More than $150 million in bets were placed on the Kentucky Derby in 2021. That’s an increase of over 96% over the 2020 edition of the race.
The Triple Crown races might get all of the attention, but you can place bets on horse races almost any day of the year. There’s the Breeder’s Cup, which happens in early November and features 14 races.
Other races lead up to the Kentucky Derby, Belmont Stakes, and Preakness Stakes. You can still make money on these races if you know how to bet on a horse race.
There’s a lot to understand about horse racing so you can bet like a pro, and not someone who bets on the number. Keep reading because this guide shows you everything you need to know about betting on horse races.
The Types of Horse Race Bets
The simplest horse race bets are straight bets. You’re betting on a single horse to do one thing.
You can bet on a horse to win (first place), place (first or second place), or show (first, second, or third place).
Take it a step further and bet on a horse across the board. That means you’re betting on a horse to win, place, and show. That lets you place three separate bets at once.
When you see the payouts for these bets, they’re based on $2 bets. Some tracks have a minimum $2 bet for straight bets, but you’re seeing more opportunities to place $1 bets.
A horse that finishes first, second, or third is in the money.
Exotic Bets
Anything that falls outside of a straight bet is called an exotic bet. A classic example of an exotic bet is the Exacta. This is where you pick the top two horses to finish.
A trifecta is betting on the order of finish of the first three horses, and a superfecta is the first four horses.
If you want to place a bet for horses to finish in any order, you’ll box the bet. Keep in mind that you’re making multiple bets, so the bet becomes more expensive.
Let’s say you’re betting on a $.10 superfecta. You pick your four horses, but you want to box the bet. A superfecta has 24 possible combinations, turning your $.10 bet into $2.40.
A Pick 6 bet is where you pick the winners in six consecutive races. Tracks will tell you which race begins the Pick 6 for the day.
This is often the hardest bet to win because there always seems to be one horse that comes out of nowhere to beat the odds.
What makes the Pick 6 so interesting is if no one wins that day, funds get carried over to the next racing day. One recent weekend saw a carryover of $729,000 at Aqueduct.
How to Place Your Bets
If you’re lucky enough to place your bets at a track, you need to know the horse race lingo to do it. When you know your bet, you can head over to the teller’s window.
Make sure that you place your bet before post time. That’s when bets are closed for a particular race. Keep in mind that odds change because more people place their bets.
The best strategy to use is to place your bets a few minutes before post time. You’ll get your bet in without much fluctuation in the odds.
What do you say to the teller? The name of the racetrack, number of the race, dollar amount wagered, bet type, and number of the horse you’re betting on.
Let’s say that you’re betting on a race at Monmouth Park. You’ll go up to the teller and say, “Monmouth Park, 6th race, $2 on the 5 horse to win.”
You can also bet on horses at self-serve kiosks and online. There are sites all over the world that accept horse racing bets.
Is it legal to place horse race bets online? In the United States, it’s legal in most states. Most countries allow legal betting on horse races.
You can find more information here about betting on horses in Malaysia. In Europe, there are sites like Paddy Power and Bet365.
In the United States, sites like TVG, NYRA, and TwinSpires lead the way in horse race betting.
Reading a Horse Race Guide
Do professional bettors have access to more information than you? No, they look at the horse race guide which gives bettors a ton of information.
A horse race guide might look like gibberish at first. Let’s start to decode it.
At the top of the guide is the race information. It tells you the qualifications to enter, whether the race is on turf or grass, and the distance.
Distances are posted in furlongs. Each furlong is an eighth of a mile.
Looking further down, you’ll see where a horse raced, when, and the speed figures. You’ll also see the other horses the horse raced against.
The data also tells you where a horse was positioned during previous races. You’ll be able to tell if a horse is a closer or if they like to start a race with speed.
Use this information to compare the speed figures of different horses. There is probably a horse that’s overlooked.
Most people bet on the trainer and the jockey. Look deeper at the data to find horses that have a chance against the favorite to make money.
What Are Graded Stakes Races?
You’ll see that there are graded stakes races. These are races that have higher payouts and they have the best horses in them. Horses have to meet certain qualifications to enter the race.
Owners have to pay a fee to enter their horse in the race. Other qualifications may be the age of the horses or previous wins.
Graded stakes happen all over the world, from Europe to Asia. They’re ranked either as Grade I, Grade II, or Grade III. Tracks in the UK call them group races, but they mean the same thing.
Just about all of the big races are Grade I stakes, including the Kentucky Derby and Belmont Stakes.
Learning About Tracks and Post Draws
One of the most important things in horse races happens well before the race. This is the post position draw. The draw determines where a horse begins the race.
The first post is the closest one to the rail of the track. It’s considered the inside post. The outside post is further away from the rail.
How far wide horses get drawn depends on the number of horses in the race. Most races have between six and nine horses.
For big races, like the Triple Crown races, there are about 20 horses.
Why is it important?
A post position can determine the outcome of the race. A horse that’s drawn on the outside has to travel further out of the gate to establish position.
An inside post means that the horse has to have a great start out of the gate. Otherwise, they’ll get crowded out by the rest of the field.
Picking Your Tracks
As you get into horse racing regularly, you’ll notice the same names. Trainers, horses, and jockeys tend to be in the same area for the year.
Horse racing happens in circuits. For instance, there’s the New York circuit. Horses will race at Belmont Park in the Spring and Fall, Saratoga in the Summer, and Aqueduct in the Winter.
Kentucky and California have other well-known circuits. You can follow each circuit to see which jockeys and horses are racing well.
It’s best to start off following one racing circuit and getting to know the players. It becomes much easier to bet because you have that familiarity.
Putting It All Together to Bet on a Horse Race
Let’s take what you learned and put it all together to bet on a horse race. The first thing you want to do is pick your track and the race.
Take a look at the current odds, then look at the program. Look for horses that have good odds and past performances.
Decide how you want to play the race. Does it make sense to go with a straight bet or an exotic bet? You might decide to splurge a little and place several bets.
Go online or to the teller window and make your bet. Watch the race and hopefully, your picks come in. You’ll find yourself screaming as the horses come down the stretch and thrilled when your horse wins the race.
The Complete Guide on How to Bet on a Horse Race
There’s so much more to betting on a horse race than the name of the horse and the odds. Professional bettors follow jockeys, trainers, and horses, looking at past performances and data before making bets.
You just learned how to do the same, so you can confidently bet on horse races around the world.
Now that you know how to bet on a horse race, you’ll want to know more about sports and money. Check out the home page of this site for more great articles about both.
