For advantage players to succeed in horse racing, they must become comfortable at reading the betting menu. Days when straight bets were about the only options available are long gone by. Nowadays there are several wagering approaches to choose in order to maximize your profits. Too many times it’s not enough for you to just pick the right runner, wait for the best odds and lay it on an exchange. You need to consider how to play it too. From my own experience, the extensive array of bet types in the modern era of horse racing may seem haunting to beginners, so I decided to post some kind of introduction to horse racing betting terminology, even though there are many people on these boards far more experienced than myself. Everybody please feel free to contribute. Thank you.


STRAIGHT BETS

WIN
Selected runner must finish 1st.

PLACE
Selected runner must place, i.e. finish within the first two places (5-7 runners), three places (8-15 runners and non-handicaps with 16+ runners) or four places (handicaps with 16+ runners).


EXOTIC BETS

EXACTA / PERFECTA (or STRAIGHT FORECAST)

This is a bet which involves two runners in the same race. It pays if the backed runners finish 1st and 2nd in the exact specified order. Combinations widely known as box or wheel are possible. You might box either three runners (1, 2, 3) in all combinations (1-2, 1-3, 2-1, 2-3, 3-1, 3-2) for the Exacta if you believe all 3 runners may finish 1st or 2nd in the race, so you win if the winner and the 2nd are in your selections. Wheeling is a less costly – but more exact – type of bet, which must only be used when you feel confident enough to reduce the winner to one of two runners, as you have to specify the runner to win followed by the runner for 2nd.

QUINELLA (or REVERSE FORECAST)

This is a bet which involves two runners in the same race. It pays if the backed runners finish 1st and 2nd in any order. Combinations widely known as box or wheel are sometimes possible. You might box either three runners (1, 2, 3) in all combinations (1-2, 1-3, 2-1, 2-3, 3-1, 3-2) for the Quinella if you believe all 3 runners may finish 1st or 2nd in the race, so you win if the winner and the 2nd are in your selections.

TRIFECTA

This is a bet which is more difficult to play – but less costly – than the Exacta/Perfecta, as it requires correctly picking the 1st, 2nd and 3rd in the exact specified order. Only professionals should consider not to box or wheel this bet.

SUPERFECTA
This is a bet which is tougher to play – but less costly – than the Trifecta, as it requires correctly picking the 1st, 2nd, 3rd and 4th in the exact specified order. Only consider this bet if you’re feeling lucky or have picked the winner at great odds. Always box or wheel this bet, too. In Australia, it is mostly referred to as a FIRST FOUR BET (or in Western Australia and South Africa as a QUARTET).

HI-5
This is a bet which is tougher to play – but less costly – than the Superfecta, as it requires correctly picking the 1st, 2nd, 3rd, 4th and 5th in the exact specified order. Only consider this bet if you’re feeling lucky or have picked the winner at great odds. Always box or wheel this bet, too.


SOME HIGHLY ADVANCED WAGERS

EACH-WAY

This bet involves a single runner in a single race and is a combination of one bet to Win and another bet to Place, in which the same amount is charged. The Win and the Place payouts are both collected if the backed runner finishes 1st. If the backed runner places but doesn’t win only the Place payout is collected.

SWINGER

 This is a bet which involves two runners in the same race. It pays if the backed runners fill two of the first three places, which means there are three winning combinations: 1st & 2nd, 1st & 3rd, 2nd & 3rd. Note: No payout if dead heat for 3rd.

DOUBLE
This is a bet which requires correctly picking both winners in two separate races. Doubles are usually offered in overlapping (consecutive) races (i.e. 1st & 2nd races, 2nd and 3rd races, 3rd and 4th races, etc.). The so-called Daily Double wager is commonly offered on the first (or last) two races on the card. In the Daily Double pool operated by Tote Ireland (introduced on 22 January 2011), you must correctly select the winners of the 5th and 6th races.

PICK N (also referred to as JACKPOT or SCOOP)
This is a bet which requires correctly picking the winners of N specified (and usually consecutive) races (N specified races for pick N, N = 3, 4, 6, 9, etc.). Nobody being able to correctly pick all the winners results in the carry-over of the intended payout pool to the next time the same bet is offered.

TWIN-TRI

 This bet is a combination of two Trifectas on two consecutive races. Nobody being able to correctly pick both legs results in the carry-over of the intended payout pool to the next time the same bet is offered.

PLACEPOT

This is a bet which requires correctly picking a runner to place in each of N specified (and usually consecutive) races.

ACCUMULATOR (or ALL UP)

 This is a bet (win, place or both) which allows you to automatically reinvest the winnings from your previous pick. Note: Quite hard to swallow when your last runner gets beaten on your last selection after having backed three or for winners in a row.

REBATE

Introduced into horse racing by offshore and online facilities, this is money refunded to you based on your wagering action.