What this guide covers
Horse racing has its own vocabulary: each-way, place terms, scratchings, rule 4, dead heats. This guide explains the bets you're most likely to see on Stake's racing section, how they settle, and what happens when a horse is withdrawn. Stake names horse racing among its sports. Which meetings and bet types appear can vary, so check the racing section itself for what's on offer on a given day.
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Win and each-way
A win bet needs first place. An each-way bet adds a place part that pays if the horse finishes in the paid places.
An each-way bet is two equal bets in one. If you stake 1 unit each-way, you're betting 1 unit on the win and 1 unit on the place, so the total cost is 2 units. If your horse wins, both parts pay. If it finishes in the places but doesn't win, only the place part pays, at a fraction of the win odds.
Each-way example
| Part | Stake | Pays if |
|---|---|---|
| Win | 1 unit | Horse wins |
| Place | 1 unit | Horse places, at a fraction of the odds |
Place terms
Place terms set how many places pay and what fraction of the odds they pay at. Common terms are a quarter or a fifth of the odds for the first two, three or four places. They usually depend on the number of runners and the type of race, with big handicaps paying more places. The terms for each race are shown on the race card. Read them before you bet, because they decide what the place part is worth.
Here's a made-up example. You back a horse at 9.00 decimal, 1 unit each-way, with place terms of a fifth of the odds for three places. The place odds are calculated from the profit part: 8 divided by 5 is 1.6, so the place part pays at 2.60. If the horse finishes second, the win part loses and the place part returns 2.60. Your total return is 2.60 on a 2-unit stake. If it wins, you collect 9.00 plus 2.60.
Scratchings
A withdrawn horse usually means a refund on that horse, and other prices may get a deduction. Stake's racing rules set the details.
When a horse is withdrawn, sometimes called scratched or a non-runner, bets on it are usually refunded. The rest of the field now has a better chance, so books apply a deduction to winning bets on the other horses. In some racing jurisdictions this is called a rule 4 deduction. The size of the deduction depends on the withdrawn horse's price. A big favorite pulling out means a large deduction. Stake's racing rules set how this works on its markets.
Dead heats
When two horses tie for a position, it's a dead heat. Under the usual rule, your stake is split between the tied horses, so you're paid at full odds on half your stake. Check Stake's rules for how it applies. The same rule can apply to the last paying place in an each-way bet. It's fair, but it surprises people the first time.
Other racing bets
Beyond win and each-way, some books offer forecast bets, which ask for the first two in order, and tricasts for the first three. These pay more because they're much harder. Whether Stake lists them for a given race varies, so check the race page.
Fixed odds and starting price
If you take a fixed price, that's the price you're paid at, whatever happens to the market later. Some books also offer the starting price, the price at the off. Prices move a lot in the last minutes before a race, in both directions. Taking an early price is a choice, not an edge.
Reading a race card
A race card lists each runner with its recent form, weight, jockey, trainer and draw. The going, which describes how soft or firm the ground is, matters a lot to some horses. All of this is public, and the prices already reflect it. It helps you understand why a horse is the price it is.
Live racing
Races are short, often a few minutes. There's little in-play betting in the sense of football, and the pace of race after race is the real risk. A card can have a race every half hour, all afternoon. Our live betting guide covers why speed makes limits matter.
Related
See F1 betting for another field sport, or odds explained for fractional odds.
Ante-post and race-day prices
Big races often have ante-post markets that open days, weeks or months before the event. Prices can be longer, but ante-post bets usually lose if your horse doesn't run, with no refund. Race-day markets usually refund non-runners. That difference is easy to miss, so check which kind of market you're in. Stake's racing rules set the details.
Keeping it in proportion
Racing runs most days, at many tracks, and in many time zones. It's one of the easiest sports to bet on without a break. Set a budget for the day, treat every bet as money you can lose, and if you're chasing losses, stop and read our responsible gambling page.
FAQ
How many places pay?
It depends on the field size.
Is racing available every day?
Check the racing section.
What's a dead heat?
A tie. Payouts are usually split, as Stake's rules set out.
Is each-way always offered?
No. It depends on the race and the market. Check the race card on Stake.