With the advent of technologies, wagering on horse races has become even more convenient and widespread. Even today, many people steer clear of betting on such events because they consider that it takes a bit of doing.
In reality, wagering on horses is not such an uphill work as some people might consider but knowing the sport backward is not the only requirement for being a successful bettor. As gambling enthusiasts probably know, there are a great many ways in which they can place bets on horse races, and being familiar with all options they can decide between inside out is a must if they want to ensure that they will fare well during their betting session.
Naturally, while making their first steps in horse betting, punters will mainly focus on the basic wager types because of their straightforwardness. Win, place, and show bets are the three main bet types punters might come to grips with when they dive into horse race betting, with the former being the most favored of the three. In this article, we will go over the basics of this bet type, including how it works, how its odds are calculated, and whether it is beneficial.
How Win Bets Work when Wagering on Horse Races
Win bets are preferred not only by up-and-coming punters since seasoned bettors also prefer to add them to their betting portfolios. There are several reasons why win bets enjoy such overwhelming popularity among punters, and first and foremost, they cleave to this wager type because it is far from being complex.
The way win bets work in horse races does not need much of an explanation as the name of this bet type is pretty much self-explanatory. Win bets are exceptionally easy to understand and follow because they are all about predicting correctly the horse that will carry the day. Given that the horse punters have picked comes first in the race, they will get a balance boost, which is determined by the odds. Win bets are not like show and place bets that offer several opportunities to win, which is to say that they will lose the staked amount if their selection comes in a different position than the first one.
Unlike place bets that might work in a slightly different manner in the various parts of the globe, win bets are pretty much universal wager types, which is to say that it works in exactly the same way at all times.
Deciding which of the runners in the race stands above all others can be tricky, and even if punters scan the field and read up on the performance of all contenders, this will not necessarily guarantee that their pick will be a correct one.
Yet, on top of its simplicity, win bets are so preferred also because of the handsome returns they promise to award. Typically, punters are tempted by the juicy payouts successful win bets offer, thus paying no attention to the risk they need to take when making such wagers.
An Example of a Win Bet in Horse Racing
Let’s assume that punters have picked the race they want to place a bet on, and this is how odds might look like:
|Horse #1||4/1||Finishes third in the official order of finish|
|Horse #2||1/2||Finishes second in the official order of finish|
|Horse #3||12/1||Finishes fourth in the official order of finish|
|Horse #4||10/1||Finishes first in the official order of finish|
Obviously, horse #2 is the favorite in the race, and if the horse had come up first, a bet of $2 would have brought punters $3. In this scenario, horse #2 finishes second in the race, which means that win bets on that runner are not successful.
Had horse #1 come up first in the race, a stake of $2 would have returned gambling enthusiasts $10. Yet, the horse takes the third position, and therefore, win bets on the contender do not offer any returns. Win bets placed on horse #3 do not offer payouts either, but if that horse had finished first, $2 bets would have returned $26. Horse #4 is the winner, and win bets will return $22.
Win Bets and the Each Way Betting System
The each-way betting method is extremely popular among punters who are keen on wagering on horse races because it allows them to combine two selections in a single ticket. Thus, if placing win bets seems too risky for gambling aficionados, they should consider combining them with place or show bets.
Combining win and place bets means that punters will get a payout for both selections only if the horse they back finishes first. If the runner comes second in the official order of finish, the place portion of the each-way bet will be the only one to pay as the win bet will lose. Keep in mind that the number of places offered will be based upon the number of contenders and the race type.
If punters prefer to combine win and show bets, they will get payouts for the win and show parts of the each-way bet if the horse they have placed their bet on triumphs in the race. Yet, if the horse finishes third in the order of finish, the show portion of their bet will be the only one to offer a payout.
How Is the Expected Payout Calculated
Unlike show and place bets, the odds for win bets will be readily available at all times, and in order for punters to work out their potential returns, they will be required to multiply the tote board odds by 2 and add 2, given that a $2 wager is used. In order to work the potential returns, punters should use this formula:
(Odds numerator/odds denominator x 2) + 2 = win payouts
Thus, if we suppose that the odds for the horse punters want to back are 7/1, the equation will look like this:
(7/1 x 2) + 2 = (7 x 2) + 2 = $16
As punters can see, odds are represented using fractions, where the first number shows what amount they will possibly get relative to the amount they are required to stake. Thus, 10/1 odds show that punters will get ten units for every unit they wager. If the first number in the fraction is larger than the second one, punters’ net profit will be larger than the amount staked and vice versa, if the second number is larger, the potential returns will be smaller than the bet amount.
