Best Way To Bet On Horses
How to Bet on Horses - Multiple-Race Wagers - Pick 4 Betting
- One of the best things about betting on horses is that there are so many bets available to the gambler. You don’t have to settle for betting on a horse to win. In fact, making a win bet on a horse might not be the best way to go.
- If you bet $2 on a horse to Win with 2-1 odds, you’ll more than double your money to $6. In other words, multiply $2 x 2/1 + your $2 initial bet. Third-grade math skills go a long way in adult life.
- What I sometimes like to do is pick a horse to win the race and bet him/her “across the board,” meaning I am putting a certain dollar amount on that horse to finish either first, second or third. That way, you cover everything. If the horse wins, you are going to collect the payouts on all three positions.
Pick 4 betting is offered at all major racetracks and requires you to pick the winners of four consecutive races on one ticket. Like the Pick 3, the Pick 4 is one of the best value bets in racing, not only because it has its own separate betting pool, but because the payoffs can be extravagant.
Backing horses to win – when they offer value – is the best way to secure long-term profits in this game. Also popular is each-way betting, whereby you’re sacrificing your odds, usually by a quarter, but sometimes by a third or a fifth, to cover more than one place – usually the top four. This video explains the basics of the Win, Place and Show bets in horse racing. Check out www.NicksVegasPicks.com to learn more about how to bet on horses.
Pick 4’s paying $500 to $1000 occur on a daily basis. Pick 4s paying $2,000-$5,000 occur several times a week and Pick 4s paying $10,000 or more occur often enough to make this type of bet worthy of serious consideration.
Similar to the Pick 3, the Pick 4 has only one takeout (a percentage of each dollar wagered which is removed from the betting pools to pay the racetrack and various levels of government taxes), usually in the range of 20-25 percent, applied to its betting pool before the payoffs are calculated. This one-time takeout allows you to skirt the individual takeouts that would be applied to separate win bets on each of the races in the Pick 4. Like other multiple-race bets, the Pick 4 gives you a shot at finding good betting value on otherwise tough race cards loaded with short fields and low-priced favorites.
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For example, if you think a horse has a 50 percent chance of winning a race, a $2 win bet on the horse would have to pay at least $4 and preferably more to represent good value. But because of the takeout applied to the win bet and the fact that the public often overbets these types of horses, the horse is more likely paying $3.20 to $3.80, which represents a poor value underlay - and thus no win bet. But while that horse may be poor value as a win proposition, it can still have value in a Pick 4 bet, partially due to the one-time takeout and partially due to the fact that the public may not bet the horse to the same degree in the Pick 4 - and the fact that the public must also select the correct horses to win the remaining races in the Pick 4.
And even if a short-priced horse does win one leg of the Pick 4, the payoff can still be substantial depending on the horses that win the remaining three legs. An additional edge is the fact that the Pick 4 generally includes some of the better races on the card, which favors sharp handicappers able to find value and combine the correct horses properly - something that lazy bettors will not or cannot do on a regular basis.
Types of Pick 4 Bets
The $1 minimum Pick 4 wheel offered by most tracks makes it affordable for the average bettor to tie up numerous horses without having to spend a fortune.
A $1 Pick 4 wheel combining horses 1,2 to win the first leg, with horses 4,5,6 to win the second leg, with horses 3,6,7 to win the third leg, and horses 9,10 to win the fourth leg, represents 36 possible combinations (2 horses * 3 horses * 3 horses * 2 horses) at a cost of $36 and would appears as:
$1 Pick 4 wheel 1,2 with 4,5,6 with 3,6,7 with 9,10 = $36
A straight Pick 4 that includes one horse in each leg can also be bet for a minimum of $2 at most tracks. For example, a $2 straight Pick 4 selecting horse 2 to win the first leg, horse 5 to win the second leg, horse 6 to win the third leg and horse 9 to win the fourth leg would appears as:
$2 straight Pick 4 - 2 with 5 with 6 with 9 = $2
Profitable and Unprofitable Pick 4 Wagering Scenarios
The most profitable scenarios regarding the Pick 4 occur when you have identified weak favorites in the first two legs. The majority of bettors like to be alive after the first leg of the Pick 4 and they often over bet combinations that include the favorites in the first two legs. If you can get the favorite beat in the first leg or two of the Pick 4 with one of your value plays you are usually on your way to a good payoff.
The best payoffs obviously occur when favorites do not win any of the races in the Pick 4 and excellent payoffs can occur even when second-favorites win in combination with medium-priced horses. Combinations of medium-priced winners will pay much more than they should. Good payoffs can also be had when two of the four Pick 4 races appear wide open on paper and lack heavy favorites.
