How to bet on a horse

Things you need to know

There are many things to have in consideration when making money through horse betting. Thefirst and foremost is looking for a bookmaker that offer low minimum bet. This is a good idea especially for new punters in this. After taking note of the odds, converting them to numbers would help you check on the amount of money you could win. Most odds are converted as fractions in horse racing.

How this works

The first thing you have to decide on is the amount of money you are ready to stake on. Most racecourses allow a minimum bet of £2 although this amount varies from one place to another. If the horse you bet on loses then you will lose your stake, but if it wins your stake is multiplied by the odds.

Odds

In most cases referred to the price and the odds in this type bet are normally expressed as fractions and are of three types.

Odds Against.

This applies when the chances of your horse winning are perceived to be less than 50/50 and in this case the odds referred to as odds against. If the horse you placed on wins the race, then you are first given your stake and on top of it the amount that you had staked on multiplied by the odds.

The odds against are normally in fraction and the odds are normally of an improper fraction. Where there is a large number over a smaller number e.g. 7/2 or 5/1. It is with this odds that you multiply your stake with to get the amount of money you are to win if your horse wins the race. In the odds against type of odds for example if you stake £50 and the horse had an odd of 3/1. Then your stake will be multiplied by 3/1 and be £150 then on top of that be refunded the £50. So you will receive £200 as the total from your bet.

Evens

This happens when the odds of a horse winning a race is 50/50. Thus if the horse you bet on wins the race then you will get the amount your staked plus the same amount on top. In other words your stake will be doubled.

Odds On

In this kinds of bet, the horse chances of winning the race have been perceived to be more than 50/50, so if the horse you bet on gets to win the money you win is your stake and on top of it the amount of money you had staked on multiplied by the odds then added to your previous amount.

Where to place your bet.

There are many places that you can bet on horse racing and different places have different procedures on which that is done.

Bookmakers

These set the odds so that you will be able to know on the amount that you are likely to win at the end of the race based on your stake.

The Tote

This works differently for different bookmakers, in most cases it pool based. Money bet on the event forms a pool and used to pay the winners as dividend.