What Does ‘In Betting’ Mean on a Horse Racing Form?

If you’re like many race fans, you’ve been patiently (or not so patiently) waiting for the spring and summer horse racing seasons in the U.S. to get started. Spring training for horse racing typically starts in March and ends in early June, while the regular season kicks off in mid-June and ends in late September. The early morning coffee and daily walks have been replaced by the occasional afternoon pick-me-up drink and the long hours spent glued to the TV watching races unfold. The question is: What does ‘in betting’ mean on a horse racing form?

If you’re reading this, maybe you’ve already begun to figure it out. Maybe you’ve made some money on a few online or mobile sports betting transactions. Congratulations! Whether or not you bet on horses professionally, you’re probably familiar with the concept of ‘in betting’. You might also know that ‘in betting’ indicates the amount of money you are authorized to wager on the horse race you’re watching, as opposed to the amount of money your bank would like to lend you. In other words, you are ‘in the money’ and can continue to place wagers, but your financial institution may stop answering your banking inquiries regarding this account.

This article will not only assist you in understanding the concept of ‘in betting’ on a horse racing form, but it will also provide insight into how to maximize your odds of winning when ‘in betting’. 

Every Bookmaker Adopts Its Own Rules & Procedures

Horse racing, as with many other sports and games, is not governed by a single set of rules; it is, rather, each individual bookmaker’s interpretation of the governing rules. In addition, the different types of bets and their associated payout schedules are also determined by the bookmakers—not by the racing industry or the bookmaking association.

For instance, some bookmakers will only allow you to bet on certain horses based on their last three performances, whereas others will allow you to make any type of wager you desire. Some will only payout wins, whilst others will pay out on either side of the bet. Some bookies will count the number of laps led in a race as part of the wagering process, while others do not. It really is a bookmaker’s game—and, as a consumer, you must remember this when placing your wagers.

Now, some of these rules and procedures can be circumvented by knowing the right people, but, generally speaking, you must follow the guidelines established by the bookmakers if you want to have any chance of winning when ‘in betting’. This is not always the case in the world of online or mobile sports betting, where the ability to research and compare different betting sites and their terms and conditions is virtually non-existent. In these instances, you must take the bonus offers and favorable odds presented to you by the individual sportsbooks with a grain of salt—because, ultimately, you are responsible for ensuring that you are placing your wagers in accordance with the rules of the bookmakers.

In Betting, You Are Assigned A Banking Institution

When you are ‘in betting’, your banking institution is the organization (usually a credit union) that you use to fund your account. This may be the same institution that you use to purchase your groceries, take out your car payments, or handle your finances in general. In other words, the financial institution that you use to fund your betting account is the same one that is legally obligated to pay you back if you lose money on the Betting account.

If you use an online broker to purchase your horse racing tickets or place your wagers, your banking institution will be the company that you contract with to process your transactions. Remember, only contract-based online brokers are considered ‘legal’ by the sportsbooks and betting associations, so make sure that you are working with a reputable company.

In Betting, You Are Not Allowed To Lay Offers Or Take Bets

Most sportsbooks and betting associations will not allow you to lay off (stop paying out) on a bet. In other words, once you are ‘in betting’, you are required to keep on betting, no matter whether the odds favor your side or not. The rationale behind this rule is to prevent someone from having a losing streak and then’shutting down’ their account or having it frozen by the bookmakers. The vast majority of sportsbooks and betting associations enforce this rule, so be careful not to do anything that might be considered ‘strategic’ or ‘cheating’ when ‘in betting’—you are officially barred from these actions.

In Betting, Your Maximum Daily Wager Is Capped At 5

The maximum daily wager (MDW) is the total amount of money you are allowed to wager on horse races each day. Most sportsbooks and betting associations have a minimum wager of $5 (sometimes linked to a leisure activity) and a maximum wager of $100. If you win $100 on a single wager, you will not meet the $100 maximum wager limit. You will be placed in a ‘wager lock’ and prohibited from making any more wagers on that day’s racing events.

In Betting, Your Banker Will Be The One To Contact

Your banker is the financial institution you use to fund your account. In the event of an unauthorized transaction or winnings due to ‘stupid’ or ‘rogue’ play on your part, your banker is the one you will need to contact to get your account rectified. In the unlikely event that you do not have a current banker or you choose not to follow up with your banker after a transaction, you will be on your own to negotiate your way out of the hole. You are legally bound to follow up with your banker within 60 days of the transaction—or you risk losing your entire account.

Hopefully, this article has been helpful in providing some clarity on the concept of ‘in betting’ on a horse racing form. If you’re like many people, you have probably already begun to figure out the rules and procedures of your chosen bookmakers—and used this knowledge to your advantage. In other words, used your bank to your advantage! Always remember: You are responsible for knowing the laws and regulations of the State in which you live, as well as those regarding your chosen vocation or profession. For example, in some States, it is illegal to bet on an animal race if you are not a franchised commercial betting establishment. In these instances, you might encounter legal or regulatory issues. Additionally, be careful not to put yourself in a position where you are likely to owe anybody money. This, of course, is easier said than done, but it’s something to keep in mind. Ultimately, you must be both smart and careful when ‘in betting’—otherwise, you might find yourself in a difficult situation.