How to Bet on Horse Racing - The Complete Guide for 2024
Unlock the ultimate guide to horse racing betting in March 2024. Discover how it works, the best sportsbooks, various bet types and more with FanNation.
Horse racing has seemingly become more and more popular as time goes on. Spectators are tuning in to a lot more than just the Triple Crown races these days, and a big reason for that comes down to horse racing betting. That’s exactly what we want to discuss here today as you may still be wondering “Can I bet on horse racing online legally?”, along with where to bet on horse racing.
Not only will we get into the ins and outs of how to bet on horse racing online and where to bet on horse racing, but we’ll do so while also detailing the latest sign-up bonuses for new users at these respectable platforms. So, stick with us as we explore how to bet on horse racing online.
Where is Horse Racing Betting Legal?
To first solve the question of “Can I bet on horse racing online legally?” we’ll start by listing out the states in which horse racing betting is legal:
Alabama, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Montana, Nebraska, New Hampshire, New Jersey, New Mexico, New York, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Dakota, Tennessee, Vermont, Virginia, Washington, West Virginia, Wisconsin and Wyoming
How to Bet on Horse Racing
To get started with your horse racing betting journey, follow this step-by-step guide we’ve constructed below to get the process underway:
- Use our links or banners in this article to sign up at both of the best horse racing betting platforms.
- During registration, no promo code is needed at FanDuel to secure the new-user promo. The code BET200 is required if you join Twinspires, however.
- Make a first-time deposit.
- Find a horse race to bet on.
- Add a desired selection to your bet slip.
- Enter a dollar amount and place your wager.
Where to Bet on Horse Racing Online
Now that the “Can I bet on horse racing online legally?”, question is answered, it’s time to explore the available options of where to bet on horse racing. We also just explained how to bet on horse racing online, so this is the final step before getting started at one or both of these phenomenal platforms.
Horse Racing at FanDuel
Possessing one of the best NFL betting sites, FanDuel cannot be forgotten about in terms of its racebook either. They’ve even got you covered with comprehensive analysis regarding upcoming events to help keep you up to date.
Of course, their 'Bet $5, get $200' in bonus bets is also icing on the cake. With no promo code required to claim it, you can begin with an instant boost to your bankroll when your 'Win' bets finish anywhere after you become a new member. This will be eligible on select days in August and September, so make sure you sign up for a new account before it's too late. Don't forget, new members will also receive three months of free NBA League Pass for access to all NBA content and games.
Horse Racing at Twinspires
Twinspires is another one of the best betting apps for horse racing. They don’t offer a sportsbook like FanDuel, meaning they specialize in horse racing 100% of the time. They have an official partnership with Churchill Downs so you know you’re on a legit and reliable platform.
They have a generous sign-up bonus for new users who create a new account with code BET200. Within your first 30 days as a new member, Twinspires will dish out a $100 bonus for every $400 wagered. This can be done twice for a maximum value of a $200 bonus just for betting on this spectacular destination.
How Horse Racing Betting Works
It’s wise to get a full understanding of how to bet on horse racing before doing too much horse racing betting. A major difference between betting on horse racing and betting on other sports is that in horse racing, you’re betting against the public at large rather than against the house.
Odds shift in the days and hours leading up to a race, so the key is to identify the best value on whatever bet you’re trying to place. Of course, the best way to do that is by being smart with the bet type you’re wagering with, and we’ll get into some of the horse racing bet types below.
Popular Horse Racing Betting Types
One of the most crucial factors in understanding how to bet on horse racing is the various bet types associated with horse racing betting. We’ve done our best to explain some of the most common ones for you here:
Win
This is easily the most popular and straightforward bet type when learning how to bet on horse racing. This is simply a wager on the horse you’re betting on to win the race outright, finishing in first place overall. If the horse you bet on finishes in any other place than first, the wager is deemed a loss.
Place
Picking a horse to place is another popular and simple bet that is very similar to choosing a horse to win. Except here, second place is included along with first place in terms of a winning selection. So, if your selected horse finished first or second, your wager wins. If it finishes third or anywhere else, your bet is a loss.
Show
Finally, betting on a horse to show is the same as the first two bet types, just with third place included. If your selected horse finishes first, second or third, that is a winning bet. Anywhere else in the race, and that is a losing bet.
Across the Board
A wager on a horse across the board means you’re betting on a horse to finish first, second or third, but the payouts will vary depending on those top finishing positions. A horse finishing in first would pay out all three finishing positions. A horse finishing in second would pay out the place and show spots. And finally, a horse that finishes in third would pay out just the show money.
Other Popular Horse Racing Bets
There are multiple different horse racing bet types to choose from besides the four we listed above. Some other more popular ones include exacta, exacta box, trifecta, trifecta box, superfecta and superfecta box.
