Horse Racing Betting Terminology

horse racing betting terms
For many generations, horse racing has been one of the most popular sports to bet on in the world. This is especially true in Australia. The invention of online betting has only succeeded in making betting on horse racing more popular than it was before. If you are interested in placing some bets yourself, the first thing you will need to do is learn the basic terminology that is used for wagering on horse races. Let’s take a look at some of the most important terms you will need to know before you make your first bet:

Common racing betting terms

Win – You guessed it! The horse must win the race. A “straight out” bet is another term for this.

Place – The horse must finish in one of the top three positions.

Each way – This is actually two bets. A person makes a bet to win and a bet to place.

Best odds – This type of bet is a way of guaranteeing the official Bookmakers’ starting price that is the best.

Starting price – This is the average amount of the prices for the on-course bookmaker that are recorded at the beginning of every race. When people place their wagers, they are not aware of these prices.

Best fluc – This is also known as best fluctuation or top fluc. This is available for people up to one half-hour before the start of the race. All bets that are made before this time frame will be guaranteed to be paid off using the on-course bookie’s top official fluctuation that is computed by the Bookmakers Pricing Service. For all bets to win, they will be paid using the best price of the official bookmaker. For all bets made to win or place, the price that is paid will be equal to that of the state’s Tote Place dividend where the race took place.

Fixed odds – This is a set price at which the bookmaker will pay off all winning bets.

Exotic racing bets

Quinella – The horses finishing first and second need to be correctly chosen. The order does not matter.

Box quinella – This enables a person to select as many horses as they want in the same race. Two of the horses are required to finish in the top two positions. The order does not matter. Choosing more horses will increase your odds of winning, each additional horse you select will cost you more money to place the bet.

Standout quinella – This is when a person selects a groups of horses, one of which must finish in the first position, and another group of horses, one of which must finish in the second position.

Exacta – A bet where a person must select the top two horses in the race in the exact order.

Box exacta – This is the same as a box quinella, except the order of the two horses you choose to finish first and second does matter.

Trifecta – A bet where a person must choose the first three horses in the race in the exact order they finished. Trifecta bets can also be made as standout or boxed in the same method as Quinella wagers.

Box trifecta – Multiple horses can be selected. If any of the group of horses selected finishes in the top three positions, the person wins the bet. However, every additional horse selected costs significantly more money.

Standout trifecta – A person must choose a horse to finish in the first position. Along with this horse, two or more horses can be chosen to finish in the second and third positions. The order of the second and third horses does not matter. However, the horse selected to finish first must be in that position.

Flexi bet trifecta – A person can select whatever number of horses they want. However, this type of bet allows the person to determine the amount of money they want to spend. If he or she wins the bet, the payout will be based on a percentage of the winning dividend determined by the difference of the price you paid for the bet and the price of a boxed trifecta.

First four – This bet has four different varieties to choose from:

Straight first four – The horses finishing in the top four positions must be chosen in their exact order.

Box first four – A person selects horses they believe will finish in the top four positions. The order does not matter. By boxing four horses, the person has a total of 24 possible combinations to win the bet.

Standout first four – A horse is chosen to finish first. Three other horses are selected to finish in positions two, three and four. The horse selected to finish first must finish in that position. The order of the other three horses does not matter.

Multiple first four – Two or more horses are chosen to finish first. Another group of horses is selected to finish in positions two, three and four.

Quadrella – Commonly referred to as a “quaddie”. This type of bet requires a person to select four winning horses from four races that have been nominated by the Totalisator Agency Board (TAB).

Other horse racing “exotics”

You will be able to find various bookmakers who offer many different options in terms of exotic bets. Make sure you have a complete understanding of the rules before you decide to place any of these bets.

Multi bets

Doubles – In order to win an extra double or a daily double, a person must select the winning horses in two races that are TAB nominated.

Running double – A person needs to pick winning horses in back-to-back races.

Treble – A winning horse must be selected in three different races.

All up betting – This is sometimes referred to as parlay or accumulator. A person selects horses to win or place in multiple races. In order to win the bet, every selection must be correct. The odds of each horse are multiplied by the amount of the initial stake to determine the payout.

Parlay betting – A parlay is a series of bets that escalate in monetary value. All of the bets must be successful for a person to win.

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