You wake up one morning, excited about the race season and decide to place a bet on the horses you feel will win the upcoming races.
As you search for a horse racing website to place your bets on, you come across an online betting company that accepts USA bets. You decide to place a bet on a maiden race at a local racetrack and watch the money roll in.
Now, you may be thinking, “Great! I made some money! Let’s do it again!” But, since the odds are always in favor of the house, you need to keep betting otherwise you’ll lose money.
Even if you win, the odds are still stacked against you. So, how much does a bet on a horse race actually cost?
What Is The Cost of A Horse Race Bet?
When you place a bet on a horse race, you are agreeing to pay the bookmaker (also known as the gambling company) if that horse wins. You also agree to pay them if it loses.
The cost of placing a bet is called the vigorish and it differs between sports and horse racing. In general, it costs more to bet on the professional sports leagues (NFL, NBA, NCAA football, etc.).
How Much Does It Cost To Place A Horse Racing Bet?
The cost of placing a horse racing bet will depend on several factors. First, how much are you willing to wager? Second, where are you placing your bet? Third, what time of day does the race take place? Fourth, what is the distance of the race? Finally, what is the race type?
You can bet on horses locally at a racing track for a smaller fee or you can go online and place bets from the comfort of your home. Remember though, the more you wager, the more you will lose. So, it’s a matter of playing for fun or playing for money?!
What Types Of Rewards Do You Get For Placing Horse Racing Bets?
Besides the simple excitement of watching a race unfold and having your money on the winning horse, you can get various rewards for placing bets on horse races. Some of these rewards are simple such as having your name entered into a drawing for some merchandise or having a teammate pick your winnings (if any).
You can also get enticed into playing blackjack if you wager the right way (you’ll learn more about playing blackjack in our article on it). The bookmaker may offer various bonuses and promotions to entice you to wager on their site. If you are looking for a way to play on the go, you can get a fractional horse race card which you can use at any racing stable in the country. You can also get scratch poker chips or download a Poker app for iPhones to play at home.
How Much Is A Typical Horse Race Bet?
It’s important to understand what the normal cost of a horse race bet is so that you don’t get scammed by bookies (those who lure you into wagering with false promises of winning big).
The American bookies (the ones who operate in America) will ask you to wager anywhere from 5 to 50 percent of your bankroll (the amount of money you are wagering on the game). If you wonder how much that is in terms of currency, it’s roughly equivalent to £5 to £50 at current exchange rates.
After you make the initial bet, you will see a status update from the bookie with the final results of your wagers. For instance, if you placed a 5 dollar bet on a maiden race for a horse, you will see the following status message when the race is over: “Your wager on Dixie Chocolate was a win with a final payout of 5 dollars.”
This is called settling an account. You need to ensure that the bookie is actually settling your account and not filling it with fraudulent activity. Remember, the bookie is tricky foul and will do everything in their power to con you and scam you out of your money. For instance, they might press a button that automatically reduces your winnings by 20 percent to scam you out of your money. So, be careful what you wager and who you wonder will win the race.