If punters are looking for an easier way to work out their potential returns or they want to go for another bet amount, they might be more comfortable with using the decimal odds format.
|Tote board odds||Decimal odds||Potential returns|
Gambling enthusiasts should keep in mind that the returns successful bets award will vary based on the region and their horse race betting platform of choice.
When UK-oriented betting platforms are concerned, the payouts win bets offer might also be based on the starting prices or the SP. For starters, these are the odds the horses go off at upon the start of each race. The main function of starting prices is to determine what returns winning bets will offer since no fixed odds will be used when placing a bet on the outright winner, for example.
Typically, when making a win, place, or show bet, punters will be required to put at least $2 at a stake, but with some horse race betting platforms, the least bet amount might be lower. The takeout rate for traditional bets, win bets included, is the smallest, and on most conditions, it might be anywhere between 15% and 20%, but this is sportsbook-specific.
Why Do Odds Fluctuate
Prior to each race, bookmakers will introduce the morning line odds in order for gambling aficionados to get an idea of which horse is favored to come first in the race and which are not that likely to finish in the top positions.
Oddsmakers will not only pay attention to the chances of each horse winning the race because while setting the odds, they will also focus on the direction in which bets will flow. This is an important thing to keep in mind as many sports bettors tend to consider that the odds indicate the chances of each runner coming first in the race.
Once the sports betting platform starts taking in bets for the race, the odds will be updated to reflect the way money comes in. In other words, the odds will push in one way or another not only because of the current form of the horses and their previous performance but also owing to the way the public reacts to the race.
When pari-mutuel betting is concerned, the horse’s odds will shorten as more money is put on that runner.
How to Read the Price Board
When pari-mutuel betting is used, punters will be able to see the prices when the track is complete. This is how a price board might look like:
As punters can see, horse #3 is the winner in the race, and columns two, three, and four contain the prices for successful win, place, and show bets. The first-place finisher is the only one to offer payouts for all the three straight bet types for the simple reason that this is the only contender that satisfies the requirements for these bets to pay.
Benefits of Making Win Bets when Wagering on Horse Races
Win bets are undoubtedly a viable option punters should not exclude from their portfolios while wagering on horse races. There are a number of reasons why gambling aficionados prefer to go for traditional horse race bets, including win bets. The most obvious reason why win bets are so preferred is that even a first-timer can place such wagers as this is the simplest way to have a flutter on just about any sport, horse racing included.
When making wins bets, the chances of making a correct pick will be greater in comparison with exotic bets. It goes without saying that it is much more likely to pick the outright winner in a single race than the winners in several races.
Punters stick to win bets also because they know what the odds for each horse are. This is not the case with exotic bets, which makes many gambling aficionados steer clear of such multi-event bets.
Lastly, win bets are the best option for gambling enthusiasts when they want to go for handicapping. Needless to say, it will be much easier for punters to pick their bets if they focus on just one horse than on several events at once.
Handicapping Win Bets while Wagering on Horse Races
In simple terms, handicapping horse races means that gambling enthusiasts will attempt to determine which contender has the best chances of coming first. It is up to punters to decide how they will handicap races, as while some sports bettors prefer to look into the statistics of each horse in the races, others are in the habit of using the so-called eye test, which is to say that they merely watch previous races to see how the horse has performed.
When gambling aficionados want to figure out whether the horse they want to back is poised to come first in the race, they should research how the runner has performed in terms of win, place, and show in the past few races.
In order for punters to increase their chances of making correct picks, they should pay more attention to the racing style. The horse’s speed is among the things gambling enthusiasts should look into, and if they consider that there is a runner that can get the lead at the first call, backing that horse is worth considering.
Naturally, to make their picks more accurate, punters should not focus exclusively on the horse they wish to back as they should look into the caliber of the other contenders as well.
The post position is also worth considering, and seasoned bettors prefer to place their bets on the runners that are in the inner half of the field. Still, if gambling aficionados wish to focus on the post position, they should also examine the track condition and the race distance.
The horse’s trainers, as well as the jockeys, play a key role when it comes to the performance of the runners. Therefore, if punters want to make as accurate assessments as possible, they should not overlook the human element.