Horse Racing is an incredibly popular sport within the betting world; with many fantastic events and the range of odds in races, it is a staple sport for most bettors. Due to the number of tips and betting suggestions flying around the online world, it can become overwhelming trying to work out which horse to cheer for and which bets are the best to place. This is where OddsMonkey gallops in to help as we offer this complete horse racing betting strategy that will not only introduce you to the sport but also look at odds, terminology, and strategies you can implement in your betting! OddsMonkey can help guide you through the Horse Racing and jockey jargon, cluing you up on some phrases and terms that might not be part of your everyday dialect.
Horse Racing Terminology
If you are reading this article, we are going to assume that you are a complete novice to horse race betting. Hence, we are going to go through some of the specialised terms that are used by bettors in this sport. Some of this terminology might be unknown even to the more experienced bettors who have yet to explore further than simple bets. The following are some key phrases to look out for when betting on horse racing:
- Form – A term that is used throughout a wide range of different sports. The form shows how a team or competitor has competed in the past few performances. The form in horse racing is slightly different from that of other sports as there are numbers and letters that mean different outcomes. Numbers 1-9 represent where they finished in the race, and if they finished 10th or below, they will receive a 0. F is used for a horse that has fallen whilst running, U is for an unseated jockey, P means pulled up, C is for carried out of the race, R means the horse refused to jump an obstacle, RR means the horse refused to run entirely, B means the horse was brought down by another horse falling and V means the race was voided.
- Handicap – In horse racing, a handicap race is one where a horse carries extra weight to even out the playing field. This is because the horses should finish in a straight line for the race to be even theoretically. A horse rated at 70 pounds would have to carry 2 pounds more than a horse rated at 68 pounds. Handicap horse races are contested at every level, although there are more at the lower level than at the top. All of the large meetings throughout the year, such as Cheltenham and the Royal Ascot, have many handicaps.
- Non-Runner – A horse racing card is announced, and all involved horses are named. If one of these horses suddenly falls ill, becomes injured or has not eaten enough food before competing, they will be labelled as a Non-Runner. Most bookies will return any stakes placed on a horse who has become a non-runner.
- Odds – The odds in horse racing represent the implied chance that a horse has of winning the race. These can come in different forms, such as a decimal style like 2.0 or fractions such as 1/1. Decimal odds simply multiply the stake with the number, meaning if you placed £10 on 2.0, the bettor would receive £20. For the fractions, they are harder to understand. The number after the slash will represent how much you need to stake in order to get the number before the slash; for example, a 7/2 will return £7 if you stake £2 and £3.50 if you stake £1. The odds can be slightly different for each-way bet, which is why we have incorporated an each-way calculator into our site.
- Photo Finish – Some races can be incredibly tight between 2 or more horses, meaning the finish line will have a camera installed that can measure all the way down to the hairs on a horse’s nose! The camera takes a photo as every horse crosses the line, with a reflection on the other side, which then allows judges to decide which horse was over the line first.
- Race Cards – If you ever visit a race course in person, you will be greeted with a physical copy of a race card upon entry. This race card includes information on all different races throughout the day, along with the horse’s form and recent performance data. The race cards are brilliant pieces of kit for anyone who is looking to place horse racing bets, as they come with a huge range of information!
- Rule 4 – When a horse is removed from the race after the market has already been created, Rule 4 adjusts horse prices for their new odds of winning, as one less horse can boost the chances of other horses winning. This only changes the few favourites in the race, and any horse priced 14/1 or above will not see a price change. OddsMonkey has included a Rule 4 calculator to help users understand how the odds are affected.
Types of Horse Racing Bets
Horse racing betting sees some that are very common throughout other types of betting, such as football betting and cricket betting. Some of the most popular betting types include:
- Single – This individual selection only covers one horse or race market.
- Multiple – As long as the bet has more than 2 selections, it is classed as a multiple. This could be a treble, but there are also Lucky 15 bets, which include many selections.
- Full Cover – Similar to an accumulator, but covers various combinations so one selection does not ruin an entire bet.
- Accumulator – Multiple selections combined into one bet, where all picks must win to return a value. Use our in-house accumulator calculator to work out your odds.
Horse Racing Betting Timing
Betting on horse racing events requires very good timing and time management because horse racing takes place over a short space of time. If you place a bet on a horse to win a race months before the race takes place, unforeseen circumstances could cause you some issues, yet it could also benefit you as the odds could drop! Here are some horse racing timing terminology you should know:
- Ante-Post – These types of bets are placed before the race begins. Ante-post bets are placed mostly on larger events such as Cheltenham, where the markets are created early.
- Starting Price (SP) – Upon starting a specific race, the price of each horse is recorded. This is the most common betting time for visitors to physical racecourses.
- In-Running – This is the horse racing version of in-play betting. If a race has already started, bettors can place bets on specific horses throughout the race.
Horse Racing Betting Strategy
There are many different betting strategies that can be used throughout horse racing. With some strategies working for others and some not being suited to certain styles, you will be able to find one that matches your betting style. Here are some of the most popular betting strategies in the betting world:
- Dutching – This is when you back different results at different bookmakers; Dutching is common throughout team sports such as football or rugby. In horse racing, the bettor may only believe that two horses can win the race and can dutch both to cover both markets.
- Hedging – Hedging involves backing multiple markets to narrow the playing field with your bets. This is similar to Dutching, but these are typically done in horse racing to minimise a loss in total stakes made.
- Matched Betting – Matched betting has been on the rise throughout the past couple of years, with many bettors taking advantage of the various bonus offers and sign-up deals that online bookmakers present to them. There are many different ways to get involved with matched betting. The basic idea of matched betting is to place a ‘back’ and ‘lay’ bet on each side of the bet, meaning there is no possibility that the bet will not return.
Horse Racing Betting Summary
Horse racing is one of the more complex sports, with the niches and little nuggets of information being quite difficult to remember. Whether you are betting on it or just watching, there are many things to consider.
If you are interested in more horse racing betting content, OddsMonkey is also home to the horse racing matched betting guide, which introduces the concept of matched betting to the sport of horse racing!
