Betting on horse races is not only an exciting experience. It can also prove rewarding if you’re lucky enough to bet on the winning horse.
However, luck isn’t the only factor to consider when betting. It would help if you also did your homework by becoming familiar with the racing terms and knowing your betting options. Moreover, you can get regular horse racing tips at Racenet and similar sites without cost.
In this article, you’ll discover more things about place bets. It’s one of the most straightforward wagers you can do as a horse betting beginner and one which doesn’t require you to take high risks as you learn to analyse the game. Here are the basic things to know:
- What is a place bet?
A place bet is one of the few simplest options to wager on a horse. The term describes a situation where bettors select a horse they think will place in the first or second position. A place bet is typically available in races with at least five competitors.
- How can I increase my chances of winning a place bet?
This question is in every punter’s mind, not only for place bettors. The answer was, in part, addressed earlier: by doing your homework. You can follow the tips below to understand what it takes to increase your chances of betting success.
- Research: You can access horse racing and betting resources online and offline. If you learn more from watching videos than from reading blogs, subscribe to free videos from the following link https://www.youtube.com/channel/UCSqgmNBQDpoUIZPNB6CkUHg and similar sites to learn more about horse performances and other tips.
Knowing a runner’s speed figures and performance history, along with a jockey’s winning rate and other vital statistics, is essential.
- Be familiar with the terms: Knowing the common horse racing jargon is helpful. Without knowing the terms used in racing and betting, you’ll miss opportunities to understand the tips, tricks and risks of betting.
- Study the odds: Understanding the odds is vital because this will give bettors an indication of a horse’s chances of winning. You’d want to place your wager on the runner with the best advantage. Note that bookmakers set their prices and assign different odds for each runner based on their analysis.
- What are my options when wagering on a place bet?
There are two types of place bets: fixed and tote place bets. The former pays winning punters whatever the odds were when they placed their wager.
On the other hand, a tote place bet pays out at the final tote odds, which are only available after the race. This means you don’t know how much winning prize you’ll get if you win, as the cost is based on how much pool money was bet on each runner.
- How much is a place bet?
Bet costs are dependent on many factors. Typically, the higher the stakes or prize, the higher the minimum betting fees are. Worldwide, the minimum charges vary. In Australia, most tracks accept AUD$2 (GBP£ 1.14) for a place bet, while others may impose lower place bet prices. Note that there are no significant differences between bets placed online and on the tracks. It’s essential to check with a bookmaker to know the betting rules and costs.
- How much do I stand to win on a place bet?
Knowing a place bet’s pot prize is also straightforward. You can do it yourself. To understand how much you’re going to receive, multiply your wager with the place odds. For instance, if you bet AUD$ 100 (GBP£ 56.76) on a horse paying AUD$3 (GBP£ 1.70) to place, which represents the odds, you’ll collect AUD$300 (GBP£ 170.27) payout.
With the tote place bets, you’ll get whatever is left from the total pool minus the track takeout, with the difference divided equally among the winning punters or tickets.
A place bet is a straightforward betting option that’s perfect for horse racing beginners, as it offers flexibility in choosing the thoroughbred more likely to win the top two places. Gaining insights into selecting the thoroughbreds most likely to win takes time and practice. Before placing a bet, continue learning as much as possible about horse racing.
As a novice punter, understand that higher risks carry better rewards. Good ones are skilled enough to balance these crucial factors when betting.
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- Mckay, B. and Mackay K. 06 May 2022. How to Bet on the Ponies. www.artofmanliness. https://www.artofmanliness.com/living/games-tricks/how-to-bet-on-horses/. Accessed 09 July 2022
- Greenberg, N. 30 April 2022. A beginner’s guide to betting on horse racing. www. washingtonpost.com. https://www.washingtonpost.com/sports/2022/04/30/horse-racing-betting/. Accessed 09 July 2022