Horse Racing 101: A Beginner’s Guide to Betting Types

Horseracing is a popular leisure activity among all social groups in Australia. Although most of the original forms of gambling through it were prohibited back in the days of their inception, horse race punting was eventually legalised as years went by.  In fact, it was the first form of organised gambling in our country.
If you are new to horse racing, there are a lot of things about punting that you might have difficulty of understanding. One of the first things that you might ask yourself is how to place a bet – not the actual process of paying for a ticket, but choosing what betting types you should put your money into.
Well, for the purpose of helping you and other first time punters out there, we have gathered below the main betting types in horseracing and explained each of them. So, make sure to read on before race day.


This is the most basic betting type. A win bet means that you will recieve money if the horse you picked finishes the race first. Usually, the amount you’ll win depends on the amount of money that you bet.


When you do a place bet, you will still be picking one horse for a race. However, you will win money back not only if it places first but also if it finishes second or third. This means that you’ll have more chances of winning than the win bet.


This betting type is the combination of the “Win” and “Place” bets. If your chosen horse wins first place, you will get both winnings on the win and place bets. And if the horse finishes second or third, you will also win money. It is also known in the punting world as “hedging your bet”.


Unlike the first three basic betting bets, in Exacta, you will be picking two horses for your bet. Basically, what you need to do in order to win is to predict the horses that will finish first and second, in order. Although this may be harder than basic betting, the stakes are definitely higher.


Same as exacta, you are to pick two horses. You will win if your horses finish first and second, in any order.
Box Quinella
The box quinella lets you choose more number of horses (rather than the limit of 2 for the standard quinella) to predict the first two finishers – in any order. Take note that whilst it is easier to win, box quinella is more expensive and will cost more if you add more horses to your bet.


In Trifecta, you are to choose three horses for your bet and you win if they finish in first, second and third place in exact order. This bet pays out really well if you can predict the outcome of the race.

Box Trifecta

If you are not yet confident with your predictions for betting in a trifecta, then you can settle on a box trifecta. You will win if your chosen horses finish in first, second and third, in any order. You can also add more horses to your bet (same as boxed quinella) but will definitely cost you more.


A duet bet lets you choose two horses. You will win if those two horses finish the race in first, second or third place – in any order.

Running Double

To win on a running double, pick the winning horses on two consecutive races at the same track.

Daily Double

You can win this type of bet if you can predict the winning horses of two nominated races on the same day and at the same race track.


This bet requires you to predict the winning horses for three nominated races at the same race track. Do remember that this type of bet is only available with specific bookmakers (not all).


Also known as quaddie, you can win this by picking the winners of four nominated races at the same race track.

Big 6

Win big by picking the six exact winning horses for six nominated races. This type of bet is typically for a single race track. However, some bookmakers also allow this to be split into two or more tracks.

While one may say that winning really depends on picking the right horses, it is equally important to know what betting types are suitable for making your bets. Always remember that choosing between an Exacta and a Quinella may result into either winning less or more. Happy punting!