Horse Racing Betting Odds and Markets

Racing is the one code where you choose not just what to bet but how to be paid. Fixed odds lock a price in. Tote products settle on a pool. Exotics ask you to place multiple runners in order. This guide explains every bet type, how each is settled and what happens when a runner is scratched.

Prices below are examples used to show the maths. For today’s fields and live pricing, see the latest racing odds at betr.

Fixed odds and tote betting

Fixed odds

The price you take is the price you are settled at. Back a runner at $8.00 and it drifts to $11 before the jump, you are still paid at $8.00. Back it at $8.00 and it firms to $5.50, you keep the $8.00.

Fixed odds are the default at betr and they are available on Australian and international thoroughbred, harness and greyhound racing.

Tote and pari-mutuel

Tote betting works on a pool rather than a price. Every bet on a race goes into a shared pool, a commission is deducted and the remainder is divided among the winning tickets. The dividend is not known until the race is settled, because it depends on how much money went on each runner.

You will also see tote derived products. Best Tote pays the best of the three totes. Middle Tote pays the middle dividend. Top Fluctuation pays the best price shown by on-course bookmakers. Best of the Best pays the best of Top Fluctuation and the three totes. Starting Price settles at the official SP.

Racing bet types explained

Win

The simplest bet in racing. Your runner has to finish first.

A $20 win bet at $6.50 returns $130 if it salutes. That is $110 profit plus your $20 back.

Place

Your runner has to finish in the placings. In fields of eight or more that means first, second or third. In fields of five to seven it is first or second only. Fields of four or fewer generally carry no place betting.

Place odds are much shorter than win odds. A runner at $6.50 to win might be $2.20 to place.

Each way

Two bets in one, a win bet and a place bet on the same runner, so the cost is double.

A $20 each way bet costs $40, made up of $20 to win and $20 to place. If the runner wins, both parts pay. If it runs second or third, only the place part pays. Backing a $6.50 winner each way at a $2.20 place price returns $130 plus $44, so $174 from a $40 outlay.

Quinella

Pick the first two runners home in any order. Both must fill the first two placings but the order does not matter.

Exacta

Pick the first two home in the correct order. Longer odds than the quinella because the order has to be right. You can box an exacta to cover both orders, which doubles the cost and effectively makes it a quinella.

Trifecta

Pick the first three home in the correct order.

You can box a trifecta to cover every order of your selected runners. Boxing three runners costs six units, since there are six ways three runners can finish in the first three placings. Boxing four runners costs 24 units.

First four

Pick the first four home in the correct order. The hardest of the standard exotics and the biggest paying. Boxing four runners costs 24 units, and boxing five costs 120.

Quaddie

Pick the winner of four nominated races at a meeting, usually the last four on the card.

You can take multiple runners in each leg. Taking three runners in each of the four legs costs 81 units, because 3 x 3 x 3 x 3 is 81. At $1 a unit that is an $81 bet.

Flexi betting

Flexi lets you take a percentage of a full exotic rather than the whole thing, so a large combination stays affordable.

If a quaddie combination costs $81 and you only want to spend $20, you take roughly 24 per cent of it. If the quaddie pays $3,000, you collect around 24 per cent of that, so about $740. You are paid the same percentage of the dividend as the percentage of the outlay you covered.

Same Race Multi

Combine two or more runners from the same race into one bet at bigger odds. Each runner can be backed to win, or to finish top 2, top 3 or top 4.

Backing one runner to win and another to finish top 3 in the same race gives you a multi price on the combination. betr allows up to four legs in a Same Race Multi.

Multi bets across races

A standard multi combines selections from different races, with the odds multiplied together. Every leg must win. betr accepts two to twelve legs and you can mix racing and sport in the same multi.

Scratchings and deductions

This is the part of racing settlement that catches punters out most often.

Fixed odds before final acceptances. If you back a runner at fixed odds before final acceptances are declared and it is scratched, the bet is lost. You took a price knowing the full field was not confirmed.

Fixed odds after final acceptances. If the runner is scratched after final acceptances, your stake is refunded.

Deductions on remaining bets. When a runner is scratched, the remaining runners’ chances improve, so deductions are applied to fixed odds bets already placed on the rest of the field. The size of the deduction is based on the scratched runner’s price. A scratched favourite produces a larger deduction than a scratched outsider. Deductions are set by the rules of racing, not by the bookmaker.