Horse Racing Odds & Betting Lines Explained
The final step in determining how to bet on horse racing is understanding the betting odds and lines. In horse racing, unlike traditional sports betting, a pari-mutuel system is used, meaning that all the wagered money is put into a pool. The amount of money then determines the odds on each horse.
For example, the most bet on a horse at a particular event would be the betting favorite. This can surely swing payouts a certain way, as you could initially bet on a horse to win at 10-1, but he may end up starting the race at 5-1 anyways. Conversely, you could snag a horse at 5-1 and then be rewarded if their odds jump to 10-1 before the race starts.
How to Read Horse Racing Odds & Betting Lines
Betting odds in horse racing are displayed with fractional odds rather than decimal or American. Instead of a horse listed at +200, for example, it will be listed at 2-1. The payouts remain the same as typical sportsbook wagers, it just may look a little different. A winning bet on a horse at 2-1 odds would earn $20 off a $10 wager. A winning bet on a horse at 10-1 odds would earn $100 off a $10 wager.
Horse Racing Betting Trends
One thing that doesn’t change when learning how to bet on horse racing compared to normal sports betting is the necessary research taken before confidently placing any bets. There are multiple websites with information on horses, jockeys, trainers, past results, styles and more.
Horse Racing Betting Strategies
Basic
No matter who is jockeying or training, horse racing, at the end of the day, comes down to the horses themselves. The first thing to do before betting on horse racing is research the horse's experience, records and other statistics surrounding their performances.
Both recent finishes and finishes at a specific location are helpful tips when deciding which horse to bet on, along with a horse's running style and condition.
Intermediate
Jockeys and trainers ultimately have a huge impact on which horses win or lose. This may be more true for the trainer aspect, as jockeys typically aren’t pigeonholed to any one horse but the best ones are given the best horses to ride.
Trainers, though, work tirelessly to put their horses in the best shape they possibly can. It’s always wise to check out the horse/jockey/trainer combination ahead of a race.
Advanced
Gate position may be the most important external factor that comes into play during horse racing. The worse gate position a horse has, the more ground it has to cover.
This is crucial when every split second matters in a sport like this. Gate positions are different at all tracks, so be sure to check out both the location’s information as well as your desired horse’s actual gate position.
What to Avoid When Betting on the Horse Racing
- Overbetting
- Not doing enough research
- Exclusively betting on the favorites
- Not comparing betting odds across racebooks
- Ignoring the track’s conditions
- Betting solely because of a jockey
Betting on Horse Racing With Mobile Apps
Yes, once you feel like you know how to bet on horse racing, all your wagering can be done right on your phone. That’s because both FanDuel and Twinspires possess mobile apps for both Android and iOS, which are widely regarded as the best horse racing betting apps available.
Simply visit your device’s app store and download them both after using our links/banners to create accounts on each platform in a few minutes.
FAQs
Can I Bet on Individual Jockey Performances in Horse Racing?
Not necessarily, as all jockeys and horses are tied together in terms of their betting odds. If our explanation of how to bet on horse racing did anything, we hope you now know the variable regarding horses and their jockeys.
Can Horse Racing Betting be Profitable?
Yes, much like any sports betting, wagering on horse racing can be profitable. It’s all about using the correct techniques and finding a system that works for you.
How to Bet on Horse Racing & Win
Unfortunately, there’s no clear-cut way regarding sure wins in horse racing betting. It’s gambling for a reason, so while it may be fun and profitable some of the time, nothing is a guarantee.
Enjoyed this article? Further enhance your betting experience with our guides, handpicked for you:
Gambling Problem? Call 1-800-GAMBLER. Hope is here. GamblingHelpLineMA.org or call (800) 327-5050 for 24/7 support (MA). Call 1-877-8HOPE-NY or text HOPENY (467369) (NY). 21+ and present in select states. FanDuel is offering online sports wagering in Kansas under an agreement with Kansas Star Casino, LLC. Gambling Problem? Call 1-800-GAMBLER or visit FanDuel.com/RG (CO, IA, KY, MI, NJ, OH, PA, IL, TN, VA, VT), 1-800-NEXT-STEP or text NEXTSTEP to 53342 (AZ), 1-888-789-7777 or visit ccpg.org/chat (CT), 1-800-9-WITH-IT (IN), 1-800-522-4700 or visit ksgamblinghelp.com (KS), 1-877-770-STOP (LA), visit www.mdgamblinghelp.org(MD), 1-800-522-4700 (WY), or visit www.1800gambler.net (WV).
The Arena Media Brands, LLC and its partners may receive compensation for links to products and services on this website. The Arena Media Brands editorial team is not involved in the creation of this content.
