by PAUL GORDON IF you have never placed a horse racing bet before, you may be feeling a bit overwhelmed by all of the options that are available to you. No matter what bookmaker you use, you will have a number of different options to choose from. This includes the likes of win, each-way, insure bet, place only, and forecast. These terms may mean nothing to you, but there is no need to fret, as this guide will explain them all so that you can get a better understanding.
Let’s start with the easiest bet to understand: the ‘win’ bet. As you can probably guess, you are placing a bet on the selected horse to come first. This is a good option if you have a horse that is favourite in the race or priced lower than 4/1. If you like the chances of a horse at a bigger price than this, an each-way (EW) bet is a good option. This consists of two bets – the first bet is a win bet, and the second bet is a place bet. If your horse wins, you will win the first and second bet. If your horse finishes within the top two, three, or four (depending on the place payout terms), you will win the second half of the bet. This offers a bit of insurance, especially when going for a high-priced horse.
You can also use an each-way bet calculator to guarantee profit when matched betting. Each way betting in terms of matched betting involves placing an EW bet at a bookmaker and then laying the win part and the place part on the exchange. For this to work, you need to find a bookmaker that pays out more places than the exchange. For instance, if Sky Bet pays out six places on a particular race, and Betfair Exchange only pays out four places, you will win at both the bookmaker and the exchange if your horse finishes fifth or sixth. There is no risk involved with this process, so it’s definitely something that’s worth a try.
Aside from each way betting, other lesser known markets include W/O, place only, and forecast bets. W/O means without the favourite, so you can essentially pretend that the favourite isn’t racing. An insure bet is one whereby if your horse wins, you win your bet, but if it places, you will get your stake back. And finally, a forecast is for predicting the first and second in a race. This is very hard to do, but you are rewarded with big odds.
Hopefully, you now have a better understanding regarding the different types of bets that are available with regards to horse racing. Picking a winner is never easy, but studying the form guide is a good place to start. You should also look for horse racing market movers, as they can be a good indication of horses that are fancied by their connections.