Exotics. If a runner in your exotic is scratched, that combination is refunded. In a quaddie, a scratching usually means the substitute is the favourite in that leg, depending on the pool rules.

Spring carnival and feature racing

The spring carnival from September through to early November is the busiest betting period of the Australian racing year, headlined by the Melbourne Cup, the Cox Plate, the Caulfield Cup and the Everest.

Feature races carry markets well ahead of the day. All-in markets open months out, before final fields are known, and they carry the important caveat that all-in means all in: if your runner does not start, the bet is lost with no refund. The trade off is a much bigger price than you will get on the day.

Autumn brings its own carnival, headed by the Golden Slipper, the Doncaster Mile and the Queen Elizabeth Stakes.

How to bet on racing with betr

Find your meeting, open the race, tap a runner to add it to your betslip, choose your bet type and stake, then confirm.

• Sky Racing 1 and 2 stream live in the betr app, with race replays available afterwards.
• Race IQ surfaces tips based on your betting history.
• Blackbook lets you follow individual runners and sends an SMS when one of them is next racing.
• Form, speed maps and market movers are shown against every Australian race, with detailed form supplied by Racing and Sports.
• Race reminders can be set for 1, 3, 5, 10 or 15 minutes before the advertised jump.
• Phone betting on racing is available on 1800 797 066.
• Rapid Withdrawals are processed multiple times a day, seven days a week.

See today’s racing at betr.

Horse racing betting FAQs

How does horse racing betting work?

You back a runner to win or to place, or you combine runners in an exotic such as a quinella, trifecta or first four. Fixed odds lock in your price when you bet, while tote products settle on a pool once the race is declared correct. Betting closes when the race jumps.

What is the difference between fixed odds and tote betting?

Fixed odds lock in your price at the moment the bet is placed, so later market moves do not affect your return. Tote pools every bet together, deducts a commission and divides the rest among winning tickets, so the dividend is only known after the race is settled.

What is an each way bet?

Two bets in one, a win bet and a place bet on the same runner, so a $20 each way bet costs $40. If the runner wins, both parts pay. If it places without winning, only the place part pays.

How many placings pay out?

In fields of eight or more, the first three placings pay. In fields of five to seven, the first two pay. Fields of four or fewer generally have no place betting.

What is a quinella?

A bet on the first two runners home in any order. Both must fill the first two placings but the finishing order between them does not matter.

What is the difference between an exacta and a quinella?

An exacta requires the first two home in the exact order. A quinella pays regardless of which of your two runners wins. The exacta pays more because it is harder.

What is a trifecta?

A bet on the first three runners home in the correct order. Boxing a trifecta covers every possible order of your selections, so three boxed runners cost six units and four boxed runners cost 24.

What is a first four?

A bet on the first four runners home in the correct order. Boxing four runners costs 24 units and boxing five costs 120, which is why Flexi betting is commonly used on this bet type.

What is a quaddie?

A bet requiring you to pick the winner of four nominated races at a meeting, usually the last four. You can take multiple runners per leg, and the cost is the number of selections in each leg multiplied together.

What is Flexi betting?

Flexi lets you take a percentage of a full exotic rather than the whole outlay. If a combination costs $81 and you stake $20, you hold about 24 per cent and collect about 24 per cent of the dividend if it lands.

What is a Same Race Multi?

A bet combining two or more runners from the same race into a single wager at bigger odds. Each runner can be backed to win, or to finish top 2, top 3 or top 4. betr allows up to four legs.

What happens if my horse is scratched?

If you backed it at fixed odds before final acceptances, the bet is lost. If you backed it after final acceptances, your stake is refunded. Deductions may then be applied to remaining fixed odds bets in that race, based on the scratched runner’s price.

What are deductions?

When a runner is scratched, the remaining runners’ chances improve, so a deduction is applied to fixed odds bets already placed on the rest of the field. The larger the scratched runner’s chance, the larger the deduction. Deductions are set by the rules of racing.

What does all-in betting mean?

All-in markets open before final fields are declared and carry no refund if your runner does not start. The bigger price is the trade off for taking that risk.

Can I watch races live on betr?

Yes. Sky Racing 1 and 2 stream live in the betr app, and race replays are available afterwards.

Gamble responsibly

Betting is entertainment, not income. You must be 18 or over. Set a deposit limit at any time in your account, and if you need a break, BetStop is available at betstop.gov.au. For free and confidential support call 1800 858 858 or visit gamblinghelponline.org.au. What are you really gambling with?