Horse race betting types are a few in number and may vary from a bookmaker to another. However, most of them will feature the popular betting types. For Australian residents looking to bet on local horse races, we list the most common betting options below with explanations required.
Australian Horse Racing Betting Types
WIN Betting Type
“Win” or also known as “Straight Out” is a bet placed on a runner to win the race. If the runner selected wins the race, the punter will be rewarded at the odds the bet was placed.
PLACE Betting Type
“Place” is a bet placed on a runner to finish 1st, 2nd or 3rd, subject to the field size. For 8 or more runners, first 3 places will pay out. For 5 to 7 runners, first 2 places will pay out. For less than 5 runners, only the 1st place will pay out. If the runner selected finishes in the places paid in the race, the punter will be rewarded at the odds the bet was placed.
EACH WAY Betting Type
“Each Way” is a bet formed actually of 2 bets: the “Win” bet and the “Place” bet. “Each Way” pays for both bets regularly. If the runner selected finishes first, the punter will be paid for both “Win” and “Place” bets. If the runners finishes in any other position covered by the “Place” bet, the punters will be paid for the “Place” bet.
Online Horse Race Betting for Australian users
Online betting from Australia has some limitations as not many online bookmakers accept Australian users. In order to accept wagers from Australian punters, the sportsbook operators are required to hold a valid license issued by the Australian government and to operate under strict rules. We recommend you use the following bookmakers for sports betting and horse race betting in Australia:
Those interested, can check the list for regulated Australian sports betting operators. Australian residents have a few selected bookmakers to choose from with some great bonus bets on offer.