The Evolution of Horse Racing Bet Types

Horse racing, like other sports, is more than just something to bet on. It’s a sport with a lengthy tradition that has evolved considerably over the centuries, but it’s one that’s retained its reputation of being sophisticated and of the upper class. However, under the pretty veil of magnificent training, the band of horses rushing down the track, and nail-biting finishes, some consider it a tough and brutal sport.

But with the involvement of animal welfare organisations, improved safety practices and regulations, and much better veterinary care, horse racing has become a more humane sport. In turn, this shifted the public’s perception, which paired perfectly with its development alongside modern betting. Despite its age, it’s evolved into a contemporary sport that continues to attract new audiences. So, how has betting on horse racing evolved over time?

 

How We Got to Modern Betting

Betting went from an informal agreement on which horse would win the race to official wagers backed by data. People would often place bets with other spectators based on their personal knowledge of the horses and jockeys, and a handshake would seal the deal. These activities were a major part of the social fabric of horse racing, a testament to how online sports betting nowadays has created a new dimension of engagement.

We’ve come a long way from verbal contracts and making trips to the bookies, reaching a point where formal online betting can be done with a couple of clicks. Today, there are countless online casinos and bookmakers that offer perks like no deposit bonuses open to UK players.

The Role of Pari-Mutuel Betting

Plenty of factors came together to formalize the practice of betting, including the rise in popularity of horse racing, the need for fairness and structure, and the introduction of pari-mutuel betting. This might look oddly spelt, but that’s because it’s a French term created by French entrepreneur Pierre Oller. It was a tactic used in the mid-19th century that pooled bets together to determine payouts based on each bettor’s stake relative to the total pool. That alone improved the transparency and fairness in betting, and it quickly made its way to other countries. The horse racing realm adopted this betting method too, officially by betting operators and racetracks later on.

Basic Fixed-Odds Betting

Basic fixed-odds bets feature some of the oldest and most classic bets in the proverbial book. The “fixed-odds” aspect refers to the fact that the odds are set in stone and don’t change. What the bookmaker offered at that moment will be what you’ll be paid out if you win. Of course, the easiest to understand is a win bet, which is choosing the horse you predict will win the race. Not so sure about your first-place winner? Place bets are a good alternative option, where you can pick the horse you think will cross the wire first or second. The payout is often lower than a win bet, as your money wagered will be split between the winner and runner-up horses. However, you have a much higher chance of winning in this case. The third main bet in this category is the show bet, where you can simply bet on a horse to finish in the top three. Naturally, the payout is lowest, as the possibility of winning is higher.

These basic bets were uncomplicated and easy to carry out back in the day, given that they were straightforward and didn’t have much nuance to them. When the betting revolution started and formal bookmakers were starting to take shape, we saw early forms of the exacta and trifecta bets. The exacta and trifecta bets weren’t as effortless as the basic bets, requiring the bettor to pick the top two or three horses in the exact order they would finish. It was a lot more sophisticated but gave horse racing fans a challenge and a chance to put their skill and intuition to the test.

Exotic Bets

The exacta and trifecta bets were the first appearances of the “exotic bet,” and they marked a point in time when risk and reward were catapulted to new heights. Bettors craved more from the betting landscape. They wanted to test their horse racing knowledge, reap bigger rewards, and put advanced analytics to work. This more advanced form of wagering didn’t just involve gut feeling, innate knowledge, and guesswork—it involved an extra layer or two of hard evidence: historical data and performance metrics. People could look at past races, jockey performance, and other metrics to inform their final bet. Eventually, these exotic bets expanded to include the superfecta and pentafecta (or super hi-5), which simply raised the stakes by getting the bettor to select four or five winning horses in the exact order.

Live Betting on Online Platforms

The beauty of online betting platforms today is that live betting exists to up the ante. While in-game betting on baseball, football, or basketball is more of a slow burn where you can study player performance and get a feel for the momentum of the game, horse racing has a much quicker pace. There’s a significant immediacy with races, which makes live betting more provocative. But that’s simply part of the appeal of horse racing. The incredible storied history, paired with the social experience and thrill of watching the stunning horses cross the finish line, is precisely why betting had to grow alongside the sport.