The betting maximum is the maximum amount you can wager on any horse race. Most bookmakers will stipulate this limit in their terms and conditions, so check them before placing a bet.
There are three forms of betting available when placing a wager on horse racing:
- Tote Tricks
- Spot Odds
- Money Line
Each one of these forms of betting has its own perks and drawbacks, so let’s examine them in detail.
Tote Tricks
Tote tricks lets you place a wager on the combined result of several races, rather than just one. For example, you can lay $10 on the winner of the Kentucky Derby and the Preakness Stakes to win the Triple Crown. (Both of these races are run in May, so if you’re looking to place a bet on the Triple Crown, you’re going to have to act quickly.)
Tote tricks can be a great way to make a profit from horse racing, as you can combine several winning races into one wager. However, the downside is pretty significant. You will have to make a large number of wagers to get your money back, and you’re going to have to place a lot of them to ensure that you make enough profit to cover your initial investment. For example, you can place a $10 bet on each of the 12 races run in the state of Kentucky in May. If you’re lucky enough to have all 12 win, you would turn a $60 profit on the $10 you initially invested. However, there’s a good chance that you won’t make any money from this particular strategy. The average winning margin for these races is 16.8 points, which means you’re going to lose $58 on your $10 investment. (16.8 x $10 = $160) In this particular example, you would end up losing $58 on your $10 investment. Not a good idea if you want to make a profit from horse racing!
Tote tricks can also be a viable option if you’re looking for a way to make some fast cash. If you’re able to place a lot of small bets (i.e. 1-5 units) on the races that you deem will be the most profitable, you can quickly rack up some cash without risking too much. For example, if you notice that three of the four upcoming horse races have favorites, but you don’t want to commit to a major wager just yet, you can place small bets on all three (1-5 units) and make a profit if two of them win. (profit = investment x winning odds – fees)
Spot Odds
Spot odds – sometimes referred to as “prop bets” – gives you the opportunity to wager on the outcome of an undecided horse race. For example, the 2018 Kentucky Derby is between two top contenders, Tapizazzi and Big Brown. You can place a $10 bet on each horse to determine the winner. (If you think Big Brown will win, you’ll need to lay $20 on him; if you think Tapizazzi will win, you need to lay $5 on him).
If Big Brown wins, you will make a $15 profit on your $10 investment. If Tapizazzi wins, you’ll lose your $10 investment. The advantage of this strategy is that, unlike with tote tricks, you’re not committed to any particular outcome. Basically, you’re placing a wager on whether or not a horse will win, rather than on which horse will win. This is a good option for those who want to play it safe and don’t want to risk losing a large sum of money on a single wager.
The disadvantage of spot odds is that you need to have good information about the upcoming race. If the information is incorrect, you could end up losing a lot of money. For example, if you think Big Brown will win the Kentucky Derby, but he finishes third, you could lose $60 on your $10 investment. (profit = investment x winning odds – fees)
Money Line
Finally, we have moneyline, which is pretty self-explanatory. You can place a wager on the outcome of a horse race as it stands now. For example, the 2018 Kentucky Derby is between two top contenders, Tapizazzi and Big Brown. You can put $10 on each horse to determine the winner. (If you think Big Brown will win, you’ll need to lay $20 on him; if you think Tapizazzi will win, you need to lay $5 on him).
If Big Brown wins, you will make a $15 profit on your $10 investment. If Tapizazzi wins, you’ll lose your $10 investment. The advantage of this strategy is that it’s the simplest and the most straightforward way to place a wager on horse racing. (If you’re looking for an easy way to place a wager on horse racing, this is the option for you).
However, the disadvantage of the moneyline is that you’re wagering on a single race, rather than multiple ones as in the previous two strategies. This means you’re putting all your money on the line, rather than risking a small amount on several separate bets. If one of the races you’ve bet on doesn’t pan out, you could end up losing a large sum of money. For example, if you put $10 on Big Brown and he finishes third, you would lose $60 on your $10 investment. (profit = investment x winning odds – fees)
Which one you should choose depends on what you’re looking for. If you want to make some quick cash, go with spot odds. For someone who wants to play it safe, go with tote tricks or money line. If you want to place a wager on the entire 2018 Triple Crown, you’re going to have to choose tote tricks, as the Kentucky Derby and the Preakness Stakes are both part of the Triple Crown series.