Ultimate Horse Racing Betting Guide - How bets work, Tips, TV Streaming & Odds

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Horse Betting

Thoroughbred or horse racing accounts for the majority of all online betting turnover across Australia, so much so that if you combine the turnover of the other two racing codes and all sports betting turnover it still does not come anywhere near the amount wagered on horse racing.

Punters love horse racing almost as much as their beer and as you would expect the two go hand in hand so the chances are every time a punter is down the local pub they will almost certainly nip off to the TAB and have a quick flutter and imporving their skills.

Australia has some of the richest thoroughbred races in the world and is steeped in history within the so called sport of kings, Australia's feature race each year is the Melbourne Cup, the race that stop a nation.

The turnover on this one race alone is estimated at half a billion dollars each year as every man and his dog (and grandma) come out to play, some people who bet on betting sites on the cup will only bet once a year and this is the one that they decide to risk their hard earned on due to the history and coverage of the cup.

The Melbourne cup is run each year on the first Tuesday in November but the build up starts months before as both home and international horses try to qualify for the event, the cup is run over 3200m and is the richest two mile handicap in the world.

The cup is open to horses three years of age and over and due to the race being a handicap the minimum weight to be carried is 50kg and the top allocated weight must not exceed 57kg.

Other notable races on the calendar are the Caulfield Guineas, Caulfield Cup, WS Cox Plate, Emirates Stakes, Golden Slipper Stakes, The BMW, Doncaster Handicap, TJ Smith Stakes, ATC Australian Derby, Stradbroke Handicap, Sydney Cup and the ATC Queen Elizabeth Stakes.

Below is a list of all the Group 1 thoroughbred races held in Australia each year, distance, racetrack and prizemoney:

VICTORIA - MELBOURNE

Track	Race Name	Purse	Distance
Caulfield	Memsie Stakes	$1,000,000	1400m
Flemington	Makybe Diva Stakes	$750,000	1600m
M. Valley	AJ Moir Stakes	$450,000	1000m
Caulfield	Underwood Stakes	$750,000	1800m
Caulfield	Sir Rupert Clarke Stakes	$500,000	1400m
Flemington	Turnbull Stakes	$500,000	2000m
Caulfield	Caulfield Guineas	$2,000,000	1600m
Caulfield	Caulfield Stakes	$1,000,000	2000m
Caulfield	Thousand Guineas	$500,000	1600m
Caulfield	Toorak Handicap	$500,000	1600m
Caulfield	Caulfield Cup	$3,000,000	2400m
M. Valley	Manikato Stakes	$1,000,000	1200m
M. Valley	WS Cox Plate	$3,000,000	2040m
Flemington	Victoria Derby	$1,500,000	2500m
Flemington	Coolmore Stud Stakes	$1,000,000	1200m
Flemington	Cantala Stakes	$1,000,000	1600m
Flemington	Myer Classic	$500,000	1600m
Flemington	Melbourne Cup	$6,000,000	3200m
Flemington	VRC Oaks	$1,000,000	2500m
Flemington	Emirates Stakes	$2,000,000	2000m
Flemington	VRC Sprint Classic	$1,000,000	1200m
Caulfield	CF Orr Stakes	$500,000	1400m
Flemington	Lightning Stakes	$750,000	1000m
Caulfield	Blue Diamond Stakes	$1,500,000	1200m
Caulfield	Futurity Stakes	$500,000	1400m
Caulfield	Oakleigh Plate	$500,000	1100m
Flemington	Australian Guineas	$750,000	1600m
Flemington	Australian Cup	$1,500,000	2000m
Flemington	Newmarket Handicap	$1,250,000	1200m
M. Valley	William Reid Stakes	$500,000	1200m

