Once a person has decided on the "Sport of Kings" there are a few things that they must know before they get started. Some of the basics of the sport, as well as the different horse racing bets that are able to be made.
Horse racing bets can be somewhat complicated to the horse racing novice and it is worthwhile to learn as much about the horse racing bets as possible before laying any money on the line.
Some of the basic horse racing bets are very easy to learn, and can pay off quite nicely, compared to some of the more complicated betting practices. A person also has to realize that not all tracks or horse racing betting sites follow the exact same betting procedures and a person should familiarize themselves with the prospective racing forum prior to betting. However, there are some basic horse racing bets that are used on most tracks and can serve a person well by learning them.
The first horse racing bets that a person getting started should know is the win, place, or show bets. These are the most common horse racing bets. What these mean is that if a person bets on a horse to win, that is exactly what they are wagering will happen. This is sometimes referred to as winning "on the nose." If a player bets on the horse to win and the horse comes in any place but first, the person loses their wager. However, because this wager is harder to win than the other two bets it pays off better because there is more risk assumed. Whenever there is more risk in horse racing bets the higher the pay off will be for the person.
If a person bets on a horse to place they are wagering that the horse will place either first or second. This is less risky than the win bet, but slightly more risky than the show bet. Because there is more risk assumed than the show bet the place horse racing bet pays off better. This is a good wager because the person is covered in the event that the horse has extremely close competition and a person isn't certain whether or not the horse can beat the competition outright.
The third type of basic horse racing bet is that of the show. When a person places a horse racing bet with their chosen horse to show they are wagering that the horse will take either first, second, or third place. This is obviously a much safer horse racing bet than merely betting on the horse to win the race. On the other hand, because there is far less risk involved in this type of bet, the pay off on the horse racing bet is far less than betting on the horse to win. This is a good horse racing bet to make if a person is unsure on the strength of the horse, or is the competition is extremely fierce, which is usually the case. By betting on the horse to show a person can slowly accumulate winnings rather predictably over a period of time, much like an investment. If a person is in it for an all or nothing, pulse pounding adrenaline rush, placing a horse racing bet on the horse to win is where the action is, especially if the horse isn't favored in the odds and is considered a long shot.
Those are the three most common and easiest horse racing bets to learn. Once those are learned and the person can utilize them effectively a person can move on to some more complicated horse racing bets. A combination of all three of these horse racing bets, known as the combination bet, is also a good strategy to win. A player can make a combination bet by tracking up to four horses and betting on those horses to win, place, or show and any combination thereof. By using a combination bet when placing a horse racing bet a person can further mitigate their risk. While mitigating risk during horse racing betting is a good thing, a person has to also realize that the less risky a bet is the less the bet will pay off. However, the combination bet can be used over a period of time to gain a quantity of winnings that a person otherwise wouldn't be able to win by simply betting on one horse.