Here is a quick description of common wager types at horse racing tracks in North America, with minimum bets and how they work. Best 2020 horse betting sites for USA players. Discover the best places to bet horses online. All major deposit methods accepted.
Betting on horse racing or horse betting commonly occurs at many horse races. It started in the UK in the early 1600s during the reign of King James I. Gamblers can stake money on the final placement of the horses taking part in a race. Gambling on horses is, however, prohibited at some racetracks. For example, because of a law passed in 1951, betting is illegal in Springdale Race Course, home of the nationally renowned Toronto-Dominion Bank (TD Bank) Carolina Cup and Colonial Cup Steeplechase in Camden, South Carolina.
Where gambling is allowed, most tracks offer parimutuel betting where gamblers' money is pooled and shared proportionally among the winners once a deduction has been made from the pool. Parimutuel betting also provides purse money to participants and a considerable amount of tax revenue, with over $100 billion being wagered annually in 53 countries.
In some countries – notably the UK, Ireland, and Australia – an alternative and more popular facility is provided by bookmakers who effectively make a market in odds. This allows the gambler to 'lock in' odds on a horse at a particular time (known as 'taking the price' in the UK).
In North American racing, the three most common ways to bet money are to win, to place, and to show. A bet to win, sometimes called a 'straight' bet, means staking money on the horse, and if it comes in first place, the bet is a winner. In a bet to place, you are betting on your horse to finish either first or second. A bet to show wins if the horse finishes first, second or third. Since it is much easier to select a horse to finish first, second, or third than it is to select a horse just for first, the show payoffs will be much lower on average than win payoffs. If there are a small number of horses in the race, show or place bets may not be offered (or if bets have already been made, they are cancelled and the wagered amounts refunded).
In Europe, Australia, and Asia, betting to place is different since the number of 'payout places' varies depending on the size of the field that takes part in the race. For example, in a race with seven or less runners in the UK, only the first two finishers would be considered winning bets with most bookmakers. Three places are paid for eight or more runners, whilst a handicap race with 16 runners or more will see the first four places being classed as 'placed'. (A show bet in the North American sense does not exist in these locations.)
The term each-way (E/W) bet is used everywhere but North America, and has a different meaning depending on the location. An each-way bet sees the total bet being split in two, with half being placed on the win, and half on the place. Bettors receive a payout if the horse either wins, and/or is placed based on the place criteria as stated above. The full odds are paid if the horse wins, (plus the place portion), with a quarter or a fifth of the odds (depending on the race-type and the number of runners) if only the place section of the bet is successful. In the UK some bookmakers will pay for the first five (some independent firms have even paid the first six) for a place on the Grand National. This additional concession is offered because of the large number of runners in the race (maximum 40). Occasionally other handicap races with large fields (numbers of runners) receive the same treatment from various bookmakers, especially if they are sponsoring the race.
The rough equivalent of the each-way in North America is the across the board (win/place/show) or win/place bet, where equal bets on a horse are made to win, place, and show (or just win and place). Each portion is treated by the totalizator as a separate bet, so an across-the-board bet is merely a convenience for bettors and parimutuel clerks. For instance, if a $2 across-the-board bet (total outlay of $6) were staked on a horse which finished second, paying $4.20 to place and $3.00 to show, the bettor would receive $7.20 on what is essentially a $6 wager.
In addition to straight wagers, 'exotic' wagers offer bettors an opportunity to incorporate the placement of different horses in one or multiple races. The two broad types of exotic wagers are horizontal and vertical. Draftkings first bet match winner. Horizontal exotic wagers are bets on multiple horses in one particular race, while vertical exotic wagers involve predicting results across multiple races. Both have specific options for which bets are available and are detailed below.
In the most basic horizontal wager, an exacta, the bettor selects the first and second place horses in the exact order. Picking the first three finishers in exact order is called a trifecta and a superfecta refers to the specific finishing order of the top four horses.
Boxing is a tactic that increases the odds of winning an exotic wager by removing the need to choose the exact order. A quinella, which boxes an exacta (allowing the first two finishers to come in any order and still win), is the basic box, but boxing can be applied to the trifecta and superfecta as well.