NEW SOUTH WALES - SYDNEY

Track	Race Name	Purse	Distance
Randwick	George Main Stakes	$500,000	1600m
Rosehill	Golden Rose	$1,000,000	1400m
Randwick	Epsom Handicap	$1,000,000	1600m
Randwick	The Metropolitan	$750,000	2400m
Randwick	Flight Stakes	$500,000	1600m
Randwick	Spring Champion Stakes	$500,000	2000m
W. Farm	Chipping Norton Stakes	$600,000	1600m
Randwick	Randwick Guineas	$1,000,000	1600m
Randwick	Canterbury Stakes	$500,000	1300m
Rosehill	Coolmore Stud Classic	$600,000	1500m
Rosehill	Golden Slipper Stakes	$3,500,000	1200m
Rosehill	George Ryder Stakes	$1,000,000	1500m
Rosehill	Ranvet Stakes	$700,000	2000m
Rosehill	Rosehill Guineas	$600,000	2000m
Rosehill	The Galaxy	$350,000	1100m
Rosehill	The BMW	$1,500,000	2400m
Rosehill	Storm Queen Stakes	$500,000	2000m
Randwick	Doncaster Handicap	$3,000,000	1600m
Randwick	TJ Smith Stakes	$2,500,000	1200m
Randwick	ATC Australian Derby	$2,000,000	2400m
Randwick	ATC Sires Produce Stakes	$1,000,000	1400m
Randwick	ATC Queen Elizabeth Stakes	$4,000,000	2000m
Randwick	Sydney Cup	$2,000,000	3200m
Randwick	ATC Australian Oaks	$1,000,000	2400m
Randwick	Queen Of The Turf Stakes	$1,000,000	1600m
Randwick	All Aged Stakes	$600,000	1400m
Randwick	ATC Champagne Stakes	$500,000	1600m

QUEENSLAND - BRISBANE

Track	Race Name	Purse	Distance
Doomben	Doomben 10000	$750,000	1200m
Doomben	Doomben Cup	$650,000	2000m
Eagle Farm	BTC Cup	$750,000	1300m
Eagle Farm	Queensland Oaks	$400,000	2200m
Eagle Farm	Stradbroke Handicap	$1,500,000	1350m
Eagle Farm	Queensland Derby	$600,000	2200m
Eagle Farm	The TJ Smith	$600,000	1600m
Eagle Farm	Winter Stakes	$500,000	1400m

SOUTH AUSTRALIA - ADELAIDE

Track	Race Name	Purse	Distance
Morphettville	Robert Sangster Stakes	$1,000,000	1200m
Morphettville	Australasian Oaks	$500,000	2000m
Morphettville	SA Derby	$600,000	2500m
Morphettville	Goodwood	$1,000,000	1200m

QUEENSLAND - BRISBANE

Track	Race Name	Purse	Distance
Doomben	Doomben 10000	$750,000	1200m
Doomben	Doomben Cup	$650,000	2000m
Eagle Farm	BTC Cup	$750,000	1300m
Eagle Farm	Queensland Oaks	$400,000	2200m
Eagle Farm	Stradbroke Handicap	$1,500,000	1350m
Eagle Farm	Queensland Derby	$600,000	2200m
Eagle Farm	The TJ Smith	$600,000	1600m
Eagle Farm	Winter Stakes	$500,000	1400m

WESTERN AUSTRALIA - PERTH

Track	Race Name	Purse	Distance
Ascot	Railway Stakes	$1,000,000	1600m
Ascot	Winterbottom Stakes	$1,000,000	1200m
Ascot	Kingston Town Classic	$1,000,000	1800m

Early Price / Starting Price

There are two different prices to be aware of in betting on horses: an early or fixed price, and the Starting Price.

If you want to fix the odds and bet sometime before the race, you can accept a bookmaker’s early fixed price. You are then tied to those odds when the race starts (and throughout it).

Alternatively, you can bet at the starting price (known as the SP). This is the price, i.e. the odds of the horse at the time the race commences.

Which of these you go for will depend on your view of what other bettors think of your horse.

An important factor is that odds (tend to) shorten or drop the closer you get to the race.

Starting price for horse Racing

Fixed Price

If you believe that the odds on your horse will shorten in the countdown to the race - perhaps because it is well known, or a “housewife’s favourite” – it may make sense to choose the price available early on, i.e. the fixed price.

For example, the fixed price may be 4.0 (3/1) two hours before the race, and then shorten to 3.5 (5/2) by the time race starts. This is because more and more bettors – particularly those having a flutter – bet on it to win. So by taking the fixed odds, you get a better price.