The worst payoffs occur when favorites win more than one of the races in the Pick 4, but even then occasional monster payoffs result. At the 2004 Breeders’ Cup you could have scored to the tune of $23,395.60 in the late Pick 4 by wheeling two logical horses in two of the races with all the horses in the remaining two wide-open races for only $64. Of course the Breeders’ Cup is the biggest betting day of the year, the pools are huge and the handicapping is as tough as it gets, so the payoffs are generally higher - but you get the point. Playing a couple of singles in the Pick 4 with all the horses in the remaining two legs is neither expensive nor out of the question.
The Pick 4 is most attractive when you really like a number of horses you know the public won’t bet, or when you really hate horses the public is certain to overbet. If you like non-favorites to win two or three of the races in the Pick 4, you have found yourself an excellent betting opportunity. Now you just have structure your bet in a way that ensures maximum profit if your top selections win.
Betting the Pick 4 for Maximum Profit - Multiple Ticket Method
Wagering strategy and ticket structuring is very important when playing the Pick 4. One of the best Pick 4 wagering strategies is to find one key horse in each leg and tie them up with your key horses plus value-play contenders in the other three legs. If more than one of your key selections wins, you have a chance to cash multiple tickets. For example:
In the first leg of the Pick 4 horse 2 (4-1) is your top selection. Horses 3 and 4 are contenders.
In the second leg of the Pick 4 horse 6 (5-1) is your top selection. Horses 4 and 7 are contenders.
In the third leg of the Pick 4 horse 1 (2-1) is your top selection. Horses 9 and 10 are contenders.
In the fourth leg of the Pick 4 horse 8 (7/2) is your top selection. Horses 2,5 and 6 are contenders.
If you were to do what most unsophisticated bettors do and bet a $1 Pick 4 wheel combing all your selections on one ticket as follows: 2,3,4 with 4,6,7 with 1,9,10 with 2,5,6,8 = $108, you would cash one winning ticket if one of your horses won each of the races in the Pick 4.
Assuming you are a good handicapper with an edge on the public, you could structure your Pick 4 bets on several separate tickets - giving you the opportunity to cash multiple tickets if your top selections win, as follows:
$1 Pick 4 wheel 2 with 4,6,7 with 1,9,10 with 2,5,6,8 = $36
$1 Pick 4 wheel 2,3,4 with 6 with 1,9,10 with 2,5,6,8 = $36
$1 Pick 4 wheel 2,3,4 with 4,6,7 with 1 with 2,5,6,8 = $36
$1 Pick 4 wheel 2,3,4 with 4,6,7 with 1,9,10 with 8 = $27
$2 Straight Pick 4 2 with 6 with 1 with 8 = $2
Total Cost of Multiple Pick 4 Tickets: $137
Using the multiple ticket method and using your top selection once in each leg of the Pick 4, you would cash a $6 Pick 4 ticket if all your top selections won. This is in contrast to cashing only a $1 ticket if you had combined all your contenders on one ticket for $108.
Assuming you have all the horses in a Pick 4 that pays $500 for a $2 ticket, you would collect $250 for your $1 wheel ticket costing $108, even if all your top selections won. Using the multiple ticket method for an extra $29 you would collect as follows:
$250 if one of your main selections won with your other contenders.
$500 if two of your main selections won with your other contenders.
$750 if three of your main selections won with your other contenders.
$1500 if four of your main selections won ($1 ticket four times, plus your $2 straight ticket.)
What a difference $29 can make.
Related:
Pick 3 Wagering Strategies: Winning Pick 3 Betting
How to Bet on Horses
Read our Race Betting Guide to get insight on all of the types of wagering options in horse racing. Dig deeper below to get tips on the most popular exotic wagers with winning strategies provided by expert Kenneth Strong.
If you are betting on horse racing, you should know how to place a Trifecta. This wage is hard to get right, but has big profit potential. Trifecta Betting is popular because even a small wager can have a big payoff due to the difficulty of correctly selecting the top 3 finishers. It’s one of the best ways to win big without putting a lot of money at risk.
What Is A Trifecta Bet?
A Trifecta Bet is when the bettor selects the first, second, and third places finishers in exact order. If they finish in the correct order you win, and you can win big! If those exact horses don’t finish the race in that exact order, the bet is lost.
Different Types of Trifecta Bets
There are four different types of Trifecta Bets you can place, a straight, key, box, or wheel. Even the most seasoned bettors don’t always understand how each work. Let us break each one down:
Straight Trifecta Horse Racing Betting
This is the simplest type of Trifecta Bet. It’s a single wager where you pick exactly three horses and decide the exact order you think they will finish in. That’s it. The horses MUST finish for you to win. This is not a very forgiving bet, but when you risk high, you can win big.