A wheel is a bet on a single horse is to finish in a specific position, with multiple horses finishing ahead and/or behind it. In a sense, a win bet can be thought of as a specific type of wheel bet.
Vertical bets are spread over different races. A daily double is an exotic wager placed on the winner of two consecutive races. Picking the winner of three, four, five or six straight races is referred to as a pick-3, pick-4, pick-5 and pick-6 respectively.
In addition to traditional betting with a bookmaker, punters (bettors) are able to both back and lay money on an online betting exchange. Punters who lay the odds are in effect acting as a bookmaker. The odds of a horse are set by the market conditions of the betting exchange which is dictated to by the activity of the members.
In the United States, the states with the largest pools are California, New York, Kentucky, Florida, Maryland and Illinois in no particular order.Betting on horse racing in the United States varies from state to state. By the late 19th century over 300 tracks were in operation in the country but those opposed to gambling caused the banning of bookmakers and horse racing at the beginning of the next century. In 1908 pari-mutuel (tote) betting was introduced, helping the industry to prosper and that has continued to be the case to the present day. Pari-mutuel betting is currently legal in 32 US states. Due to new legislation horse race betting in the US could change significantly in the near future. The legal market handle on horse racing in the United States in 2018 was $11.26 billion while experts predict the illegal sports betting market could be anywhere from $80 billion to $150 billion annually.
Run on the first Saturday in May the most famous horse race in the United States, the Kentucky Derby, takes place at Churchill Downs and is known as ‘The Run For The Roses.’ The one mile two furlong contest dates back to 1875. $149.9 million was wagered on the race in 2019, beating the previous record amount of $139.2 set 12 months earlier. $24.6 million of that total was gambled online.
Hong Kong generates the largest horse racing revenue in the world and is home to some of the largest horse betting circles including the Hong Kong Jockey Club founded in 1884. In 2009, Hong Kong generated an average US$12.7 million in gambling turnover per race 6 times larger than its closest rival France at US$2 million while the United States only generated $250,000. Betting on horse racing is ingrained in local culture and is seen as an investment.
During the 2014-2015 racing season the Hong Kong Jockey Club attracted about HK$138.8 million (US$17.86 million) per race more that any other track in the world. The revenue the club generate from various wagers makes it the largest taxpayer for the government. Hong Kong Jockey Club broke its own record during the 2016-2017 season with a turnover of HK$216.5 billion and paid the government HK$21.7 billion in duty and profits tax, an all-time high.
A government survey in 2015 found that nearly one million Australians (5.6% of Australian adults) gambled on dog or horse racing in Australia. Most were men aged between 30 and 64 who had a typical yearly expenditure of $1,300 on race betting. Nationally, typical annual race-betting expenditure amounted to roughly $1.27 billion.
Horse race betting in New South Wales (NSW) is conducted by bookmakers (at race meetings and via telephone) and Tabcorp (tote betting at racecourses and through various retail outlets including the internet). In 2014 it was estimated that $300 million alone was bet on Australia’s most famous race - the Melbourne Cup.
Betting on horse racing in the UK is wide and varied. Unlike most other countries where the pari-mutuel system is in operation the UK’s version - the Tote - accounts for only a small percentage (in the region of 5%) of the total betting turnover. Between April 2017 and March 2018 off-course horse racing betting turnover in Great Britain amounted to £4.3 billion. The majority of the money wagered on horse racing in the UK is with bookmakers, either in betting shops or online. In 2018 there were 8.5 thousand betting shops in Great Britain. This figure is expected to decrease significantly in 2019 when government restrictions on Fixed Odds Betting Terminals (FOBT’s) comes into force.
Horse race betting is one of the most popular forms of gambling in countries as different as the United Kingdom, United States of America, and Australia, so it should come as no surprise that finding a good site to wager on the outcome of the most important races shouldn’t be much of an issue. Those sites can range from traditional sportsbooks that also allow you to bet on football, basketball, or hockey to dedicated racebooks, which focus exclusively on horse and greyhound racing and which tend to cover more low-profile events.
