When horse racing first came to Australia, the practice of taking bets on the result of the race seemed quite straightforward – place a bet on the horse you think will win, and if he does you win money, if he loses you lose money. But as the games have become more sophisticated, the betting world has changed too. Here’s a guide to what you need to know.
The Basics
First off, you need to make sure you are completely confident in your choice. The main reason this is important is that you don’t want to back the wrong horse because he seemed like an easy choice at the time but turns out to be a monster underneath. Second, make sure you have done your research. There are a number of reasons why you might not want to bet on a horse you have never heard of, and it is better to be safe than sorry. A lot of research goes into making sure that you pick a horse that has a good chance of winning, and if you don’t know much about a certain horse then it’s probably best to avoid him.
Registering To Bet
To be able to place a bet, you need to first register with an authorised agency. These agencies take care of collecting all the deposits and payments, as well as ensuring that each individual is only allowed to bet on specified events. To register you will need to provide some personal information and a valid email address, you can also choose to set a password for yourself that will be required to make future deposits to your account. You can read more about the requirements to register at a bookmaker’s website.
Depositing And Withdrawing Funds
Once you have registered and paid the fees you will be able to make a deposit into your account. The money from your deposit will be available for you to bet on any event that is accepting bets. You can also choose to withdraw money from your account at any time, however this must be done in the same way you made the initial deposit. You can’t just walk out with your money, the agency will have to process a withdrawal on your behalf.
Types Of Bets
When you make a bet, you are basically committing to putting down some money on whether or not a horse will win. There are a number of ways this can go wrong, but for the most part betting on whether or not a horse will win is a pretty safe bet. In some cases you can hedge your bets by placing smaller bets on other horses in the race, however this can dramatically reduce your chances of winning. The main types of bets you will encounter are:
Full Field Take-Out
With this type of bet you are basically saying you think no horse will win. This is actually the most popular type of bet because it is the safest. In some cases you can get a refund on some of your winnings if all the horses end up being scratched due to injury or illness. However, if any of the horses do end up winning then you will earn a decent return on your investment – usually 12 to 15 percent.
Half-Field Take-Out
With this type of bet you are saying you think one of the horses in the race will win. This is a safer bet than full field take out because you have a better chance of at least having a winner. However, it is still considered a bit of a risky bet because it is easier for a horse to win if all the opposition is not in the race. In some cases you can get a refund on some of your winnings if all the horses end up being scratched due to injury or illness. Again, if any of the horses do win then you will have to pay out on the bet. Usually 10 to 12 percent is the standard rate of return for this type of bet.
Early Drop
With this type of bet you are saying you think one of the horses will finish in the first three places. This is a safer bet than the others as you are restricting your exposure to just a few horses. However, it is still considered a bit of a risky bet because it is easier for a horse to win if he starts from the front of the field. In some cases you can get a refund on some of your winnings if all the horses end up being scratched due to injury or illness. If any of the horses do win then you will have to pay out on the bet. Usually 8 to 10 percent is the standard rate of return for this type of bet.
Scared Money
This is a phrase used when a gambler is extremely fearful of losing money and won’t risk any amount of it on a single gameplay. This usually happens when the player is sat at a table with no way of controlling the random number generator. Essentially, scared money is money that is being exposed to the risk of losing due to bad luck rather than skill. This is why it is a bad idea to play with money you are not prepared to lose. It is best to save your money for other purposes.
Off-Track Betting
This refers to betting outside of the racing track. You can place bets on virtually anything that is happening outside the track, as long as you are willing to risk some money. This type of betting can be a little more difficult to research about, especially if what you are interested in happens frequently. However, off-track betting has become so popular in recent years that there are entire websites dedicated to collecting all the information you need to know about off-track betting, so that you can place your wagers confidently.