Trifecta Box Horse Racing Betting
A Trifecta box can also be known as a reverse triactor or a combination tricast. In this bet, you choose the top three horses, but they can finish in any order. This makes it easier to win, but it comes at a cost. It’s a multiple wager, which means you’re clearly much more likely to get a win here but you have to pay for each combination of your chosen horses. A Trifecta box on three selections costs $12 instead of $2 for the straight Trifecta. A Trifecta box can cover more than three horses. But the increase in possible combinations increases the cost. With four horses, for example, there are 24 possible combinations. The cost to cover them all is $48.
How Old To Bet On Horses
Trifecta Key Box Horse Racing Betting
This bet is a good one when you have confidence in one of your picks, but you’re unsure about the others. So you choose one “key” selection and other “non-key” selections. The Trifecta Key box keeps the total cost lower, while allowing you to bet on your key players. For example, you can bet on the first and third place finishers and choose one or more other horses to fill in the second place spot.
Trifecta Wheel Horse Racing Betting
A Trifecta wheel is where you pick one horse to finish in a specific position, and back all possible combinations with the rest of the field. You pay for each possible combination, which depends on how many horses are taking part in the race. As long as your winner wins, you win; but you’re relying on one horse to win the race. You can opt for a part wheel Trifecta, which means you pick one horse to finish first, and then pick a select number of horses that will finish second and third. Here, you’re only covering less possible combinations, so you’ve reduced your overall chances of winning but you’re being much more efficient with your money.
What is the Minimum Stake on a Trifecta Bet?
The minimum betting amount for a Trifecta Bet both online and at the track is $0.50 or $1. These bets are very popular, because they are a low cost bet. Of course, the larger the field, the larger the payout.
How To Calculate the Payout for An Exacta Bet
Trifectas are a form of pari-mutuel wagering which means that payouts are calculated based on the share of a betting pool. A new pool is created for each race. The bigger the pool, the bigger the payout if you win. Here’s a basic example of how this works.
- 10,000 $1 Trifecta tickets are sold for a race
- The betting pool is $10,000 (10,000 x $1)
- There are 100 tickets with the correct finishing order of the first three horses.
- Each ticket receives a payout of $100 ($10,000 / 100)
In a real betting situation, you also have to factor in that not all bets are $1 and the track will take their cut before the prize pool is calculated, so there are additional payouts to consider. However, don’t let that worry you. Trifecta Bets can still give huge returns.
Trifecta Bet Calculator
Each type of Trifecta Bet is calculated a bit differently, which is why it’s important to know how much money you’re putting in based on the risks involved. Let’s look at how to calculate the costs of a Trifecta Bet.
$1 Trifecta Key Costs: To figure the cost of a Trifecta Key, use this simple equation: $ x Number of horses x number of horses minus one.
- For example, a $1 Trifecta Key 1 with 2,3,4,5 would be 1 x 4 x 3 = 12 possible combinations costing you $12.
- $1 with 2,3,4: $6
Trifecta Part Wheel Costs: Multiply the number of horses used on top or the win position of the exacta with the number of horses used in the second position (less one if the same number is used on top in the exacta).
- # of horses in the first position x # of horses in the second position minus 1 x # of horses in the third position minus 2.
- For example, a $1 Trifecta Part Wheel 1 with 2,3,4 with 2,3,4,5 = 1 x 3 x 3 = $9 (9 possible combinations)
Trifecta Box Costs: To figure the cost here simply multiply the number of horses used by the number of horses used less one.
- $1 Trifecta Box with three horses: $6 (6 possible combinations)
- $1 Trifecta Box with four horses: $24 (24 possible combinations)
- $1 Trifecta Box with five horses: $60 (60 possible combinations)
The more horses you add to an Exacta Bet, the more likely you are to lose money in the end. If you bet on 8 horses, you have more chances of winning, but you would be lucky to make $30, resulting in a loss of nearly $650. For this reason, Exacta Box horse racing betting is generally best left to experienced handicappers, or those who employ the services of a veteran handicapper.
Of course, the track will take out its portion before the prize pool is calculated so the payout wouldn’t be exactly $120. But still, a $100 return on a $2 bet is amazing odds.
Whether it’s a huge race or an unexpected win, an Exacta payout usually gives a decent return, which is why it’s one of the most popular bets.
And They’re Off!
Best Way To Bet On Horse Race
You can place Trifecta Bets at any racetrack or off-track betting bureau. At the track, you simply complete a betting slip or you can just request your selection verbally at the counter. If you’re not sure what to do, just ask a member of staff for some assistance. If you’re still a little unsure about how to place your bets or where to put your money, don’t worry. You’re not the first person to need a bit of help, which is why AmWager is here.
Best Way To Bet On Horse Racing
Horse betting can be an intimidating endeavor until you get used to the wagers, lingo, and payouts. AmWager has an easy to use online betting platform anyone can use to place their bets. Check it out and try your hand with the horses, it might be the one step to your next lucky break.