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Different methods of betting (i.e. Spread Betting, Tote, Standard Betting, Matched Betting (Betfair).
There are a number of different types of betting. The three most common forms are Standard Betting, Spread Betting and betting on the Tote.
Standard Betting
This type of betting has been around forever and it's the method of betting that most punters know and love. If you back at the racecourse then you will place a bet of this nature with a bookmaker. The bookmaker will quote odds on his board for each horse. You then select the horse that you wish to back and as long as the odds are agreeable with you then you will place a bet at the stated odds. You will then be given a ticket that shows you the amount bet, the odds that the bet was struck at and the amount that you stand to win.
You know exactly where you stand with this bet. You know how much you stand to lose and you also know how much you stand to win. What's more the odds can't be altered after the bet has been struck.
If you are in a betting shop, on the Internet or phoning a bet through to your bookie, then you can also place a bet of this nature at S.P. or at starting price. This means that at the time of placing the bet you don't know what the odds will be that the bet is struck at. The odds will be set at the start of the race, hence the name starting price.
Spread Betting
This method of betting has significantly increased in popularity in the last few years and is more akin to buying and selling shares on a stock market. The best way to try to explain spread betting is to look at some of the bets that are on offer.
Favourites Index.
If you bet on the favourites index you are betting on the number of favourites that will win at a particular meeting. Favourites are awarded points for where they finish in a race. A winning favourite will pick up 25 points, a favourite that is place second 10 points and a favourite coming third will earn five points.
The spread betting company will quote the number of points that they except all the favourites at a particular meeting to amass. If there are a number of hot favourites then the quote will be high. If the favourites look beatable then the quote will be low. It is then up to you to determine if you think the quote is on the high or low side. For example if the quote is 55-59 and you think that most of the favourites will do very well and therefore they will pick up more than 59 points then you "buy" the index. If you think they won't pick up that number of points then you will "sell" the index. You bet in pounds per point, i.e. £5 for every point. So at the end of racing, if you had bought the index at 59 and bet five pounds per point and the favourites had amassed 70 points then your profit is 11 * 5 = £55. If on the other hand you had sold the index at 55 you will have made a loss of £75 (15 points * £5).
Jockey Index.
The jockey index works in the same way as the favourites index with the spread betting company quoting a spread for a jockey. You then need to decide whether or not you think that the jockey will have a better day then expected or not.
Winning Distances.
The winning distance index is slightly different, but only in the way that the points are counted. Points are awarded as follows:
Short Head = 0.1 of a length
Head = 0.2 of a length
Neck = 0.3 of a length
Half a length = 0.5 of a length
3/4 of a length = 0.75 of a length
For all distances of a length and over one point per length is awarded.
In this market whole points are divided into tenths. If you 'go high' (buy) with £10 a point then it will be £1 a tenth.
At the end of the meeting all winning distances are accumulated and compared against the index.
As you can see, spread betting is very different to standard betting and offers a variety of different bets. If you haven't tried spread betting before then you need to proceed with caution. Unlike standard betting you don't know how much you are going to lose when you place the bet and you could be in for an unpleasant surprise later.
Tote Betting
A different type of betting is Tote betting. All of the bets placed on a race are pooled, a deduction is made to cover costs and the Tote's contribution to racing. A winning dividend is then calculated by dividing the remainder of the pool by the number of winning units. The dividend declared inclusive of a £1 stake. In other words, pool customers bet against each other, whereas with Standard Betting they bet against the bookmaker. This means that you don't know the odds that you will get when you place the bet. The odds can change all the way up to the start of the race.
Matched Betting
Another new type of betting that has sprung up since the start of Internet betting is Matched Betting. It is basically standard betting, but without the bookmaker. The difference here is that anybody can offer odds on a race, not just a bookmaker. This means that you can visit a matched betting site and either bet in the standard way or offer odds yourself that someone else can choose to bet on.
