To stand any chance of being successful trading on betting exchanges, knowledge really is power. This is not something you can dive into without knowing what you’re doing or how best to approach it. This is especially true when betting on horse racing and the biggest events in the UK racing calendar.
One of the most important things to do is finding out more about the most common terms in horse race betting and what they mean. This ensures you remain in full control when betting and are confident in what you’re doing.
Let’s take a close look at the key terms for betting on horse racing and what they refer to:
Accumulator
This is a common type of bet at the majority of betting sites for horse racing and is certainly something to get up to speed with for any savvy punter. It contains multiple selections and offers the chance of enhanced payouts. The winnings from each bet included in the accumulator are put on the next bet, and each individual bet must be successful to get a return.
Ante-post
Placing a bet on a race well in advance of it happening. This can be an especially popular type of bet leading up to the major events in horse racing, such as the Grand National or the Cheltenham Gold Cup.
Back
To bet on a horse to win the race, and the opposite of a lay bet.
Best odds guaranteed
A special offer some sportsbooks run where they agree to settle a bet at the starting price if this is better than the odds you took when placing the wager.
Betting exchange
Betting exchanges are a specific type of online betting site where you bet against other punters, rather than the bookie. They support lay bets and are the best platforms for trading as a bettor. Betfair is a well-known exchange for betting on the horses.
Cash out
A feature some bookies offer on selected races that enables you to get paid out before the bet is completed. Cashing out usually brings a lower return than expected due to this.
Drifter
A horse whose price starts to get bigger as the race gets closer. A good example is a horse who opens up with odds of 3/1 but goes off at odds of 15/1.
Dutch
Backing two or more horses in the same race to increase your chances of winning.
Each way
A special type of wager that sees half the total stake put on a horse to win and the other half for it to place. The total return depends on whether the selection wins, places or loses.
Evens
Specific horse racing odds where the winnings are equal to the stake. If you put a $10 bet on, for example, you’d make $10 in profit if the bet wins ($20 total return).
Favourite
The horse with the shortest odds in a race and the one that bookies think stands the best chance of winning.
In the frame
A slang term for a horse who finishes in the places.
In-running
A horse race wager that is placed during the race. Also known as live betting, this helps punters see how the race is unfolding before placing their bet. It’s also very useful for trading, as live odds change to reflect what’s happening on the track.
Joint favorite
The two horses in the race who have the shortest odds that are the same.
Jolly
An alternative horse racing term for the favorite in a race.
Lay
This is a special type of bet on exchanges and is integral to sports trading. It involves betting that the selection will lose, rather than win or place.
Longshot
Another term for an outsider in horse racing, and a selection that is given little chance of winning. Longshots come with high odds to reflect this.
Market mover
A horse whose price changes drastically in the lead up to a race.
Multiple
Another name for an accumulator and a special type of bet that contains more than one selection.
Nap
A tipster’s best tip of the day and the selection they think has the best chance of winning in that day’s racing.
Odds
This is the price given at bookies for a bet to win. Odds can be shown in fractional (2/1), decimal (5.00) or American (+250). It’s vital to understand odds as they show how likely a bet is to win and the returns it could bring.
Odds-on
Odds for a horse that are shorter than evens, and the stake is higher than any potential return.
Overround
This is the practice of bookies factoring in a profit margin that is based on the odds given for all horses in a race.
Place
Putting a bet on a horse to finish in the specified places. The exact number of places depends on how many horses are in the race. Some bookies may also run promos that pay out on extra places.
Return
The amount of money a bet will pay out if it’s successful.
Scalping
A specific trading technique that involves profiting from small price movements. To get the most from it, checking out a good guide to scalping for bettors is a must.
Starting Price
Also referred to as SP, these are the final odds at the time a race starts. They’re used to determine the winning payout to punters, unless a set price is taken when the wager is placed.
Stake
The amount of money that is placed on a bet. The stake multiplied by the odds shows how much a bet returns if it is successful.
Steamer
A horse whose price shortens significantly leading up to a race starting. A good example is a horse starting at odds of 25/1 but shortening to 4/1 before the off.
Trading
Placing two bets on the same selection but against one another in order to profit. Can also be called sports trading and can be used on other sports as well as horse racing.
Void bet
A horse racing wager that is declared invalid. This sees the stake returned without any deductions to punters.
Terminology key for horse race betting
To become a successful horse racing bettor, you need to put the work in and become familiar with every aspect of the industry. Getting to grips with the most common betting terms is a great place to start and will really help you bet from a more informed position.