Betting Types Explained
Every bet, in plain English
One of the first things every new punter needs to understand is the different types of bets available. Some are straightforward, while others offer the chance of a much bigger return if you can correctly predict multiple outcomes.
Basics
Win Bet
A Win Bet is the simplest wager you can make. Your selection must finish first for your bet to be successful.
You back Horse A at $4.00 with a $20 stake. If it wins:
- ›Return: $80
- ›Profit: $60
Place Bet
A Place Bet means your selection doesn't need to win. Depending on the field size, it generally needs to finish in the top 2, top 3 or top 4.
Place betting provides a higher strike rate but lower odds than a win bet.
Each Way Bet
An Each Way bet is two bets in one. Half your stake goes on your horse to win and half goes on it to place.
If your horse wins, both parts of the bet collect. If it runs second or third (where place dividends apply), only the place portion wins.
Top 2, Top 3 & Top 4
Available across horse, harness and greyhound racing. You're betting on your selection finishing inside the nominated placings.
These bets generally offer smaller returns but a higher chance of collecting.
Racing exotics
Quinella
Select the horses to finish first and second in either order.
Exacta
Select the horses to finish first and second in the correct order.
Trifecta
Select the first three finishers in the correct order.
Boxed Trifecta
Choose several runners. If three of your selections fill the first three places in any order, your bet wins.
First Four
Correctly select the first four finishers in order. One of racing's hardest bets — but also one of the biggest dividend opportunities.
Daily Double
Pick the winners of two nominated races. Both must win.
Multis
Multi Bet
A Multi combines two or more selections into one bet. Every selection must win — one losing leg means the entire bet loses.
Same Race Multi
Combine multiple selections within the same race.
- ›Horse 2 to Win
- ›Horse 7 Top 4
- ›Horse 10 Top 4
Same Game Multi
Popular in sports betting. Every selection must occur.
- ›Team A to Win
- ›Player X Anytime Try Scorer
- ›Over 42.5 Points
Sports
Head-to-Head
Simply pick the winning team or player.
Line Betting
One side receives a points handicap.
Sydney -8.5
- ›Sydney must win by nine or more.
Over/Under
Rather than choosing the winner, you're betting whether the total points scored will finish over or under the bookmaker's line.
Margin Betting
Predict the winning margin.
Other
Futures Betting
Bet on events weeks or months before they're decided.
Examples include:
- ›Melbourne Cup
- ›AFL Premiership
- ›NRL Premiership
- ›Brownlow Medal
- ›Cox Plate
Cash Out
Many bookmakers allow you to settle your bet before the event finishes.
Bonus Bets
Promotional bets supplied by bookmakers. Generally, the bonus stake itself is not returned with winnings.