Historically, horse racing is the sport most closely linked to betting. In the UK, it is one of the most popular sports on which to bet, second only to football. This guide will tell you how to bet on horse racing. There are many great betting opportunities when it comes to racing. If you are new to the world of racing, this beginner’s guide will explain everything you need to know about how to place a bet on horse racing.
Is Horse Racing Betting Legal in the UK?
The UK is the home of horse racing betting in many ways. It is 100% legal as long as you are 18 years old or over and the bookie is licensed by the UK Gambling Commission (UKGC).
Understanding the Basics of Horse Racing
If you are here to learn how to bet on Cheltenham, or any other racing, we assume you are a newbie when it comes to betting on horses. However, we have all the information you need to enjoy having a punt on the sport.
- Racecard – The racecard tells you everything you need to know about the horses in a race. At the track, you may have a paper version but generally, most punters view a digital one. It details information about the race (distance, conditions, class) and each horse. The info about the horse is useful when trying to pick the winner.
- Odds – Odds determine how much you win if your bet is successful. A price of 2/1 means you win £2 from a £1 bet. However, you also get your £1 stake back.
- Going – The going conditions at a track have a big impact on which horse will win. Heavy rain leads to soft or heavy going. However, sun and wind bring good or firm conditions. Different horses do better with different conditions.
- Distances, class and type of races – Horse racing takes place on the flat, over hurdles or over jumps. However, there are also a range of distances, ranging from five furlongs (flat) to four miles or more over jumps. It is also important to understand the class of the race, with contests graded according to the calibre of horses involved.
- Jockeys, trainers and form – Jockeys have a big impact on the outcome of a race. Additionally, it is important to understand the importance of form. The form of the horse (how well it has done in recent races) is most important. However, the form of a trainer should also be considered.
Popular Horse Racing Markets Explained
The most popular horse racing markets are shown below.
- Win – the simplest and most popular bet is to wager on which horse will win the race.
- Each-way – this bet is two in one. Half your stake goes on the horse to win and half on it to place (usually top three or four).
- Place – just the place part of an each-way bet.
- Forecast and tricast – name the top two or top three horses in a race.
- Tote bets – a different system of betting based on the total betting pool. Offers some huge wins, especially at the weekend and big meetings.
How Each-Way Betting Works
As detailed above, this is two bets in one. Therefore, a £25 each-way (e/w) bet costs £50. £25 goes on the horse to win and this pays at full odds. £25 goes on it to place at a fraction of those odds. The number of places and fraction of odds varies according to the type of race.
Imagine you bet £25 e/w on a horse at 16/1 in a race paying the first four places at a quarter of the odds. If it wins, you get £25 at 16/1 and also £25 at 4/1. If it finishes fifth or worse, you lose both bets. However, if it finishes second, third or fourth, you lose the win bet but win the place bet.
Step-by-Step: How to Place a Horse Racing Bet
- Research the race or use a trusted source of betting tips.
- Use the menu bars or the search tool to locate the race at the bookie.
- Click on the odds of the horse you want to back.
- Enter your stake into the betting slip.
- Check that the market, odds, horse and race are all correct.
- Confirm the bet.
- Watch and enjoy the race, and hopefully collect your winnings after!
Understanding Starting Prices vs Fixed Odds
Generally, when you bet on a horse, you can choose between the Starting Price (SP) or the odds published at the time. The latter are fixed, so you know what you stand to win. The SP is the price the horse is when the race starts. If you think the horse will be a popular pick, you should take the fixed odds, as the SP could be shorter if lots of punters agree with you that it will win. However, the SP could prove better value if you suspect other horses to be well backed.
Our favourite racing betting sites offer Best Odds Guaranteed (BOG). This allows you to take the fixed odds but receive the SP if they prove bigger.
Common Terms & Abbreviations
Horse racing has its own language and lots of abbreviations. For example, we have already mentioned e/w, SP and BOG! Here are some more you should know:
- F or FAV = favourite (next to odds)
- F = Fell (on card)
- NR = non-runner
- BF = beaten favourite
- PU = pulled up
- UR = unseated rider
- Hcap = handicap race
- Nov = novice race
- C = course winner
- D = distance winner
- CD = course and distance winner
- OR = official rating
- RPR = Racing Post Rating
- TS = Top Speed rating
Beginner Tips for Horse Racing Betting
Once you know how to bet on horses, it is tempting to dive straight in. However, knowing how to bet on horse racing is one thing; being good at it is another entirely! The most important thing is to bet responsibly and keep your punting fun. Additionally, we advise informed betting, rather than just relying on luck.
It is sensible to study and understand form. Avoid making huge bets on horses just because they are big favourites. Generally, value is key to long-term success. We also advise starting with small stakes and tracking your bets so you can see what works.
Live Betting & In-Play Markets
Like most sports, you can bet on horse racing in-play, although the range of markets is usually limited (often just win and place). However, it is probably best left to very experienced bettors and racing experts. There will occasionally be some great opportunities backing horses in-play. However, it is often risky due to the delay on live bets and the possibility that other punters may be watching footage of the race that is “further ahead” than your own.
Conclusion
Whether you want to know how to bet on the Grand National online or how to bet on Royal Ascot, our “how to bet on horse racing for beginners” guide serves up everything you need to know. Most important of all is to make sure you understand odds, form and the key markets. Additionally, whatever you bet on, always bet responsibly at a bookie with a UKGC licence.
FAQ
How do I read horse racing odds?
Odds show what you stand to win if your bet wins. For example, 10/1 returns £10 profit from a £1 bet.
What is the difference between SP and fixed odds?
Fixed odds are set when you place the bet. The SP is only determined after the race has begun.
What does “Best Odds Guaranteed” mean?
BOG means you can take the fixed odds when you place your bet. However, if the SP is higher, you get paid at those odds.
What is the safest bet in horse racing?
All bets carry a risk. However, the safest bet is one that you have researched well and fully understand.
Are horse racing winnings tax-free in the UK?
All winnings from bookies are tax-free in the UK. Moreover, you do not need to declare them on your tax return.