Why understanding football betting odds is essential for horse race betting
Every year, billions of dollars are wagered on horse racing events around the globe. From the Kentucky Derby to Royal Ascot, betting on the horses is a beloved pastime shared by millions. However, despite the widespread popularity of horse race betting, very few people fully understand the odds they are dealing with, while fewer still know how to read these odds and bet accordingly.
In the world of football betting, punters tend to stay informed with the latest predictions while many people in horse racing opt for 'fun' bets such as wagering on a horse because you like their name or think they have a lucky number; but others read the latest odds religiously. Much like in football, major industry bookmakers rely on a wide range of racing experts to help them compile and update their odds.
While horse race betting may have a reputation for being too complex for outsiders to understand, it actually works in much the same way as football betting. If you want to start wagering on horse races, all you need to do is learn these football betting odds basics to get started.
1. Betting Odds Differences Explained
While there is a lot that horse race betting and football betting have in common, one major difference is how the odds are actually calculated. With football betting, the odds are calculated based on the analysis of the bookie. These odds take into account the past performances of the teams, the fitness of the players, and even the weather on the day of the match. Horse race betting, on the other hand, relies on other factors.
While the stats of the horses are important, major bookmakers such as William Hill horse take into account the total amount of money that has been wagered on the race when calculating odds. In addition, it is often the case that if you're betting on a horse race, your payout will be based on the final odds given for a race, rather than the odds made at the time you placed the bet (unless you have fixed the odds). This is a key difference from football betting.
2. Similarities Explained
There are, however, a lot of similarities between football and horse race betting that will help you out with either. A key similarity that anyone familiar with football betting will know well is the use of accumulator bets. This is when you place a number of consecutive bets on the outcome of chronological races or match fixtures.
The result is that your potential payout increases with every correct wager in the sequences, 'accumulating' into a larger prize pot. In addition, both sports make use of live betting, which allows you to place specific bets on the outcome of a race or game that has already started.
3. Betting Terms Explained
There are also a few essential betting terms that are worth memorising the next time you feel like wagering on a horse race like the Kentucky Derby. A 'win' bet means betting on a horse to come first in a race. Meanwhile, a 'show' bet means you are betting on a horse to finish first, second, or third. While the 'win' term exists in football betting, anyone wanting to bet on runner-up outcomes should refer to 'place' odds (i.e. which team will place second in the European Championship final).
There are a few unique terms that only apply to horse betting. An 'exacta' bet means betting on both of the horses that will finish in first and second place, while a 'trifecta' bet includes the addition of the horse you think will finish third. A 'Daily Double' is a wager on the winning horses of two races, usually two consecutive races.
You can additionally place 'pick' bets that expand on this, such as 'pick 3', 'pick 4' and 'pick 5' bets, in which you bet on the winners of three, four, or five consecutive races.
With this rudimentary betting knowledge at hand, you will be able to make more informed decisions. Knowledge is power in the world of horse racing, so make sure to brush up on your knowledge if you're feeling rusty before your next big race.