Betting on the races is big business. Millions of punters spend millions of dollars every year betting on the huge range of fantastic races held in Australia and overseas. One of the most attractive aspects of horse betting is the sheer number of odds and options bookmakers offer on the races. Here we will detail the most popular betting types punters place on the races. When betting on the races, no matter what wager you choose to place it is important to read up on the latest racing tips in order to have the most success.

Standard Betting Types:

The most popular betting types are the standard wagers because of their simplicity to understand, place and work out the paying dividends of. Standard betting types available on all races include:

Win: Simply select the runner you think will finish first in the race. You can select more than one horse and place multiple win bets on a single race.

Place: When you choose a horse to finish within the top three of a race. If your selection comes first, second or third you win.

Each Way: A combination of the above two wagers, also referred to as Win/Place. If the runner you have backed comes first, you collect both a Win and Place payout. However, if your horse finishes second or third, you win the Place dividend only.

Exotic Betting Types:

Although exotic betting types are more expensive, they pay far higher dividends to successful punters.

Quinella: Select the first and second placegetters in any order.

Exacta: Pick the two horses to finish first in the correct order.

Duet: Correctly select two of the three placegetters in any order. Pays three dividends for these combinations in order of highest to lowest payout: 1^st & 2^nd, 1^st & 3^rd and 2^nd & 3^rd. This wager is only open on races with eight or more runners.

Trifecta: Pick the horses to finish first, second and third in the correct order.

First 4 / Quartet: Selecting the top four finishing horses in the exact order.

Superfecta: Select the top six finishers in the correct order.

Double: Correctly choose the winners of two races nominated by the bookmaker.

Quaddie: Pick the four horses to finish first in four races nominated by the bookmaker.

Big 6: Select the six winners in the six races nominated by the bookmaker.

Many of the above exotic bets are available in the following options:

Box: When you box the runners in your wager, covering all possible combinations for the finishing order.

Standout: When you pick one runner to standout and win the race and then any of your other selections can fill the other places in any order.

Multiple: When you select more than one horse in each leg of the wager.

Roving Banker: Pick a horse as your roving banker and then select other runners to fill the rest of the places. The roving banker must place in the race and at least one of your other horses must fill the other places in any order.

Flexi: An exciting way to wager where you are able to place nearly any combination of exotic betting types and nominate what you want to spend. If you win you receive a percentage of the full dividend according to what you laid down. A great way to get in on the exotic betting markets without having to outlay the full cost of some of these pricier options.

What bet you place depends on the race, runners and what you want to spend. Also, remember that the longer the odds are on a runner the more they will earn you if they win, so keeping an eye on the outsiders can prove to be very profitable. Sometimes the favourite for the race is at such short priced odds and has such little competition that there is not much money to be made off backing them. This is where the other bet types can really pay off. Horses at longer odds that might not win, but that you think will finish in the top three can be an excellent choice for Place bets.

So whatever race you are betting on, whether it is the illustrious Melbourne Cup or a local mid-week event, make sure you select the best betting type for you.