The Jargon of the Racetrack: Understanding Horse Racing Betting Terms
Betting on horse races is a very common practice among bettors, as it provides a unique gambling experience. This sport comes with some unique bet types that cannot be found elsewhere. For that reason, horse racing betting can be found in almost any land-based and online sportsbook.
If you are new to this type of wagering, then the first thing that you must learn is the terminology used in horse racing betting. Below we will reveal and describe the most important horse racing betting terms that you must know before wagering with real money.
Horse Racing Betting Terms
There are numerous horse racing betting terms that are being used by bookmakers and it is impossible to cover them all in just one article. Because of that, we will only focus on the most used ones, which feature at every betting site.
First of all, we use sportsbooks, bookmakers, betting sites, or bookies when referring to companies that offer betting odds legally. They can be either online or land-based.
Next up you need to know the horse racing types. There are three types of races that you can bet on, such as:
- Flat Racing: horses are racing around a track
- Steeplechasing: horses are jumping over fences and avoid obstacles
- Harness Racing: horses trot or pace while pulling a jockey that is riding on a cart known as a sulky
When placing a bet you can either place a single bet or an accumulator. A single bet is a type of wager where you are waiting for the outcome of one race. An accumulator, also known as acca, allows you to place multiple wagers on a single bet slip.
You may come across numerous offers that are offered by bookmakers, where the most common type is the free bets bonus. If you are interested in a generous reward then you should check out the free bets from Betfair for Cheltenham.
Bettors use the term “back” when referring to a bet placed on a horse to win or provide an each-way payout. They also use the word “lay” when betting on the opposite outcome of the “back”.
Many use price and odds simultaneously to point out the chances a horse has been given on the market to win the race. You will also hear the term “place”, which represents the final position of the horse, which can be between 1 and 4, depending on the rules.
A void bet is a wager that has been declared invalid by the sportsbook. There is also the term “return”, which refers to the payout or the amount that you can expect to win from your bet.
Bookmakers referred to betting on fixed odds as match betting while placing a wager on multiple horses is known as multiple. You may be offered a chance to cash out, which means making a payout before completing a successful bet.
Bet Types Terminology
In every horse racing event, you are allowed to choose from numerous bet types. Every single one of them is unique and comes with different stakes. The most common ones are the straight bets which can be:
- Win bet: betting on a horse to win the race
- Place bet: wagering on a horse to finish first or second
- Show bet: betting on a horse to end up in the top 3
There is also the each-way bet, which allows you to bet on a horse to win and place. You can win either a Win or a Place payout, or both of them at the same time, depending on the outcome of the race.
Next up are the exotic bets, which allow you to bet on two or more horses. There are two types of exotic bets on the market such as vertical and horizontal. The vertical exotic bets allow you to correctly guess the order of 2-5 horses.
An exacta bet means wagering on two horses in a single race to finish 1st and 2nd in a specific order. The quinella means picking two horses to finish 1st or 2nd, while trifecta means betting on the top 3 horses in exact order.
Superfecta allows you to bet on the exact order of the first 4 spots while hi-5 means betting on the top 5 horses in a specific order.
With the horizontal bets, you can bet on the winners of 2-6 consecutive races. Wagering on the daily double means correctly guessing the winners of two straight races. Pick 3, 4, 5, or 6 means that you are betting on the winners of 3, 4, 5, or 6 consecutive races, respectively.
For all the latest sports news follow PledgeSports on Facebook, Twitter, and Instagram.