What Does Place Mean in Horse Betting?

If you’re a regular reader of our blog, you’ll know that we often write about the finer points of betting on horse races. Today, we’re going to briefly run through some of the basics – and there are some pretty fundamental rules to follow, if you want to win at the game. So, let’s get into it.

The Most Important Thing To Keep In Mind

Horse racing is one of the most popular sports in the UK, and one of the favorite leisure activities of many bookmakers, especially people living in London. It’s a great way to enjoy life, spend time with family, and make some money – and that’s what matters most, really.

It’s a pretty easy game to understand, actually. You place a wager on the outcome of a horse race, and the bookmaker takes care of the rest – paying out winning bets and returning losing bets with interest (more on this later when we get into specific rules).

As mentioned, bookmakers love this game, because it’s very accessible to a large audience. The odds are generally very generous, and there is a lot of money to be made. If you want to place a bet on a horse race, you’ll typically find the odds very attractive – which means more money to be made if you place a winning bet. So, it’s very accessible to a mass market, and that makes it very profitable for the bookmakers. 

The Difference In Odds Is Important

Before we get into any specific rules concerning horse racing, it’s important to point out that there is a significant difference in odds between races. This isn’t really that apparent when you’re looking at a TV presenter giving the odds for a particular event, but when you’re placing a bet, the odds for each race should be very apparent. Take a look at this quote from Bookmakers.com on the topic of odds difference in horse racing:

 “For every five races there is a significant difference in odds, which can range from 25-1 to 1-25. This can make or break your bankroll if you’re not careful.”

This is an important concept to keep in mind. The quote makes it clear that the odds can change significantly from one race to the next, so it’s vitally important that you check the odds before placing a bet. This is especially important if you’re a beginner, because it can be very difficult to tell how certain odds are going to pan out – especially since horses will differ in terms of their individual performance from one race to the next. So, while you might be able to get a feel for how a certain horse will perform in a particular race, the odds will always tell you if you’re better off staying home.

The Odds Will Change Frequently

As we’ve established, the odds will change frequently in horse racing, so it’s essential that you re-check them before betting. However, this doesn’t mean that you should switch horses every time the odds change – they may not all be bad, and it’s very likely that at least some of them are going to be favorable. So, it’s always a good idea to keep an open mind, and look at all the available odds, rather than just what’s in front of you at the moment.

Each Race Is Separate

When you place a bet on a horse race, your money is basically going to be on the outcome of that race, and not really any other. This means that you can’t really compare the odds for different races – they’re all separate events, with separate odds. If you compare the odds for the Derby and the Preakness Stakes, you’ll know that the Derby is usually a bigger chance of winning than the Preakness Stakes, but that doesn’t mean that you’ll necessarily lose money if you bet on the Preakness Stakes. For example, since they both have a 2.0 post position, you’d normally expect the Preakness Stakes to pay off at least twice as much as the Derby – but if you compare the odds for those two races, you’ll see that the Derby is actually 1.7 times as likely to win as the Preakness Stakes.

The Money Will Come Back If You Bet The Right Way

This is one of the most basic – yet important – tips when it comes to betting on horse races: if you bet the right way, the money will come back. It’s very difficult to explain in words how to bet on a horse race correctly, so we’re going to give you a quick tutorial on how to do it, step by step. Once you’ve mastered that, you can start placing bets with confidence, knowing exactly how much you need to wager to make the right return. You may win or lose money, but at least you’ll know how to place a bet, and what the odds are in your favor.

To start with, you’ll need to determine how much you want to wager. This is determined by how sure you are that the horse you’ve chosen is going to win – because if you bet too much, you’re going to lose, even if the horse wins. The key is in knowing how much to bet, and when to stop – which is why it’s important to do your research, and study the horses’ previous performances, before placing a bet. This way, you’ll know what amount to wager, and when to stop. The general rule of thumb is, the more you wager, the more you stand to win – but the more you stand to lose, the more you should stop betting. In simpler terms, the more you wager, the greater the potential return – but also the greater the potential risk. This is something to bear in mind, especially when you’re just starting out. Of course, depending on the speed of the horse, and how well it is handled, the risk/reward ratio can change significantly. But, as a general rule of thumb, the risk is always greater than the reward, when it comes to betting on horse races.

Now that you have your bankroll figured out, and your wager determined, you need to find a bookmaker that agrees to take your bet. For that matter, you also need to choose a track, and a day for the race to take place. Then, it’s just a matter of waiting for the race to start, and watching the results unfold. If you did everything right, and followed all the right steps, you’ll end up with a tidy little sum of money to fall back on – which is what matters most, really.

But, as we’re sure you’ll agree, life is more fun when you’re enjoying yourself – and having a little recreation money to spend isn’t a bad thing. For that matter, it can also be very rewarding, if you choose the right horse, and place the right bet. So, don’t give it much thought, and just enjoy placing bets, and watching the money roll in. It’s one of the greatest sports you’ll ever get to enjoy, and it’s definitely worth mastering the art of betting, and becoming a pro at it. Then, you’ll be able to enjoy the game, and make the most out of every contest – regardless of the outcome.