Starting Price

But if you think a different horse may prove more popular to the public, then the odds on your horse may drift (lengthen, rise). An hour before the race they might be 4.0 (3/1) and then drift to 5.0 (4/1) at start time.

In that case, it would be better to take the starting price (SP).

Common Bet Types For Horse Racing

Win and Place Bet Types : The following bet types are typical of win and place betting with online bookies and include Win, Place, Each Way, Starting Price, Best Fluc, Fixed Odds bet types and more.

Win Bet

Win only, or "Straight Out", is a bet placed on a runner to win only. For your bet to win, your selection must win the event.

E.G. $10.00 a win at $5.00 returns $50.00 if your runner wins.

Place Bet

Place only is a bet placed on a runner to run 1st, 2nd or 3rd subject to field size. If a field has less than eight runners then place bets will pay on 1st and 2nd. For a place bet to win, your horse must run a place.

Place Bet Field Pay Outs
Eight or more runners will pay 1st, 2nd and 3rd.
Five to Seven runners will only pay 1st and 2nd.
Less than Five runners will only pay First.
Always be aware of field size when place betting, especially small fields.

E.G. $10.00 on a place bet at $2.45 returns you $24.50 if your horse places

Each Way Bet

An each way bet is actually two bets: (1) a Win bet (as above) and (2) a Place bet (as above). For example, a bet of $10 Each Way is a Win bet of $10 and a Place bet of $10, for a $20 bet total.

E.G. If you have $10 each way on a horse paying $10.00 for a win and $2.50 for a place you will outlay $20.00.
If your horse wins, you return $125.00 ($100.00 for win and $25.00 for place). If your horse fails to win but runs a place, you return $25.00 (Zero for Win and $25.00 for Place)

Best Odds Bet

Guarantees the better of the official Bookmakers' starting price (SP) and the official Win dividend declared by a TAB as nominated by the client.

E.G. VIC Tab paying $2.30, NSW Tab paying $2.30 & UNItab paying $2.55 then the Best Odds dividend would be $2.55 at UNItab.

Starting Price (SP)

The Starting Price is an average of the on-course bookmaker's prices taken at the start of each race. These prices are not known by punters at the time of betting.

E.G. If you have $100.00 on a runner to win at SP and the final Starting Price is $3.30 then you return $330.00. If the horse drifted out to say $4.25 during betting, before firming again, then you only get the SP price and miss the best price offered.

Best Fluc Bet

Best Fluctuation or Top Fluc, is available up to 30 minutes prior to jump. Bets placed prior are guaranteed to be paid at the top official on-course bookie fluctuation as determined by the Bookmakers Pricing Service (BPS). the Win portion will be paid at the best official Bookmakers' price. For Win/Place wagers, the place portion will be paid at a price equivalent to the Tote Place dividend declared in the state in which the race is run.

E.G. You have $100 a win on a runner at Best Fluc and during betting the fluctuations are as follows $4.20 | $4.50 | $4.40 | $4.70 then the Best Fluc is $4.70 which returns you $470.00.

Fixed Odds Bet

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.

E.G. $100.00 a Win at the Fixed Odds of $4.20 will return you $420.00 and if the horse drifts out to $4.50 during betting then you missed the best price, however if it firms into $3.90 then you got the better price at the time.

Exotic Bet Types

The below bet types are known as exotic bets and include Quinella, Exacta, Trifecta, Quadrella, First 4 and Super 6.

Quinella Bet Type

This bet requires you to select the first and second place finishers, in either order.

E.G. If you have $2.00 on numbers 4 and 6 to run the quinella then either horse can win or run second (4-6-x or 6-4-x) but they must both finish 1st and 2nd for you to win. Quinella dividends are calculated by the amount of total money in the pool at race end and a dividend is then declared after the race is run.

Box Quinella Bet

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. It also costs you more for your initial outlay as there are more runners.

E.G. If you have a $1 quinella on numbers 1, 2, 4 and 5 then first you need to calculate the cost for boxing 4 runners.

