

This is where BetSniper's Racing tool comes in. Its odds comparison feature lines up the available prices from different bookmakers, so you can see who is offering the best odds. Pro punters in Australia use BetSniper to find arbitrage opportunities, +EV bets, and many more.

Step 2: Choose a bookmaker

Here are a few things to check for before choosing a bookmaker.

• Licensing: A legitimate Australian bookmaker is licensed by a state or territory regulator, most commonly the Northern Territory Racing Commission or the ACT Gambling and Racing Commission. This should be stated clearly on the site.

• Bet range: Check that the bookmaker actually offers the bet types you plan to use. Some bookies leave out exotics like First4 or restrict which meetings they're offered on.

• Odds type options: The more choices you have between fixed, Best Tote, Mid Tote and SP, the more flexibility you have from race to race.

• Payment and withdrawal rules: This is important, especially when you bet regularly. Check for the available withdrawal and deposit methods and speed.

• Responsible gambling tools: Deposit limits, self-exclusion and reality checks should be easy to find and set.

Betfair is worth keeping in mind here too. It works more like a betting exchange, not a traditional bookmaker, allowing punters to back or lay runners against other users. Betfair prices can be used as a useful reference point when analysing the market.

Step 3: Find the race you want to bet on

Head to the racing section of your chosen bookmaker's site or app and pick your meeting and race number. Check the field size before you settle on a bet type, since it affects place terms and which exotics are even offered.

Step 4: Choose your bet type and odds type

Once you have selected a runner and compared the prices, select whether you're backing a runner for the win, the place, or an exotic combination, and pick which odds type you want if your bookmaker gives you that choice.

Step 5: Enter your stake

Once you have selected the bet type and price, enter the amount you want to wager.

Step 6: Confirm the bet

Review your selections one last time before placing your bet.

Horse Racing Betting Tips

• Check recent form: Always look out for more than just wins and losses. Check where the horse finished and the quality of its recent races. 

• Check for scratchings: Late withdrawals can change the field, barriers and market. Recheck the race before placing your bet.

• Check the track and distance. Some horses handle certain track ratings and distances better than others. Look for previous results under similar conditions. 

• Record your bets: Tracking the odds and results gives you a much better picture of whether you are consistently finding good prices. You can do this easily using Betsniper's bet tracker

• Don't chase a drift: If the odds on a runner moved from 4.00 to 7.00, that doesn’t automatically make it a better bet just because the payout is larger.

• Treat exotics differently: Exotic bets require combination thinking, so don't judge them using the same approach as straight win bets.

• Compare odds before betting: Don't just settle for the first price you find. A slightly higher price can make a big difference over repeated bets

Check out Betsniper for real-time odds tracking, arbitrage opportunities, and insightful analytics that make you a better punter.