The best horse race betting sites give you access to exclusive video footage directly from the track and amazing bonus offers, allowing you to experience the unique rush of watching the contest live while simultaneously earning more money. Whether you prefer endurance racing, quarter horse racing, or thoroughbred racing, you can rest assured that more than one online bookie will have you covered.
While horse racing markets are very popular on sports betting sites, there’s no denying the fact that the available bet types tend to differ from what you’d expect from classic disciplines. Nevertheless, the basics remain the same, which means that your profitability is going to depend on your ability to weigh the risk against the potential reward and pick the right moment to put your money on the underdog. As you’d expect, some of the wagers offered by major horse racing sites are rather complicated, but once you understand how the basic odds and bet types work you shouldn’t have any problems with taking advantage of the additional possibilities they bring to the table.
While the best horse racing sites allow you to choose between fractional, decimal and American odds, it’s still fairly important to understand how each of those systems works. The fractional odds are most popular on Europe-facing sites and give you a good idea of how much money you’ll have a chance to claim in relation to your bet. For example, a 5/2 price means that you’ll have a shot at winning $250 for every $100 you wager.
If you were using decimal odds on the other hand, the same line would be listed as 2.50. American odds are slightly different, as each price comes with an integer that allows you to discern between favorites and underdogs at a glance. Positive lines are marked with a plus sign, which means that you’ll have a shot at winning the amount listed for every $100 you invest. Negative lines on the other hand are marked with a minus sign, which means that you’ll be able to win $100 once you put the relevant amount at risk.
Straight bets are the simplest type of wagers offered by horse racing sites, as you won’t be putting your money on multiple horses. Consequently, sticking with straight bets for a while is generally recommended for inexperienced bettors. The most popular straight bets are Win, Place, Show and Across the Board. Collecting on a Win bet requires your horse to finish in the first place. A Place wager is less risky, as you win the bet if your horse finishes first or second. Finally, a Show bet results in a payout if your horse comes in first, second or third.
Across the Board wagers on the other hand are a combination of the aforementioned three: if your horse manages to place first, you’ll receive the Win, Place and Show money. A second place finish will net you a Place/Show payout, while a third place finish will earn you a Show consolation prize. As you’d expect, the more risky the wager, the higher odds you’ll get, which means that Across the Board bets tend to get rather expensive.
Unlike straight wagers, exotic bets allow you to put your money on more than one horse. As a result, exotic bets involve more risk and offer greater rewards, which makes them best suited for experienced bettors. Exacta and Quinella are the most popular exotic wagers. In an Exacta, you’re betting that your horses will finish first and second in a specific order. A Quinella also requires you to predict the first two horses to come through the finish line, but in this case it doesn’t matter which places first and which places second.
Other common exotic bets include Trifecta and Superfecta. In a Trifecta bet, you put your money on three horses, which are required to come in first, second and third in the order that you specified. A Superfecta is even harder to collect on, as the number of horses that have to finish in a specific order increases to four. In addition, many sites offer boxed Exacta, Trifecta, and Superfecta bets. Those bets cost up to four times more, but don’t require you to predict the order in which your horses will finish the race.
Most horse race betting sites support credit card and e-wallet payments, so if you’ve ever shopped online using your Visa card or e-wallet account, you shouldn’t have any problems with funding your account. In addition, some sportsbooks support Western Union or MoneyGram, but keep in mind that unlike the aforementioned deposit methods, money orders might require you to pay a small transaction fee.
Withdrawals are usually handled via e-wallet payments or traditional bank wire transfers, but keep in mind that most sites prefer to default to the banking method that you used to fund your account, especially on your first payout. Cashing out via a check by courier is also available on a few sites, but requesting a payout that way might get rather expensive and will almost certainly involve a lot of waiting. Finally, you should know that US-based bettors won’t have access to e-wallet banking, as the Unlawful Internet Gambling Enforcement Act of 2006 makes it illegal for those companies to process gambling-related payments.