Often a selection of odds is available and you can therefore select the best odds. If there are
No odds that you like the look of you can place an order detailing the odds that you are prepared to back at. Obviously if you ask for odds of 10/1 about an even money shot then you are unlikely to get any takers, but you may well find that you can get slightly more generous odds through placing an order.
Another advantage of checking the match odds sites are that when bookies are offering S.P. only on a race you may be able to find the odds that you want on a matched betting site.
Types of Bet
Win
A win bet is the most straightforward and simple bet you can make. You simply back a horse to win. If it comes first you collect. If it doesn't you loose (ouch!).
Place
If you back a horse to get placed then you are selecting a horse to come first, second, third or fourth. Depending on the number of runners in the race and the type of race (i.e. a handicap) you may only get paid if the horse is first or second, or if the horse comes in the first three. A race must have five runners or more for you to be able to make a place bet.
Each Way
If you back a horse each way, then it doesn't need to win for you to collect money. Depending on the number of runners in the race and the type of race (i.e. a handicap) then the horse may come second, third or fourth for you to collect. If the horse wins you basically win twice. You pick up your money for the win, plus you money for the place. An each way bet is two bets put together a win bet and a place bet. A race must have five runners or more for you to be able to make an each way bet.
Double
A double can apply to either a win or each way bet. This means that you back two horses in two different races. If the bet comes in then you multiply the odds for both horses. If one part of the bet fails then you lose all the money that you staked.
Treble
A treble works in the same way as a double, except that it covers three horses. As with a double you can bet on either a win or an each way treble.
Accumulator
An accumulator is the next step up. Here you can back four or more horses to either win or come in each way.
Straight Forecast
As with a double two horses are selected for the straight forecast. The difference is that they are both in the same race. You select the two horse that you think will come first and second and you must name the one that you think will win. The horse must finish first and second and in the specified order for you to pick up the money.
Reverse Forecast
Reverse forecast is basically two straight forecast bets put together. Therefore as long as your horses come first and second you will win. The order that the two finish in doesn't matter.
Tricast
A tricast is a step up from a double, where you name the first three to finish. Obviously this is a pretty hard bet to pull off and the odds will reflect that.
Patent
A patent covers three horses in three different races. It has seven bets in all, three singles, three doubles and a treble.
Trixie
The trixie is similar to the patent in that it covers three selections all in different races. It differs from the trixie as there are no single bets. Therefore the trixie is made up of four bets, three doubles and one treble.
Yankee
A yankee is a step up from the trixie and has four selections, all running in different races. It has six doubles, three trebles and one fourfold.
Super Yankee
Next comes the yankees big brother, the super yankee. It covers five selections, generating twenty six bets. Ten doubles, ten trebles, five four folds and one five fold.
Heinz
The Heinz is a step up again and takes its name from the fact that it covers fifty-seven bets for six selections. The bet is made up of fifteen doubles, twenty trebles, fifteen four folds, six five folds and one six fold.
Goliath
The daddy of them all is the Goliath. The Goliath covers eight selections and generates a massive two hundred and forty seven bets. That's twenty-eight doubles, fifty six trebles, seventy four folds, fifty six five folds, twenty eight six folds, eight seven folds and one eight fold. If they all come in with a decent wager down then you will be a very happy person indeed.
Jackpot
The Jackpot is a bet that you place with The Tote. There are six races in a Jackpot and you have to select all six winners to win. All bets are placed in a pool and winners share the pool between them after The Tote has taken a percentage of the pool. The minimum bet is £1 with permutations being accepted to a minimum unit stake of 10p upwards.
Placepot
The Placepot is identical to the Jackpot except that you are selecting horses to be placed rather than to win.
Scoop Six
A relatively new type of bet introduced by The Tote. It is similar to the Jackpot in that you have to pick the winner of six races. It differs by the fact that covers six races that are televised on a Saturday afternoon. The races may come from more than one racecourse.
You can also win if all your selections are placed.
Odds Ready Reckoner.
Check out our ready reckoner as it will help you to calculate just how much you have won.
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