Betting on Horse Racing - The Absolute Basics

As more of our bingo players have become increasingly interested in our New Gambling Sites page, we wanted to give an absolute back to basics guide on betting on horse racing in the UK. 

From horses, to greyhounds, to humans, betting on the outcome of a race is a long-standing hobby for the people of Britain.

Dissimilar to bingo as it is, racing is one of the most popular forms of gambling out there. Horse racing, in particular, has taken bets since the Roman Empire.

Modern technology makes betting more convenient than ever. You can watch the race from the comfort of your telly, while you’re poised to tap a button on your phone or click a mouse on your computer. Practically every betting websites offers a “flutter on the nags” including some really quite legendary sites we feature like Tote, Betfred or Fitzdares.

Many seasoned and casual gamblers take the process for granted. But what about our bingo fans who are novices and newbies to the world of betting. Let’s really break it down.

How to bet on the horses

Once you’ve signed up to one of those highly recommended sites, or you’re already a part of a casino which has betting, the first step is to choose a race and put a stake on a horse. This is the amount of money you plan to bet, and the amount that will be lost should you lose. The minimum stake is usually fixed at around 10 pence or so for most races.

Before you commit to a stake, check the odds of each horse winning the given race at the given meet. For example, if “Horse A” has odds of 7/1 to win, but “Horse B” has odds 1/1, then “Horse B” is 7 times more likely to be victorious.

However, because the odds were much surer when betting on “Horse B,” your pay-out would be significantly smaller accordingly. The more risks you take in odds, the more cash you can earn should you win. But the less likely you are to win at all!

In total, your winnings should add up to your initial stake, plus your stake multiplied by the odds. If you bet £5 on “Horse A” in the example above, winning would get you that £5 back plus £5 x 7 odds (£35), making £40 altogether. If you lost, then you would simply lose the £5 stake.

Each Way Bets

You can also try “Each Way betting,” where your bet is effectively split into two. In other words, you could bet on first and second place, first and third, etc. Only the top three or four places can be bet on, depending on the race. Although, occasionally there have even been pay-outs for guessing last place! Again, your payouts won’t be as high, but you will have a greater chance of winning something at all!

Spread Betting

An interesting alternative to “fixed odds betting” can be found at somewhere like Spreadex. They offer a “spread” or “prediction” on the outcome of either a single race, a whole day’s racing, or even an entire meet.

For instance, Spreadex may predict the winning distance to be recorded. Then you can buy on the spread if you think the winning distance/s will be higher than the prediction, or sell if you think it will be lower. The profit you make is the difference between the eventual outcome and the point you bought or sold at, multiplied by your stake. However, it is important to note that unlike fixed odds betting, you can lose more than your initial stake size should the bet go against you.

Legendary Winners & Losers

Our favourite horse racing win goes to the infamous Irish gambler Barney Curley, for his bet on “Yellow Sam.” Most people thought Curley was barking mad and his odds slim to none. However, Curley had the last laugh, taking advantage of an under-handicapped horse to win a staggering £1.7million. Not to mention, Curley again made headlines in 2014, for a betting coup involving four different horses, winning around another £2 million from bookmakers. Now there’s a lucky guy! Unfortunately, he’s no longer with us but his legacy lives on!

One of the most remarkable horse racing losses happened about a decade ago. An extremely wealthy (and stupid?) couple went on a little trip to the glamorous Del Mar race track, about 20 miles north of San Diego. After some drinks, excitement, entertainment, then even more drinks, the couple decided to bet all their $2 million life savings on one horse. They lost it all…

Ready to have a flutter?

We have a few last tips for our bingo fans before they step out into the big, wide racing world.

1. Set aside a pot of money to gamble with, away from your day to day finances. Never stake more than you can afford and have a general idea of what you want to spend in a session.
2. Do your homework and check the odds. A comparison site like ours can help you find the best and fairest betting sites!
3. If you’re really into research, bone up on the history and form of specific horses. Have they won a bunch of races recently? How well regarded is their trainer?
4. Some bookmakers will give you free bets when you open an account with them, just like a bingo welcome bonus! You can find sites like that on either our casino betting sites page, or the aforementioned New Gambling Sites.

There you have the absolute basics of horse racing. Try it out, and bet away from the bingo balls for a change!

If you want an in-depth guide to football betting, check out Darren Lane’s Premier League Betting Guide.