Horse racing terminology
Betting terminology
What does each way mean?
An each way bet is 2 bets, one for your selection to win, the other for your selection to place. Because an each way bet is 2 bets, your total stake will be double your unit stake. For example a £5 each way bet cost a total of £10 – £5 on your selection to win, £5 on it to place. The number of places in a race will vary depending on the a) number of runners in a race b) the type of race and whether it is a handicap or a non-handicap.
How many ‘places’ in a race?
- All races with less than 5 runners – win only (no each way betting)
- All races with 5 – 7 runners – ¼ odds 1st and 2nd place
- Non-handicap races with 8 or more runners – ⅕ odds 1st, 2nd and 3rd place
- Handicap races with 8 – 11 runners – ⅕ odds 1st, 2nd and 3rd place
- Handicaps races with 12 – 15 runners – ¼ odds 1st, 2nd and 3rd place
- Handicap races with 16 or more runners – ¼ odds 1st, 2nd, 3rd and 4th place
How does Best Odds Guaranteed work?
If the bookmaker is offering Best Odds Guaranteed and you take a price on your selection and the SP (starting price) is bigger, then you will bet will be paid at SP.
Best Odds Guaranteed Bookmakers
What is the Stating Price?
The Starting Price is an average price taken from the on course bookmakers prices on each horse at the point when the races starts. If you have a bet on a horse or dog and don’t take a price on the selection at the time of bet placement, then the bet will be settled at the returned Starting Price.
The Placepot explained
The Placepot is a bet offered on all UK horse race meetings. You make a selection in each of the first 6 races at a given meeting. To win, in each of the 6 races your selection must win or be placed.
Matched betting explained
Matched betting is a strategy whereby the bettor profits from the free bets and bonuses offered by bookmakers.
What is a Betting Exchange?
A Betting Exchange is a peer to peer betting model where you can place both back and lay bets. Betting Exchanges differ from traditional bookmakers in that you are betting against the opinion of other punters who offer the odds rather than a bookmaker.
What is a ‘lay bet’?
Betting Exchanges give the punter the opportunity to bet on a horse not to win and act as the bookmaker. This is known as a lay bet. If you think a horse will not win, you can offer a lay bet into a Betting Exchange and have all the other horses running for you. If the horse you’ve laid wins, then you lose and pay out at the odds you have laid. If it gets beaten, then you win.
What is Rule 4 and how does it work?
Rule 4 is a deduction made from the profit of winning bets where a horse has been withdrawn.
When a horse is withdrawn the chance of the remaining runners improves.
Rule 4 will apply when you have taken a price and there has been a horse subsequently withdrawn. On occasions Rule 4 will apply to bets at SP but only when there has been a very last minute withdrawal and the betting market has been unable to reform before the race starts.
What is ante post betting?
An ante post bet is a bet placed before the final runners are declared for a race.
Over jumps, bar the occasional feature race that is 24 hours in advance of the race, for flat racing final declarations are at the 48 hour stage.
Should the selection you’ve bet ante post not be in the final declarations you lose your money. The advantage of betting ante post is that you can obtain inflated odds about a selection.
When tipsters say nap bet what does it mean?
A tipsters ‘Nap’ is there best bet and strongest selection.
Tipsters N.B.
N.B. is short for next best. The tipsters next best selection after the Nap’
What does IBAS stand for?
IBAS stands for Independent Betting Adjudication Service. They provide an independent adjudication on betting disputes between customers and betting operators. If the customer fails to have the dispute resolved to their satisfaction internally with the betting company, they can, once all avenues have been explored refer the matter to IBAS for a final decision.
What is an arbitrage or arb?
An arb is when a bettor can back all possible outcomes of an event and guarantee a profit whatever the outcome.
What is ‘hedging’?
Hedging is placing multiple bets on the outcomes of an event to either reduce your risk or guarantee a profit.
What is the bookmakers overround?
Overround is the margin that bookmakers build into the prices they offer that gives them a theoretical profit.
Horse Racing terminology
What does ‘on the bridle’ mean?
‘On the bridle’ is a term used when a horse is running without any pushing or encouragement required from its jockey.
The horse ‘ran in snatches’
The horse is having periods in the race where it is travelling ‘on the bridle’ followed by periods where in the race where it needs riding along and pushing from it’s jockey before a period where the horse is again back on the bridle. This is referred to as ‘running in snatches’
The horse jumped ‘fence to fence’!
One of the many nonsense sayings reeled out from time to time by commentators! Basically, it means that the horse is jumping the fences really well.
The Horse Ran Green or showed signs of greenness!
The horse showed signs of mental immaturity or lack of experience and the racing knowledge gained from it.
What is the Going Stick?
The Going Stick is a device that the Clerk of the Course uses to measure the amount of moisture and looseness in the ground at the racecourse.
How does the Going Stick work?
Second string
When a trainer has 2 runners in the same race, ‘second string’ refers to the lesser faniced of the 2 horses in the betting.
