The 144th Kentucky Derby is still a few months away however it is never too soon to learn how to place your wagers. Placing a bet on a horse is not as easy as it sounds. The odds are higher with a single horse for the win, but it may make you lose all your money quicker than you can say ‘trot’. How about betting on a colt to bag either the first, second, or third place? Far easier and reliable, eh! Let us first go through the different types of bets before venturing into the competitiveness of the racing.
Straight Bets: Well, if you wish to bet on a horse to win the first place, you will need to place a straight bet. However, very few gamblers go with this strategy. Unless you know that a particular mare can sprint quicker than you have ever known, you don’t want to go with a straight bet.
However, if you trust the particular colt to deliver, then you can easily acquire astonishingly profitable odds to help you on your way. The thing is, very few gamblers go for the straight bets due to lack of knowledge regarding the horses. Thus, the odds will, more often than not, be in your favor. However, you may wish to conduct a thorough research on the horse before going for a straight bet.
Placed Bets: Unlike a straight bet, you are allowed to choose if a horse would come first, second, or third in the race. If the the race is conducted between 5 or less horses, you obviously won’t be allowed to pick the third place, but between 10 or more horses, the third place would definitely come into the picture.
Each-Way Bet: An each-way bet is often considered to be the meeting line between straight and placed bets. For instance, if you place an each-way bet on a horse, you would be entitled to win the odds on the first place if it comes first, and also on the second or third place, whichever matter. Needless to say, the each-way bet is more common among gamblers than any of the other bets.