Boxed Quinella Cost - $1

3 Runners - $3.00
4 Runners - $6.00
5 Runners - $10.00
6 Runners - $15.00
7 Runners - $21.00
8 Runners - $28.00
9 Runners - $36.00


To box 4 runners the bet will cost you $6.00, and if any of your four runners finish 1st or 2nd then you win your bet.

Standout Quinella Bet

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.

E.G. If you had a $1 quinella with number 2 to win and numbers 4, 5, 6 and 7 to run second then number 2 has to win the race while the other four have to run second for your bet to win. It will also cost you $4 to place the bet as there are in effect four Quinellas which are 2&4, 2&5, 2&6 and 2&7

Exacta Bet

This bet requires you to select the first and second place finishers, in that order.

E.G. If you have a $2.00 Exacta on numbers 8 and 2, then number 8 has to win and number 2 has to run second for you to win your bet. Exactas traditionally pay more than Quinellas but they are also harder to win as they have to run 1st and 2nd in order.

Box Exacta Bet

The formula for calculating the cost of an exacta box is (horses in box x (horses in box minus 1) x dollar amount of bet). A $2 box of two horses would be (2 x 1 x 2)=$4. A $2 box of three horses would be (3 x 2 x 2)=$12. A $2 box of four horses would be (4 x 3 x 2)=$24.

As you can see the cost of the exacta box increases greatly with each additional horse. Also remember that you can wager a $1 exacta box. This reduces the amount of your wager by 50% but also reduces your earnings by 50%.

Boxed Exacta Cost - $1

3 Runners - $6.00
4 Runners - $12.00
5 Runners - $20.00
6 Runners - $30.00
7 Runners - $42.00
8 Runners - $56.00
9 Runners - $72.00


And do on for 10 or more runners.

Trifecta Bet

This bet requires you to select the 1st, 2nd an 3rd place finishers in order.

E.G. If you have a $1.00 trifecta on the numbers 4 to win, 5 to run second, and 8 to finish third, then they would have to finish in the order 4-5-8 for you to win.

Triectas can be also be taken as Boxed or Standout bets, as per Quinella bets.

Box Trifecta Bet

These are offered in denominations as low as $1 per unit per Box Trifecta. A $1 trifecta box of horses 1-3-5 would include six $1.00 combinations at a cost of $6.00. To receive a winning pay out, the order of finish would need to be one of the following combinations.
1-3-5
1-5-3
3-1-5
3-5-1
5-3-1
5-1-3

To calculate the cost of a trifecta box, simply multiply the number of horses you would like to box (say 8), by that number minus one (8x7), and by that number minus two (8x7x6), and then multiply it by your bet amount to find the number of combinations.

E.G. If you wanted to have a $1 Box trifecta with 4 horses the $1 trifecta box would be calculated as follows: (4 * 3 * 2) * $1=$24 (24 x $1 combinations). If any three of your selections fill the first 3 placings then you would win the bet.

Box Trifecta Cost - $1

3 horse trifecta box (3x2x1) - 6 combinations=$6
4 horse trifecta box (4x3x2) - 24 combinations=$24
5 horse trifecta box (5x4x3) - 60 combinations=$60
6 horse trifecta box (6x5x4) - 120 combinations=$120
7 horse trifecta box (7x6x5) - 210 combinations=$210
8 horse trifecta box (8x7x6) - 336 combinations=$336
9 horse trifecta box (9x8x7) - 504 combinations=$504
10 horse trifecta box (10x9x8) - 720 combinations=$720


And so on for 11 or more runners.

Standout Trifecta Bet

A runner selected to finish first (a standout) is combined with two or more other runners to finish second and third in any order. You can also standout a single runner to finish second or third if you wish.

E.G. If you had a $1 standout Trifecta on number 5 to win, and numbers 1, 2 and 3 to run 2nd and 3rd, then number 5 would have to win and two of the other three would need to fill the 2nd and 3rd placings for your bet to win.

Flexi Bet Trifecta

This bet allows you allows you to still specify the number of runners you wish to back, but you can also specify what amount you would like to invest based upon your budget. The payout you receive will be a % of the winning dividend based upon the difference of the normal cost of a boxed Trifecta and the amount you chose to invest.

