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When it comes to betting on horses there is a wide variety of bets available to suit all tastes.
The first thing to understand is that there are two main groups of betting providers: the totalizer and the bookmakers.
THE TOTAL
The totalizer is a betting system administered by the authorities where all the bets placed are “accumulated” in a group for that bet. For example, every bet placed on the “Win” bet for a particular race will roll over into the winnings pool. If the bets cost €1 each and 10,000 bets are placed, the group has €10,000 in their account. From this figure, an amount is charged to cover the administration costs of running the tote and any taxes on bets, if applicable, depending on where in the world the tote is placed. The net amount then represents the earnings fund. Let’s assume that the administrative fees and the betting tax are 20%, £2,000 of the fund goes towards paying expenses, leaving £8,000 to distribute equally among the number of winning tickets.
With the tote you don’t know what the odds are. You don’t know with any degree of certainty what you will receive if you win. Most races have boards showing the approximate odds at the time, but if too many bets are placed on a particular horse just before the start, the odds can change significantly.
The tote can never lose. He’s not in the gambling business. He takes a fixed % of each ugly bet. There will be a separate group for each type of bet in each race. If there are no winners, the totalizer terms and conditions apply, but the amount will generally be carried over to the same bet type in the next race, or to the same bet type in a specific race in the next meeting (where, for example, the remainder relates to the last race of the day).
THE BETTING HOUSES
Bookmakers are a very different pot of fish. Here you are betting directly against the bookmaker. You place your bet at the odds offered by the bookmaker at the time the bet is placed. It doesn’t matter what happens in the betting market from then on, as you have set your odds. The bookmaker tries to balance their books, hedging their bets with other bookmakers where possible. However, he is exposed and if he has a large number of bets on the winning horse he may find himself incurring a substantial loss.
There are a few more rules you should be familiar with.
HORSE COUPLING
Quite often there can be more than one horse in a particular race from the same trainer. When this happens too often, the “horses dock in the tote.” What this simplistically means is that if you bet on one horse to win, you get the other for free. If the horse he bet on doesn’t win but his stablemate does, his bet still wins.
You should review your race card carefully to determine whether or not horse couplings apply. Couplings don’t just apply to wins. They will often apply to “exotic” bets such as jackpot, pick six, scoop six, parlay etc.
Pairings do not generally apply to bets placed with bookmakers.
STRIPED HORSES
Scratched horses are a common occurrence. A “striped” horse does not mean that it has run through the brambles but that it will no longer participate in the race. There are many reasons for this. Horses are nominated for specific races a few weeks before the race takes place. Once nominations have closed, race cards can be printed. However, a lot can happen between the acceptance of a horse for a race and the start of the race on race day. The horse can be injured, sick, disqualified from racing for any reason, etc. When you scratch one more time, the totalizer rules apply.
When the horse has a stablemate running in the race, he may only have the stablemate, a very unsatisfactory situation. When there is no stable partner, he will usually get the favorite bag. Please note that the tote favorite and bookmaker’s favorite can be different horses.
In exotic bets other rules often apply. The Pick 6 in South Africa, for example, gives you the stable companion and favorite bag. Astute punters often bet on the striped horse (even knowing the horse is striped) to get this cheap combination.
With bookmakers the rules are different. Your stake will usually be refunded.