Horse Racing Betting Markets

Horse Racing Betting Types

Bettors looking to place wagers on horse racing are spoilt for choice when it comes to the range of markets at major sportsbooks like DraftKings, FanDuel, and BetMGM.

From singles and doubles to large parlays, from placing an exotic bet to a finish first wager, horse racing has an incredibly diverse range of bet types. This gives bettors a lot of things to consider when trying to find value, whether they’re watching on the Kentucky Derby or Cheltenham Festival.

Whether you’re placing your first bet on horse racing or trying to hone your betting strategy, it’s important to be familiar with the different betting options at your disposal. While some bettors land on a bet type that suits them more than others, being flexible is important betting on any sport, and horse racing is no exception.

Here are some popular types of horse racing bets:

Race winner
Place bet
Horse to finish
Trifecta
Show bet
Futures

Let's have a closer look at some of the top horse racing bet types.

🏆Exotic Bets
🏆Place Bets
🏆Show Bets
🏆Pick 3 Bets
🔍Futures
💡Tips & Strategies

What is an Exotic Bet?

Exotic bets cover a wide range of potential wagers on horse racing. Any wager including more than one horse is considered an exotic bet. This covers exactas, quinellas, trifectas, superfectas, daily doubles, and other bet types.

An exacta, for example, is when a bettor wagers on which horses will finish first and second. They have to pick the exact order for the bet to pay out. A quinella is a slight variation where the first two finishers are named, but the order doesn’t matter.

These are a good starting point for anyone looking to place exotic bets. Longer odds are the appeal of exotic bets, with bettors required to predict more than the race winner for their bet to land. This leads to potentially very long odds with sizeable return on investment.

Trifectas and superfectas are bets that require the exact order of the first three and first four finishers, respectively.

A daily double is a bet on two horses to finish first place in consecutive races. This, of course, again leads to lengthy odds, particularly if the two horses are outsiders. Bettors may choose to do this with a pair of favorites, though, as it can be a good option to access some longer odds if they are both at a short price.

Explore horse racing with FanDuel

What is a Place Bet?

A place bet is one of the simplest horse racing bet types. Wagering on a horse to ‘place’ is backing them to finish in the top two.

Place bets obviously have shorter odds than when you place a win bet. Backing a horse to ‘place’ is often a good option when they are a pre-race outsider, as it’s a way to back them to overachieve without needing them to win the race.

Combining place bets into a parlay is popular, too. Putting several horses you fancy to race well into a place parlay can get you to some decent odds. This, of course, comes with some risk, as one horse falling or underperforming will potentially ruin the parlay.

How Does a Show Bet Work?

A show bet is very similar to a place bet. Placing a show bet is a wager on a horse to finish in the top three in a race, compared with the top two in a place bet.

Show bets have the same pay out whether the horse finishes first, second, or third. Inevitably, odds are shorter than in the race winner or place markets, but this is a good way to give yourself some insurance against a late surge from a rival.

Show betting doesn’t always make sense when it’s a favorite, as the prices can be very short. Instead, bettors are more likely to opt for a show bet with an outsider, as the prices can still be pretty reasonable.

What is a Pick 3 Bet in Horse Racing?

Pick 3 bets require the bettor to pick the winner for three consecutive horse races. These can usually be for any three consecutive races throughout the day.

A pick 3 wager only wins if all three race winners are correct. The layout for making your pick 3 selections will wager between sportsbooks – this has become a much easier process with the existence of online betting.

Other alternatives to pick 3 betting include a pick 6, which is the same concept but split over six consecutive races. You may also look to mix up a pick 3 by placing multiples pick 3 wagers across the same three races, allowing you to select different combinations.

For example, this could be a good way to cover multiple bases if you are less confident in the first race than you are in the second and third.

What are Horse Racing Futures?

Horse racing futures are wagers placed days, weeks, or months in advance. Most futures are bets on the race winner, but sportsbooks often have other futures markets available for major events like the Breeders’ Cup Classic, Belmont Stakes, and Royal Ascot’s Gold Cup.

Making a futures bet allows you to get out in front of any upcoming betting trends. Timing is everything – you might be able to back your favored horse before an influx of wagers means their price plummets. Perhaps you have seen something in the performances of a horse which makes it a great bet despite long odds.

It’s worth keeping an eye on the available horse racing futures throughout the year. A well-timed futures bet can prove to be very profitable.

Horse Racing Betting Strategy

As with any sport, research and odds comparison are vital components of developing a successful horse racing betting strategy. This applies whether you’re wagering on a horse to finish, backing a horse to finish first, or placing a show bet.

Checking a horse’s form is a necessity when trying to find the best value bet on a given race, regardless of the bet type. This goes beyond their last couple of runs. We would suggest looking into how the horse and jockey have performed in similar races, and how they have fared at that racecourse in recent years.

For instance, if the horse has won at a racecourse in each of the last two years, that might outweigh a couple of poor recent results.

Weather and the going (track condition) are important, too. Certain horses prefer a firm, hard track. Others will excel when the ground is wetter. The extremes – either super firm or boggy – can lead to unusual outcomes, which might open up opportunities for unfancied horses to place.