How to Bet on Horse Races: The Basics

Horse racing is one of the oldest and most popular sports in the world, with a rich history dating back centuries. Today, it’s still a popular spectator sport, as well as a source of gambling and betting for many people.

If you’re new to horse racing and want to start betting, there are a few things you need to know first. We’ll dedicate this text to providing you with a crash course on how to bet on horse races, covering the different types of bets you can make, how to place them, and how to read horse racing odds today.

Before we get started, though, it’s important to note that horse racing is a complex sport with many variables at play. There’s no surefire way to pick winners all the time, and even the most experienced bettors can go through losing streaks. 

Now that we’ve got that out of the way, let’s take a look at the basics of how to bet on horse races!

What are the most common mistakes rookies in horse race betting make?

Getting started with horse race betting includes doing your best to prevent any mistakes from taking place at the very beginning of your betting spree. With that in mind, we’ve composed a list for you of the most common mistakes rookies in horse race betting make, to help you go around them. The top three mistakes you should be on the lookout for are the following:
1. Not doing your research – It’s important to know the horses, the jockeys, and the track conditions before placing a bet. 
2. Betting on too many races – It’s better to focus on a few races and really study them before making your picks. 
3. Not managing your bankroll properly – you should always set aside money for betting and stick to your budget to avoid overspending.

Different types of horse race bets

There are a handful of different horse race bets. The most common one is betting on the winner of the race, known as a win-bet. Next, betting on the horse that you think will come in second place is known as a place bet, while betting on the horse that you think will come in third place is known as a show bet.

Another way to bet on a horse race is to bet on the order of finish, known as an exacta or perfecta. With this type of bet, you must pick the first and second-place horses in the correct order, or you can bet on the first two horses to finish in either order, known as a quinella.

If you want to try something really challenging, you can place a bet on the first three horses to finish in exact order, known as a trifecta. To go the extra mile, you can pick the first four horses in any order and place a bet on that. This bet is called the superfecta.

How to calculate your winnings from a horse race bet?

To calculate your potential winnings from a horse race bet, you need to know the odds of your particular bet and how much money you have placed on the bet. For example, if you place a $10 bet on a horse with odds of 3 to 1 (meaning that if the horse wins, you will receive $30), and the horse wins the race, you will receive $30 in winnings ($10 x 3 = $30). 

However, if the horse does not win the race, you will lose your $10 stake. Therefore, it is important to only place bets that you are comfortable with losing before calculating your potential winnings.

That would be all. We hope you found this information useful and that you now have a better insight into how horse race betting works.