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The most popular types of wagers in horse racing

The most popular types of wagers in horse racing
The most popular types of wagers in horse racing

This article is in partnership with Neds.

This article will talk about basic bet types in horse racing to make the next betting easy for you if you're a beginner.

A popular and important spring carnival horse race, the Geelong Cup, is around the corner. Here's a short guide on Geelong Cup betting that will make things easier for you.

Win

Win, also called Straight Out, is the easiest and the most popular bet type. It simply requires the customer or the viewer to select the horse they think would finish first in the race. The customer would focus just on that particular horse.

For the Win bet, all you need to do is to follow your selected horse and jockey throughout the race and then start your celebrating once you know it's home.

The minimum bet for the win is $1, but the maximum bet depends on the choice of the wagering operator with whom you engage.

For example, if a customer bets at $10.00 horse, a win at $5.00 returns, they win $50.00 if the runner they chose wins.

Place

A Place bet is another popular type of bet punters go for. It is a popular bet type that requires the viewer to select a runner to finish first, second, or third in the official placings. However, the number of bets placed depends on the field size.

If there are less than eight runners, you will place the bet on the first and second position of the race only. If there are less than five runners, the viewer would only be paid for the first place. In this case, if you bet at $10.00 on a Place bet at $2.45, it returns you $24.50 if your horse places.

Winning something back is easier in Place bets than in Win bets so it is largely popular among novice punters or newcomers betting on horses.

Each Way

An Each Way bet consists of two bets. It means that you are putting an equal amount of money on a horse to Win and Place. For example, if a viewer bets $10 Each Way, it is a Win bet of $10 plus a Place bet of $10, totaling a bet of $20.

If the horse you chose wins the race, you will receive your percentage of the Win bonus and Place bonus percentage. However, if the selected horse finishes second or third, you are only allowed to get your percentage of the Place dividend.

For example, if you have $10 each way on a horse paying $10.00 for a win and $2.50 for a place, you will outlay $20.00. If your horse wins, you get $125.00, of which $100 is for Win, and $25 is for Place bet. If your horse fails to win but runs a place, you get $25.00 because $0 is for Win and $25.00 for Place.

The final note

Betting on horses is a gamble, and you might not always win, but learning the basics of betting will help you decide your bets during the upcoming horse races.

Remember to gamble responsibly. Contact the Gambling Helpline for free and confidential support, information, and counseling on 1800 858 858 or visit www.gamblinghelponline.org.au.