Blayney Chronicle

Understanding horse racing bet types: Increasing your betting skills

Understanding horse racing bet types: Increasing your betting skills

This article is in partnership with Neds.

Horse racing events are becoming increasingly popular. For some, the thrill is the actual sport, and for others, the thrill is betting on the sport.

Most bettors bet on horse racing for a profit, so it's best to have some strategies to ensure that you place winning bets. Horse betting takes both luck and skill.

We've compiled the best betting tips and strategies so that you can be fully prepared for the next race and know exactly what to do and look for.

Horse race types of bets

Let us start by looking at the various horse racing bets you can make.

There are straight bets. The three types are win, place, and show. Let's look at a win bet. To cash a ticket, you need to select the horse that is the first to cross the finish line. Then place bets.

Your horse is required to finish either first or second. And show bets, your horse finishes in either first, second, or third.

Then there are exotic bets. The two types are vertical wagers and horizontal wagers. Horizontal wagers are parlay bets. You have to select the winner of consecutive races before they begin to win. A vertical wager means you need to pick the correct finishing order of a race.

Boxing exotic bets are more of a strategy within multiple bets. Boxed bets give bettors the chance to box the order of the horses, so the horses won't need to finish in a particular order, but they do have to finish in the top 2, 3, or 4.

Tips to improve your horse racing betting skills

If you want to make money, you will need to have or better your horse race betting skills so that you can be on top of your game!

Do your research

Whether you're a beginner, an experienced punter, or a professional, you need to do research. Start by studying the form guide or racing forms and familiarise yourself with the racing program.

This will help you with who you should bet on and increase your chance of winning. You should also have information on the owners, the trainers, and the different horse breeds.

Check out information on the latest tips for the Doncaster Mile, part of Sydney's lucrative "championship" races.

Make different kinds of bets

You need to see which betting type works the best for you. Rather than settling on common bet types, explore and experience different ones.

It might just increase your chances! You can use different bets to your advantage!

Go odds shopping

Look at every betting website and different sportsbooks.

This way, you can choose the option that will give you the highest chance of winning.

Looking at different sportsbooks shopping odds is one of the best ways to help you through the betting process, and it can help you make some more money!

Betting on multiple races

The more bets you place, the more chances you have of winning. Betting on more races automatically makes you a smarter gambler. But also make yourself aware of the risks that come with this.

There are many different types of horse racing other than the Kentucky Derby and the Melbourne Cup.

Stick to a budget

Lastly, give yourself a betting budget. Make sure that you have a stable financial situation. It is normal to lose, and you will experience this in your betting career.

So make sure that you contain that loss and don't let it affect your life and other responsibilities.

Top betting strategies

Research the horses, get a history of their performance, latest race results, and their distance covered. Horse racing is unpredictable, so don't focus on your favourite.

Look at the most famous horses and place your bets on one of them.

Large races are more profitable since larger markets have better odds. Your winning probability is higher since there are more races.

It is also best to keep a record of your bets, this way, you can analyse your strategies and see what works best for you.

Finally, take advantage of the dutching system. You can bet and make wins and cash out no matter the result. It follows a mathematical model that is somewhat complicated but easy to apply.

This strategy allows you to back more than one outcome in the same event to make a profit.

Now you know all you need to know. And it's finally time to have fun, gamble responsibly, and bet on the winning horse.

Gamble responsibly. Contact the Gambling Helpline for free and confidential support, information and counselling on 1800 858 858 or visit www.gamblinghelponline.org.au.