E.G. You want to box 5 horses in a trifecta. This would normally cost $60, however you only only wish to invest $15, which is 25% of $60. If your trifecta selections win, then you'll receive 25% of the Trifecta dividend. If the trifecta pays $2400, then you return $600, which is 25% of the trifecta dividend.

First Four Bet

A First 4 requires selection of the first four finishers in correct order.

There are four different types of First 4 betting - Straight, Box, Standout and Multiple First 4 bets.

Straight First 4

Requires selection of the first four placings in a race in the CORRECT order.

Box First 4

This bet allows your selections to finish first, second, third and fourth in ANY order. Boxing four selections gives you 24 combinations with which you can win a First 4 bet type.

Standout First 4

One runner is selected to finish 1st (a standout), and is coupled with three or more runners to finish second, third and fourth.

Multiple First 4

A multiple First 4 is where two or more runners are selected to finish 1st, with a number of other runners to finish 2nd, 3rd and 4th.

Big 6 Bet

A Big 6 bet type involves selecting the winners of six nominated races nominated as legs of the Big 6 for a particular meeting.

Pick all six winners across the six races and you win the Big 6 dividend. As with the Firts 4, flexi betting is available for the Big 6, allowing you to add as many runners as you like to suit your betting budget.

Naturally, the possible combinations are much higher, and more expensive, than a First 4, especially with a Big 6 running across six races.

E.G. Simply multiply your runners in each six Big 6 legs to calculate your total number of combinations - 2 x 3 x 2 x 5 x 2 x 2=240 combinations. To take this bet for the full dividend it would cost you $1 per combination, or a total of $240.

A flexi bet at 50% would cost you $120 and you would receive 50%, or half, of the total dividend. If the Big 6 paid $8600 then you would receive a dividend of $4300 for your 50% outlay.

Quadrella Bet

A Quadrella requires you to pick four winners from four races nominated by a TAB at the one meeting. A Quadrella differs from an All-Up in that the dividend is determined by dividing the amount of money in the dividend pool amongst successful investors, as opposed to an All Up that transfers your winnings from one race to the next.

The minimum investment for a Quadrella here is 50 cents, however all dividends will be displayed for $1. Flexi and Mystery Quaddie betting are also available.

To calculate the amount you need to spend to couple more than one horse in each leg simply multiply the number of selections in each leg together.

E.G. You want to have a $1.00 quadrella with 2 runners in each leg. This will cost you a total of $16 (i.e 2 x 2 x 2 x 2) to receive a full 100% return.

A 50% flexi bet for a 2 x 2 x 2 x 2 combination would cost you $8 and return you 50% of the full 100% return.

Exotic Multi Bets

Some bookmakers provide their own exotic options, such as a Place Card. This is selecting a horse to place in four designated races, basically a quadrella for place getters.

Doubles Bet

Daily Doubles and Extra Doubles requires you to correctly pick the winners of two TAB nominated races at a meeting.

E.G. You have a $1.00 Daily Double and take number 2 to win the 1st leg (Race 5) and number 6 to win the 2nd leg (Race 7). They both have to win their race for you to successfully win your bet. Double dividends are calculated by the amount of total money in the pool at race end. A dividend is then declared after the race is run.

Running Double Bet

The Running Double requires you to correctly select the winners of any two consecutive races at the one race meeting e.g. Race 2 winner and Race 3 winner.

Running doubles are available across the board and can often through up a good dividend if you think outside the box.

Treble Bet

A Treble involves picking the winner of three separate races. The first bet returns are rolled over to the second bet, then the second bet returns are rolled over to the third bet. Each of the three selections must win for your bet to be successful. Selecting three winners can accumulate into a large dividend if bet with value in mind.

E.G. You have a $1.00 Treble bet, taking number 3 to win the 1st leg, number 6 to win the 2nd leg and number 9 to win the 3rd leg. All three bets have to win for your bet to be successful.

All Up Betting

Also known as an Accumulator or Parlay. An All Up allows you to select one or more runners to win or place on different races and all of your selections are required to be successful for the All Up to win. The payout is worked out by multiplying your initial stake amount by the odds for each of your selections.

E.G. You have a $1 all up on on four races at a meeting. Number 2 (Race 2), Number 4 (Race 4) number 6 (Race 6) and number 8 (Race 8).

