Way2Bet provides an overview of the more popular options available in race betting as outlined below.

WIN AND PLACE

There are a number of options available for placing a win and/or place bet. By doing a bit of research prior to placing a bet, the punter can maximise his return by selecting the most suited bet type.

Best Odds – is available on non-Metro races. It guarantees the better of the official Bookmakers’ starting price (SP) and the official Win dividend declared by a TAB as nominated by the client. In this instance, the punter should follow the odds at the various TAB’s (VIC, NSW, UNI) before selecting the Best Odds option of the one which is paying the highest price for the selected horse.

Starting Price (SP) – is the official and final Bookmakers’ price up until the advertised start time of the race and is only available for Thoroughbred racing for telephone betting. If a Win or Win/Place wager is placed at SP, the Win portion will be paid at a rate equal to the official on-course Bookmakers’ SP.

Best Fluc – wagers can be placed up to 30 minutes prior to the advertised start-time of each race and are available on most Metropolitan meetings. The Win dividend is paid at the best of the Official Bookmakers’ fluctuations and the Place is paid at a price equivalent to the Tote Place dividend declared in the state in which the race is run.

Fixed Odds – is a set price at which the Win portion of a bet will be paid at the fixed price as determined by the bookmaker.

Also note that some bookmakers have their own options available. Sportingbet Australia offers Maxi Div and SB odds to help the punter ascertain a better price. Maxi Div is available for all Metropolitan Thoroughbred races and guarantees a dividend that is at least the better of the highest official Win dividend paid by the three national TAB’s or the official starting price. And SB Odds is available for Harness and Greyhound racing and guarantees you the greater of the official Win dividend declared by UNiTAB, or the SB stated odds.

EXOTICS

Exotics are a form of betting that is different to the standard Win and Place bets. They typically include picking more than one winner or place getter. These type of bets provide greater returns, but at a greater risk!

Quinella – can be done as a Box or Standout Quinella.

A Standard Quinella, is when two runners are selected to place First and Second in any order. However a Box Quinella allows the ability to choose as many runners as you like from the same race, however two of the selections must place First or Second in any order. The Standout Quinella is when you specify a group of runners that you think may come first, and a group that may come second, specifically in that order.

Exactas – are essentially the same as a standard Quinella.

Trifecta – requires nominating the first three place getters in order. These can be done as Standard, Boxed, or Standout (as per Quinella)

First Four – requires nominating the first four (4) place getters in correct order.

Some bookmakers provide their own exotic options, with Sportingbet Australia having a Place Card. This is selecting a horse to place in four designated races, and exclusive to Sportingbet. It is essentially a quadrella for place getters.

MULTI BETS

Multi’s are made up of a combination of bets, all bundled into one in order to multiply the odds. They provide greater return than a standard bet, but at greater risk.

Daily Doubles, Extra Doubles and Trebles – are bets that can be placed on pre-determined races at a specific meet. The Daily Double and Extra Double require picking the winners of two separate races, whilst a Treble is picking the winner of three separate races.

An All-Up Bet is the typical Multi, and also known as an Accumulator or Parlay. For racing, an All-Up involves picking a maximum of four selections (Win or Place) in four different races. The prices of all selections (legs) are multiplied to determine the final dividend.

Parlays – are a popular way of mitigating some of the risk of an All-Up, but require greater investment. The key advantage of a Parlay is that only some – not all – of your multi-bet legs need to be successful to win a dividend. In addition, some Parlays also include single bets on each selection or leg.

(For a more detailed description of how All-Ups and Parlays work, refer our Sport Betting Guide or Sportingbet)