When horse racing was the only form of legal gambling fifty years ago, nobody in the racing management cared about the bettors; some still don’t. The bettors were offered somewhat unimaginative betting options just so as to maintain the flow of money through the pari-mutual window.
Professional and casual players are thus given chances on making life-changing scores.
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Types of horse racing bets:
• Straight bets – Have been around for hundreds of years resulting in an efficient market. There are 3 categories:
• Show betting – One bets their horse on finishing in the third (show) position. The betting payoffs are substantially lesser than the win and place betting. However, there is the added security of cashing in if the horse finishes second or does not win.
• Place betting – one bets their horse to finish in the second position. The betting payoffs in this case are lesser than the win payoffs. There is however the added security of cashing in even though the horse doesn’t win.
• Win betting – One bets on a horse to win. The horse must finish the race first for one to cash in the ticket.
Exotic bets – divided into the following categories:
• Across the board betting
The horse you bet on across the board should finish in the first, second or third position for you to cash in your ticket.
It pays to fully understand the intra-race exotic wagering because inefficiencies in the betting pools have come up as a result of the many bettors who have not yet learned how to structure properly the exotic wagering tickets thus being taken for a ride by the smart bettors and handicappers. The following are the different forms of intra-race betting:
• Exacta betting
Professional and casual players are offered the chance of, with a minimal amount of cash, a good score. Also known as the Exactor betting one is expected to pick the 1st, 2nd and 3rd finishers in a precise order. For instance, for one to cash a winning ticket after a $2 Exacta 2-3 is played, the 2 horse should win with the 3 horse coming in the second position.
Many bettors prefer playing the multiple horse Exacta Box since one can cash a winning ticket if the finish was a 2-3 or 3-2, in that order. For instance, a $2 Exacta box at a cost of $4 of the two horses 2-3 includes two combinations that are winning. One can cash a winning ticket with this type of wager only if the finish was in the order 3-2 or 2-3.
On why it is oftenly referred to as the poor man’s Exacta. Quinella’s tend to pay less than Exactas because the picked horses can finish in either order; the main reasThis kind of betting requires one to select the 1st and 2nd position finishers. For instance, for a $2 Quinella 2-3 play, there’s a win if the order of finish is 3-2 or 2-3.
Playing a multiple horse Quinella Box is the most popular option by the bettors. For instance, 6 possible combinations of $6 are included in a $2 Quinella box of 3 horses, 2-3-7. If the order of finish is 7-3, 3-7, 7-2, 2-7, 3-2, 2-3, one can cash a winning ticket.
• Superfecta betting
This betting can be quite expensive as it is a high risk return wager. Potential life changing payoffs are however offered. It’s expensive playing boxes that comprise of multiple horses that may be inefficient. There are other methods as well like part-wheels and wheels that will offer good chances of winning substantial amounts of money for a reasonable outlay of cash.In this type of betting, one is required to select the 1st, 2nd, 3rd and 4th horses in the exact order. For instance, if one plays a straight $2 Superfecta 2-3-5-7, horse 2 should win, horse 3 should fall in the 2nd position, horse 5 no. 3 and horse 7 should be in the fourth place for a winning ticket to be cashed in.
• Trifecta betting
While its more risky, Trifecta wagering offers all bettors a chance of scoring big. There are many ways of betting Trifecta with some being more effectual than others. Here, one is required to pick out the 1st, 2nd and 3rd place finishers in the precise order. For instance, for one to cash in a winning ticket in a $2 straight Trifecta 2-3-5 play, the 2 horse has to win, the 3 horse comes in the 2nd place and the 5 horse should fall in the 3rd position. A multiple horse Trifecta box play is the most popular option for many. For instance, a $1 Trifecta box of 1-3-5 horses costing $6 dollars includes 6 $1 combinations that offer a payoff only if the three horses finish in the first 3 places.
Requires a bettor to, on one ticket, pick the winners of consecutive races. These include the Pick 3 or Win 3, Daily Double, Pick 6, Win 4 or Pick 4 and any other experimental bets that are yet to achieve household-name popularity.
One of the advantages to multi race wagers is that the bettors tend to over-bet some combinations. For example in the intra-racing wagering, not many have figured out how to structure properly the multi race tickets. And as a result, there are inefficiencies in the wagering pools that, when combined with the 1 time take outs, excellent value based opportunities are provided for the smart bettors and handicappers. It therefore does pay to understand fully the multi race exotic wagering fully.
