A bet on horse racing can be confusing, but this is a guide to all your horse racing bets explained at AustralianBettingSites. Whether it be a simple win/place bet or an exotic bet such as the quaddie, we explain the key betting types and different types of bets out there.
All Horse Racing Betting Types
| Bet type | When recommended |
| Win | Backing a horse to win the race outright. Great for confident selections. |
| Place | Safer option, pays out if your horse finishes 1st, 2nd or 3rd. |
| Each Way | Combo of Win + Place bets. Good for horses at mid-to-high odds. |
| Quinella | Pick top 2 horses in any order. Use when two strong chances exist. |
| Exacta | Pick top 2 in exact order. Use when confident in precise race outcome. |
| Trifecta | Pick top 3 in order. High reward, great for wide-open races. |
| First Four | Pick top 4 in order. Ideal for big fields with value. |
| Quadrella (Quaddie) | Pick winners of 4 selected races. Popular for Saturday meets. |
| Same Race Multi | Combine multiple outcomes in a single race. Good for value and creativity. |
| Running Double | Select the winners of two races in the same meeting. |
| Parlay (All-Up) | A combination of bets where all the selections must be successful to have a payout. |
| Flexi Betting | Place a part of a complete bet so that more combinations are made with less outlay. |
| Jockey Challenge | Place a bet on the jockey who will win the jockey challenge, ideal for Saturday meetings when the best jockeys are running. |
| Favourite vs Field | Bet on the favourite to win, or the rest of the field to beat it. |
| Head-to-Head | Choose between two horses you have chosen, a good bet when you can’t decide. |
| Top Fluctuation (Top Fluc) | Take the best official price available prior to the onset of the race. |
| Best Tote / SP | Will pay the best between the three totes or the official SP. |
| Mid Tote / Tote+ | Gets the middle of the three main tote dividends, or a small bonus. |
Win
When recommended
Backing a horse to win the race outright. Great for confident selections.
Place
When recommended
Safer option, pays out if your horse finishes 1st, 2nd or 3rd.
Each Way
When recommended
Combo of Win + Place bets. Good for horses at mid-to-high odds.
Quinella
When recommended
Pick top 2 horses in any order. Use when two strong chances exist.
Exacta
When recommended
Pick top 2 in exact order. Use when confident in precise race outcome.
Trifecta
When recommended
Pick top 3 in order. High reward, great for wide-open races.
First Four
When recommended
Pick top 4 in order. Ideal for big fields with value.
Quadrella (Quaddie)
When recommended
Pick winners of 4 selected races. Popular for Saturday meets.
Same Race Multi
When recommended
Combine multiple outcomes in a single race. Good for value and creativity.
Running Double
When recommended
Select the winners of two races in the same meeting.
Parlay (All-Up)
When recommended
A combination of bets where all the selections must be successful to have a payout.
Flexi Betting
When recommended
Place a part of a complete bet so that more combinations are made with less outlay.
Jockey Challenge
When recommended
Place a bet on the jockey who will win the jockey challenge, ideal for Saturday meetings when the best jockeys are running.
Favourite vs Field
When recommended
Bet on the favourite to win, or the rest of the field to beat it.
Head-to-Head
When recommended
Choose between two horses you have chosen, a good bet when you can’t decide.
Top Fluctuation (Top Fluc)
When recommended
Take the best official price available prior to the onset of the race.
Best Tote / SP
When recommended
Will pay the best between the three totes or the official SP.
Mid Tote / Tote+
When recommended
Gets the middle of the three main tote dividends, or a small bonus.
Each way bet
Each Way is among the most common types of horse bets, which is a combination of Win and Place bet. You are paid when your horse wins (both bets pay off) or places (the place bet wins). It is an effective plan when supporting runners with higher odds. When your horse comes in second or third, you get something back instead of nothing. It is one of the types of bets that suits those punters who would like to have a balance between risk and reward.
Quinella
A Quinella bet is flexible in that you must pick the first two to finish, but in any order. It is one of the traditional horse racing bet types, which are recommended in case you know two horses are outstanding, but you are not sure which one will be first and which one will be second. The Quinella offers and bonuses are also excellent in many new betting sites. It is an enjoyable, easy choice among forms of betting where perfection is not needed.
First Four
The First Four bet is a more sophisticated and well-paying if you get it right. You must choose the first four horses in the correct order of finishing (if it's a straight bet). Betting apps with box and flexi bet options come in handy, as they allow you to cover more to have a greater chance of a big payday. This is just one of the types of betting options available for horse racing.
Exacta Bet
An Exacta bet is a common choice on betting sites and you have to select the first two horses in the correct finishing order. The payout is greater than a Quinella, and the risk is greater, as well. It is a clever move when you are sure of how the race is going to be.
Quadrella Bet
The Quadrella bet (or Quaddie) is something that punters should know when seeking high returns. You have to select the winners of the four races nominated, usually the final four of a metro meeting at Flemington, Rosehill etc. Quaddie suggestions are contained in many Horse racing Tips, such as our Saturday tips have them every week. Of all the different types of bets that can be placed in horse racing, this bet has a possible payout that can be huge, particularly when one has roughies.
Place Bet
When you are betting to be consistent, place bets are great. Your horse just has to be a top three finisher (top two with fewer than 8 runners). It is one of the safest bets in racing. It’s not just useful in horse racing though, Greyhound Betting benefits a lot as there are plenty of upsets, which is great for place betting. Favourites or when you are not sure whether your runner can win but will be thereabouts.
Trifecta Bet
A Trifecta bet involves you picking the first three finishers in the correct order. It is quite a risky, but high-paying bet that becomes common in major race days such as the Spring Carnival or Melbourne Cup Tips. A lot of punters box their selections so as to cover more combinations.
Same Race Multi Bet
Same Race Multi bets are new versions of traditional Racing Betting Types. You are able to mix several results of one race, e.g. Horse A to win and Horse B to be top 4. Most betting apps offer them and they have betting bonuses on big race days.
Win bet
Win bet is the easiest to understand among all types of horse racing bets, in my opinion. Your horse has to be the winner. It is perfect when there is a strong runner or when one is sure of the form. A lot of punters follow AFL Tips or NRL Tips pages to get multi-bets that involve Win bets. Good for favourites or good form lines.
Matt is a sports and racing writer who has been working in the field since 2016. He has provided betting tips for some of the biggest companies in the market, including Sportsbet, William Hill, PlayUp, and Betr, across a range of sports such as AFL, NRL, NBA, NFL, BBL, MLB, and Horse Racing. He is a serious participant in horse racing as a race horse owner with Viva Racing and a close associate of thoroughbredsales.com.au, the leading racehorse directory in Australia. His betting strategy focuses on identifying trends and using them to generate the best possible tips or advice.
