Horse racing betting terminology

To many horse racing is one of the tricker sports to get to grips with. It appears to have a language of it's own and can quickly get confusing if you are not in the know.

We've broken down some of the words and phrases you are likely to hear either at the race course or when placing a bet, to help you to not feel like a fool.

 

Accumulator (or Parlay)

A bet that combines multiple bets into one, where the odds for each selection are multiplied. You must win all the selections for the accumulator to be successful.

 

Acca (Accumulator) insurance

Bookies’ promotional offer where they will refund part or all of your bet if one selection in an accumulator bet loses. Always read their T&Cs

 

Bankroll

The total amount of money that a bettor has set aside for betting. It’s important to manage your bankroll properly to avoid betting more than you can afford to lose.

 

Betting exchange

A platform where bettors can place lay bets against each other, as opposed to traditional bookmakers. The exchange acts as an intermediary, matching up bettors who want to back and lay bets.

 

Bookmaker (or bookie)

The business or individual offering betting odds and taking bets. They are responsible for setting the odds and paying out winnings.

 

Dead Heat

When two or more horses cross the finish line at the same time, the race result is declared a "dead heat." In such cases, payouts are usually divided equally among the winning bets.

 

Double

A bet on two selections, where you are betting on two different races. The stake for each selection is the same, but the odds are multiplied. Both selections need to win for the bet to pay out.

 

Double figure odds

Refers to odds of 10/1 or higher. Horses with these odds are generally considered outsiders or longshots, but if they win, the payouts are much larger than those for favourites.

 

Double-trigger

A betting situation where a bet is conditional on two events happening. For example, a horse has to finish in the top three positions and must also perform well in future races or qualify for a certain competition.

 

Draw

Refers to the position from which a horse starts in a race in the stalls. In certain races, and at certain race courses, being placed in a particular draw can significantly impact a horse’s chances of success.

 

Drift

When the odds of a horse increase between the time the bet is placed and the race start time. A horse on the drift may indicate that they are less favoured by bettors.

 

Each-way bet

A bet that combines a win bet and a place bet. You are betting on the horse to either win the race or place (finish in the top positions). Your total stake is doubled because you're placing two separate bets. Read more about each-way betting here.

 

Each-way double

A bet combining two each-way bets placed on two different horses in two separate races. If either or both horses win or place, you win on both legs of the bet. This bet increases the likelihood of a payout compared to placing single bets.

 

Exacta (or Perfecta)

More of a US term, an exacta is a bet placed on two horses to finish 1st and 2nd in the exact order.

 

Forecast

A forecast is similar to an exacta, but a term used more in the UK. It involves betting on the first and second horses in the correct order.

 

Going

The condition of the racetrack (e.g., firm, soft, heavy, or good). This term is crucial because different horses perform better under specific ground conditions.

 

Handicap

A type of race where horses carry different weights to level the playing field, based on their abilities. Horses with better records are given higher weights to carry, while those with poorer records carry lighter weights.

 

Handicapper

A person or system that assigns weight to horses in handicap races, aiming to level the playing field. The weight is based on the horse's ability, with better horses carrying more weight and lesser horses carrying less.

 

Lay bet

A bet where you are betting against a horse to win. In other words, you’re betting that the horse won’t win the race. This type of bet is more commonly placed through betting exchanges.

 

Long odds

Refers to a high-priced bet, typically on an outsider. Long odds indicate the horse is less likely to win, but the potential return is higher if it does win.

 

Lucky 15

A bet that includes 15 different bets on four horses in four different races. It includes singles, doubles, trebles, and a four-fold accumulator, so it’s a good option if you like to spread your risk.

 

Maiden

A race where only horses that have never won a race can compete.

 

Market mover

Horses whose odds change significantly due to increased betting activity or changes in public perception. Sharp odds changes may indicate insider knowledge or a shift in the betting market.

 

Morning line

The initial odds for a race, which are set by the bookmaker or racing analysts before the race begins. These can change as more money is bet on the race.

 

Multiple bet

A bet involving more than one selection in multiple races. It can include combinations of doubles, trebles, and other bet types.

 

Non-runner

A horse that is withdrawn from the race before it begins. If you’ve placed a bet on a non-runner, most bookmakers will offer a refund or will void the bet.

 

Novice

A race for inexperienced horses that usually have not won more than two races, or haven't raced too many times. The criteria is set by the governing body.

 

Odds-on

This refers to odds that are less than 1/1, meaning the horse is heavily favoured to win. A bet on a horse with odds-on would require a higher stake for a smaller return.

 

Outsider

A horse with long odds in a race, meaning it’s considered unlikely to win. Outsiders can offer big payouts if they do win, but they’re less likely to succeed.

 

Place bet

A bet placed on a horse to finish in one of the top positions (usually the top 2 or 3, depending on the number of runners).

 

Placepot

A type of multiple bet that requires you to select one horse in each of a set number of races (usually 6). Your horse must place in each race for you to win.

 

Quinella

A bet placed on two horses to finish 1st and 2nd in any order. Unlike the exacta, you don’t need to predict the exact order of finish.

 

Reverse forecast

A reverse forecast is when you bet on two horses to finish 1st and 2nd in any order (like a Quinella but more commonly used in the UK).

 

Shortening in price

When the odds on a horse decrease as the race approaches, meaning the horse is getting backed by more bettors.

 

Short odds

Refers to a low-priced bet, which indicates the horse is favored to win the race. Short odds imply a high likelihood of the horse winning but with lower potential returns.

 

Show bet

This is the US version of the UK’s place bet. It’s a bet placed on a horse to finish in the top 3.

 

Stablemate

A term referring to horses trained by the same trainer. Bettors sometimes use stablemates as a betting strategy, as they may have similar chances of performing well in a race.

 

Starting price (SP)

The odds a horse is given when the race starts, reflecting how much money has been bet on it. This is often the odds you will receive if you place a bet at the last minute before the race begins.

 

Stewards’ inquiry

An investigation by the race stewards after a race to determine if any rules or regulations were broken during the race (such as interference between horses). If a race result is overturned after a stewards' inquiry, it could affect the betting outcome.

 

Superfecta

A bet placed on four horses to finish in the top 4 positions in the exact order.

 

Tote

A system of betting where all bets on a particular horse or race are pooled together. The payout is based on the proportion of the pool that your bet represents.

 

Treble

Similar to a double, but with three selections in different races. All selections need to win for the bet to be successful.

 

Trifecta

A bet placed on three horses to finish in the top 3 positions in the exact order.

 

Value bet

A bet placed on a horse that offers good value for the odds. A value bet is one where the bettor feels the odds are more generous than they should be, considering the horse’s chances of winning.

 

Win bet

A bet placed on a horse to win the race. This is the most straightforward type of bet.

 

Yankee

A Yankee consists of 11 bets in total, made up of 4 selections across different events - 6 doubles, 4 trebles and a four-fold accumulator.

There's a bit more security in a Yankee as even if some of the selections don't come in the bettor can potentially still claim a return. However, the returns can be lower than other forms of multiple bet.