If you are looking to participate with horse racing wagering, then there are a few things that you should know. First, there are more than one way to place a wager on a chosen contestant. In fact, there are three common ways that individuals get involved in the wager process with this type of sport.
These are fixed odds wagering, Tote betting, and Exchange wagering. To decide which one is best for you, you are going to have to go through each option and find one suitable for you. This article contains some information regarding what you need to know about each strategy. Here are some basic details:
This is arguably one of the more popular methods of placing a wager. Here, you place a certain amount of money with horse racing betting odds that you have agreed upon with a bookmaker. You will get to choose which contestant will win the competition, and the bookmaker will present you with the odds. Then, you pay your stake to the bookmaker. If you win, you get your original amount back along with the profit that you made. If you are wrong, however, the bookmaker gets to keep the amount that you staked. At the time of placing your wager you are already aware how much you are capable of winning if you are right.
This method is also known as Parimutuel wagering. The initial stage is quite like the above strategy – you look at a horse racing form and make a decision regarding your stake. With Tote wagering, however, you are not dealing with a bookmaker. Instead, you place money with a Parimutuel wagering agency. Your stake is added to a pool that consists of other bettors’ money as well. Once the race is over, each winner gets a set amount of money depending on how much they wagered. The amount is determined by the size of the stake, the size of the pool, and how people chose a winning wager.
This type of wagering is a little newer than the other two techniques. This is essentially peer to peer betting. This means it takes place between two bettors rather than a bookmaker. This exchange can also take place on an online betting exchange. Here, you can choose to lay a horse as well, this means betting that the contestant won’t win. Either position that you pick, you will have to wait until someone matches your wager but taking the opposite position.
These are the ways that you can place a bet on a horse race. You can now choose the one which you find easiest.