Assuming all runners win...

Race 2 - $1.00 on #2 @ $4.00, now you have $4.00 which goes all up.
Race 4 - $4.00 goes on #4 @ $3.00, now you have $12 which goes all up.
Race 6 - $12.00 goes on #6 @ $4.00, returning $48 which goes all up
Race 8 - $48.00 goes on to number 8 @ $2.00 and your total return is $96.00

All up betting allows you to win a large amount of money for a very small outlay if you select wisely. Most bookies allow you to have all up bets over different meetings across different race codes, including Harness racing and Greyhounds.

Parlay Betting

Another form of Multi-bet is the Parlay, which is a set number of combinations where all are required to win for you to be successful. Each Parlay has a set number of legs but when you select a Parlay, you are choosing all possible combinations of Multi-bets for that number of legs. In addition, some Parlays also include single bets on each selection or leg.

The key advantage of a Parlay over a standard multi is that if some of your legs are successful, then you will still win a dividend based upon the amount of successful combinations you chose.

Trixie Composition

The Trixie is composed of the following parts:

Part	Selections (1-3)	Number of Bets
Double	12, 23, 13	3
Treble	123	1
Total:		4

Patent Composition

The Patent is composed of the following parts:

Part	Selections (1-3)	Number of Bets
Single	1, 2, 3	3
Double	12, 23, 13	3
Treble	123	1
Total:		7

Yankee Composition

The Yankee is composed of the following parts:

Part	Selections (1-4)	Number of Bets
Double	12, 13, 14, 23, 24, 34	6
Treble	123, 124, 134, 234	4
Four-Fold	1234	1
Total:		11

Lucky 15 Composition

The Lucky 15 is composed of the following parts:

Part	Selections	Number of Bets
Single	1, 2, 3, 4	4
Double	12, 13, 14, 23, 24, 34	6
Treble	123, 124, 134, 234	4
Four-Fold	1234	1
Total:		15

Canadian Composition

The Canadian is composed of the following parts:

Part	Selection Permutations (1-5)	Number of Bets
Double	12, 13, 14, 15, 23, 24, 25, 34, 35, 45	10
Treble	123, 124, 125, 134, 135, 145, 234, 235, 245, 345	10
Four-Fold	1234, 1235, 1245, 1345, 2345	5
Five-Fold	12345	1
Total:		26

Heinz Composition

The Heinz is composed of the following parts:

Part	Number of Bets
Double	15
Treble	20
Four-Fold	15
Five-Fold	6
Six-Fold	1
Total:	57

Goliath Composition

The Goliath is composed of the following parts:

Part	Number of Bets
Double	28
Treble	56
Four-Fold	70
Five-Fold	56
Six-Fold	28
Seven-Fold	8
Eight-Fold	1
Total:	247

Lay Betting On Horses

Lay betting involves choosing a horse (or horses) which you believe will lose a race, and then offering odds on a betting exchange to bettors who wish to back it to win. You become the bookmaker.

Once new bettors fully understand the concept – and, let’s face it, it is an odd one – they often rush into laying horses. It sounds easy – pick a sure-fire loser, lay it, and just sit back and wait for the inevitable payout. You only need to pick a loser, and with 7+ other horses all trying to win, how hard can it be?

That is the theory. But the downside of laying is that the returns are small in relation to the risk.

Say you lay a horse for £5 at 11.0 (10/1). You are risking £50 to win £5. That is because your winnings are the other bettor’s stake, i.e. £5. And your losses are the other bettor’s winnings at 11.0 (10/1), i.e. £50.

To make a profit from laying, you need to have a system or strategy that has a very high hit rate, or at least minimises losses. From the example above, you can see that at odds of 11.0 (10/1) you would need to win 11 times out of 12 to make a profit.

Lay Bet on Horse Racing - betfair Exchange

Staking

If you are laying horses then it is vital to have a proper staking plan. Your betting bank needs to be able to withstand a long run of winning horses (i.e. losing bets). So it is best to set stakes low initially, so it will not affect your judgement should be there a losing run.

Then, when your system has proved itself to be successful, you can increase your stakes.