There are few sports that capture the imagination as must as horse racing when it comes to betting. The biggest races of the season see both experienced and novice bettors making wagers on the outcome, as they look to find a winner in races such as the Grand National, Kentucky Derby and Breeders’ Cup Classic.
While the standard way of betting on horse racing is most common with the leading sportsbooks, with markets such as win, place and exacta available, there is also an interesting opportunity to get involved in Pari Mutuel betting. You can find out all about that type of betting below.
What Is Pari Mutuel Betting?
Pari Mutuel betting is one of the most popular types of wager to place when it comes to horse racing. Instead of betting against a bookmaker, these types of bets are against others that are making wagers on the racing action. Nowadays, this type of bet is widely known as ‘pool’ betting, as the stakes from each bet are entered into a pool, with the winning players from their selections getting their share of the prize pool.
However, some of the money from the bet does go towards the house, but nevertheless, it remains an exciting betting option when it comes to making wagers on the sport.
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Popularity In Horse Racing
Pool betting is popular around the world when it comes to betting on horse racing. The main reason for that is down to the fact that pool betting is legal in almost every region across the globe. Pool betting is also most popular when making bets on horse racing, as well as greyhound racing, as it is a type of bet that few other sports cater for. For bettors in the UK, a pool bet is the first wager of the day for millions when they arrive at a track.
Tote is the biggest company for pool betting on the horse racing in the UK, and their stalls are located almost within a stone’s throw from the entrance of tracks up and down the country. As soon as the pool bet is on, bettors go about their normal betting business and look for a winner in the first race to place on a single bet. However, the pool bet could be the slip that lands them the biggest returns of the day. But, massive pool wins are extremely rare, as typically the bettor will need to find one winning selection that very few others have managed. But, regardless, it add to the excitement of a day at the racing.
Types Of Pool Bets
There are a number of different pool betting variations available nowadays, which means that bettors don’t simply just need to find six winners on the card. However, the Jackpot selection remains the most popular, as it is potentially the most rewarding if you’re able to find all six winners. But, due to the difficulty of this, there are a number of other different types of pool betting options that have become more popular.
The most common of those is the Placepot. Like all pool bets, the bettors compete for their share of the prize fund, but instead of trying to find six winners, you will instead need to find horses that place in all six races on the card. This pool betting type often ensures that more players are in with a chance of landing a victory as the day progresses, as their selected horses needs to finish in the first or second place, and depending on the runners involved, third is also covered.