The simplest way into horse racing betting is a win or each way single on a horse you like. Learn what the odds mean, check the place terms before betting each way, and use a bookmaker that offers best odds guaranteed. Multiples like the Lucky 15 are popular, but cost more than they look because one bet becomes 15.
1. Horse racing betting odds: what 5/2 means
5/2 means you win £5 for every £2 you stake, plus your stake back. As a percentage, 5/2 is a 28.6% chance. Turning odds into percentages is the quickest way to see whether a price makes sense to you.
Convert any price, and see the full odds table.Odds converter →2. How to bet on horses: win or each way
A win bet pays only if your horse wins. An each way bet is two bets: one to win and one to place. £5 each way at 8/1 with 1/5 place terms costs £10. If it wins you get £58.00. If it only places you get £13.00.
Work out any each way bet.Each way calculator →3. Check how many places pay
How many places pay, and at what fraction of the odds, depends on the number of runners and the type of race. Big handicaps pay more places. Bookmakers often add extra places on big races, which is worth shopping around for.
4. Use best odds guaranteed
If you take a price in the morning and the horse drifts, BOG pays you at the bigger starting price. You can't do worse than the price you took. It's one of the most valuable things a bookmaker offers.
5. Know how Rule 4 cuts your winnings
If a horse is withdrawn after you bet, part of your winnings is deducted, because your horse's chances went up. A 3/1 withdrawal takes 25p from every £1 of winnings. Your stake is never touched.
See the full Rule 4 table.Rule 4 calculator →6. Forecasts and tricasts: picking the first two or three
A forecast picks the first two home and a tricast the first three. They pay a dividend declared after the race, not the horses' odds. Combination versions cover every order but cost a stake for each line.
Count the lines and work out returns.Forecast and tricast calculator →7. Lucky 15s and other multiples cost more than they look
A Lucky 15 is 15 bets on four horses: four singles, six doubles, four trebles and a fourfold. A £1 Lucky 15 costs £15, or £30 each way. One winner usually gets something back, but you need more than one to make a profit unless the prices are long.
Multiple bet calculators:Lucky 15 calculatorYankee calculatorTrixie calculator
8. Set a spending limit before the first race
Decide what you're happy to spend before the first race, and stop when it's gone. Racing comes thick and fast, and it's easy to bet on races you know nothing about. Fewer, better bets beat betting on everything.
Questions people ask
How do you bet on horses?
Choose a horse and a bet type, usually a win or each way single. Before you place it, check the odds, the place terms if you're betting each way, and whether the bookmaker offers best odds guaranteed.
What is the best bet for a beginner in horse racing?
A win or each way single. They're simple to follow, easy to check, and you can see exactly what you'll win.
How do you pick a horse to bet on?
Most punters look at recent form, the going, the distance and the jockey. Whatever you use, compare your view with the odds. A good horse at too short a price isn't a good bet.
What does SP mean in horse racing?
Starting price, the official odds when the race starts. Bets at SP are settled at that price.