A bet type is simply the type of bet you choose to place on a horse race. There are all sorts of different bet types including win bet types, place bet types, exotic bet types and sports bet types.
Win bet types
Racing win bet types include: Best of the Best, Top Fluc, Better Div, Fixed Win, Best of 3 Totes, Mid Tote, Home Tote, Starting Price, Pick Your own Field, Lay Betting and Each Way Betting. All of these bet types are described below. Choosing the win bet type that will give you the best winning dividend should your horse win is unfortunately an important step overlooked by the majority of punters. It is vital that you secure the best price that you can with each bet because this will give you a better chance of winning in the long run. For more information on the various betting products available, we recommend visiting Bet-Types, a site that clearly defines and explains sports and racing bet types, as well as providing advice on when to use each bet type for maximising winning returns.
The TAB (tote) only offers certain bet types. Tote betting is pari-mutuel betting where all bets go into a pool. After the race the pool is divided among winning ticket holders. For win bet types, we recommend going with a bookmaker that offers better win products. The tote does not represent great value for win bets. Make sure you visit our bookmakers page to register with one of the best Australian betting sites. You can also read our advice on bonus bet offers and how to access them, if you are an eligible resident.
Best of the Best
Best of the best is a racing bet type whereby the bettor is guaranteed the highest price of either the Top Fluc (Top Fluctuation) or the best of 3 totes.
Top Fluc is a racing bet type that guarantees the bettor the highest price fluctuation for their selected runner in the betting ring during betting on the race.
LUXDIV / MAXIDIV
Lux div is a bet type that guarantees punters the best price on the 3 totes or the official starting price; whichever is higher. Better div is a great option for
FIXED PRICE BETTING
Fixed price betting is where the bettor selects the current fixed price for a selection on a racing event. The price you see is the price you’ll be guaranteed
The tote (tab) runs different betting pools on the same events based on state jurisdiction. The Victorian tote dividends vary from the NSW Tab dividends
Mid tote is a bet type where the bettor is paid the dividend declared by the 2nd highest of the 3 totes, the mid tote.
Home tote is a bet type where the punter receives the winning dividend as declared by the tote belonging to the state of the bettor.
The starting price is the official starting fixed price of each runner at race time. It is the last fixed price offered before the horses jump.
PICK YOUR OWN FIELD
Pick your own field is an innovative new bet type developed by leading online bookmaker Centrebet. Pick your own field allows the bettor to select a field
A lay bet is a bet type available on a betting exchange where the bettor can back a runner to ‘not win’. The bet will be successful so long as the runner
EACH WAY BET
An each way bet is a bet type that allows the bettor to back a runner for a win and a place in the same bet for the same amount. A $10 each way bet
A place bet is a bet type where the bettor selects a runner to finish in the first 3 placegetters.
EXOTIC BET TYPES
Exotic bet types involve a combination of results either in the one race or in multiple races. Examples of single race exotics include: quinella exacta, trifecta, first four and duet betting. There are also different permutations of these bet types like a box trifecta and a box quinella.
An exacta is a bet type where the bettor must select the first 2 placegetters in correct order.
A box exacta is where the bettor can select any number of horses to finish 1st or 2nd and the runners can finish either 1st or 2nd.
A quinella is a bet type where bettors must select horses to finish 1st and 2nd in any order.
A box quinella allows the bettor to select any number of horses to fill the first two placing’s. Similar to a quinella the order for 1st and 2nd is not important.
The bettor must select only two of the first 3 place getters.
A trifecta is a bet type whereby the bettor selects horses to finish 1st, 2nd and 3rd in correct order.
A box trifecta is a type of trifecta bet where the bettor selects a number of runners (3 or more) to fill the 1st, 2nd and 3rd places.
The first four is a bet type where you must select runners to finish, 1st, 2nd, 3rd and 4th in correct order.
MULTIPLE RACE BET TYPES
Multiple race exotic bet types include: daily double, treble, quaddie and the big 6. All of these bet types are described below.
A daily double is a bet type that combines two single bet types over two horse races. Both horses must win for the bet to be successful.
A treble is a betting type whereby the bettor must select the winner of each of the three nominated treble races.
A quaddie is a betting type whereby the bettor must select the winner of each of the four nominated quaddie races.
The big 6, or straight six, is a bet type whereby the bettor must select the winner of each of the 6 nominated big 6 races.
A flexi bet is a betting option that allows bettors to bet a percentage (%) of a betting unit rather than have to pay the bet cost for a full $1 unit.
SPORTS BET TYPES
There are also different bet types for sports betting. These include: fixed win, line betting, margin betting, lay betting, multi bet and live betting. All of these bet types are described below.
Fixed Odds are the current fixed price for an event at any given time. The price you see is the price you’ll be guaranteed.
Line betting is a form of betting whereby the bookmaker handicaps a team by setting a margin, which effectively makes the game equal. This margin is referred to as the line.
Margin Betting is a form of betting whereby the bookmaker breaks up the number of possible outcomes by adding a margin. The bettor must select the correct result as well as the correct margin.
Lay betting is a form of betting offered by a betting exchange whereby the bettor can back an outcome to lose or ‘not to happen’.
BEST OF THE BEST
Best of the best is a racing bet type whereby the bettor is guaranteed the highest price of either the top fluc (top fluctuation) or the best of 3 totes.
A multi bet is a bet type whereby the bettor can combine a series of single bets into one bet with the odds multiplying with each leg.
Live betting is the process of placing a bet during an event. The odds change during the event.