The other advantage of playing multi-race wagers is that each wager has its own betting pool that’s separate. The race track and government takeouts are applied only once to a multi race disregarding the fact that the bet occurs over multiple races. Contritely, a win bet that’s separate is subject to the track and government take out on each bet on every race.
Though the race wagers are highly risky, better odds are offered partly cause of the takeout that occurs once instead of on each race. Below are the various kinds of multi-race betting:
• Pick 3 Betting
There are a variety of varied methods and tricks that can be used in this type of betting giving you an advantage over your fellow bettors.
Here, one is required to pick the winner of 3 races that are consecutive. Also known as the Win 3, this kind of bet offers awesome opportunities for good scores that have minimal cash outlay. An example of Pick 3 betting: if a $1 Pick 3 wheel that combines horse 6 and 5 in the beginning race is played with horse 2 and 1 in the 2nd leg with horse 7 and 6 in the 3rd leg at $8, horse 6 or 5 should win the 1st race with horse 2 or 1winnng the 2nd race and horse 7or 6 winning the 3rd race for the winning ticket to be cashed. The above example is a popular wagering strategy among the many bettors.
Another example is the $2 straight Pick 3 of 2-1-4 that would require horse 2 to win the first race (leg) of the Pick 3, horse 1 win the second leg and horse 4 win the third leg, in order for the ticket to be cashed in.
Offered twice on a race card traditionally, rolling Pick 3’s is now offered throughout the race card on consecutive races.
• Daily double betting
This was the first wagering exotic option that appeared in the North America race tracks. A popular option among many bettors is a $1 Daily Double Wheel, in which multiple horses are combined in one leg of the wager with multiple horses (or a single horse) in another leg of the wager. For instance, a $1 Daily Double wheel of 2, 3, 4 with 5, 6 would include six possible combinations at a cost of $6 and would be a winning ticket if horse 2, 3 or 4 won the first race and horse 5 or 6 won the second race.
One can as well pick the winner of 2 races that are consecutive.
For instance, if one plays a $2 Daily Double 5-8, the 5 horse must win the first race in the Daily Double and the 8 horse must win the second race in the Daily Double in order for a winning ticket to be cashed.
Being the oldest multi-race wager, the Daily Double is very popular among the long-time traditional race goers. Many racetracks currently offer late and early Daily Double as compared to the traditional days when it was offered on just the first two races. Rolling Daily Doubles are even offered by some rare tracks on consecutive races throughout the track.
• Pick 6 Betting
A popular method of playing the Pick 6 is to combine the financial resources of several bettors in an effort to cover more combinations. Another example is if each race in a Pick 6 had eight horses, the odds of a straight $2 ticket coming in might be calculated as (8 * 8 * 8 * 8 * 8 * 8 = 262,144 combinations) or 262,144 to 1. While playing the Pick 6 as a straight $2 ticket at a cost of just $2 offers a chance at the big money, the odds of winning using this method would be more like playing the lottery. No bettor can afford to cover all 262,144 combinations, or even the thousands of semi-logical combinations therefore a single horse or key must often be used in one or more races of the Pick 6 in order to make the ticket affordable. Of course, all horses generally do not have an equal chance of winning each race, so the odds can be reduced accordingly based on your selections and their relative chances of winning.
• Win 4 Betting
Professional and casual players are offered chances of a four-figure score that have reasonable cash outlays. Wheeling is a popular strategy. For instance, if one plays a $1 Win 4 wheel combining horses 1 and 2 in the first race of the Win 4 with horses 5 and 6 in the second leg with horses 6 and 7 in the third leg with horses 4,9 in the fourth leg at a cost of $16, horse 1 or 2 must win the 1st race, horse 5 or 6 the 2nd race, horse 6 or 7 3rd race and horse 4 or 9 4th race in order for the winning tickets to be cashed in. this kind of betting also requires one to select the winner of four consecutive races. For instance, a $2 straight Win 4 of 1-6-5-7 would require that horse 1 win the 1st leg, horse 6 the 2nd leg, horse 5 the 3rd leg and horse 7 the 4th leg so as to be able to cash in the ticket that wins.
Many tracks now offer both a late and early Win 4 as compared to the traditional days when it was offered just once.
For gamblers, horse owners and anyone else associated with racehorses, horse betting will always be a favorite pastime.
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