Types of Betting
There’s something for everyone
A “Win Only” Bookmaker will accept bets only on horses picked to come first. So, if you bet $1 on Phar Lap at $9 (odds of 8 to 1) your investment is $1 and if he wins you collect $9 from the Bookmaker, which consists of the $1 you invested plus the $8 you have won.
An “Each Way” (Win and Place) Bookmaker accepts “Win Only” or “Each-Way” (Win and Place) bets.
If you bet $1 each way on Phar Lap at $9 (odds of 8 to 1) your investment is $2 ($1 for a win, $1 for a place).
If Phar Lap wins you collect $12. This represents $9 for your $1 win investment and also $3 for your $1 place investment (one quarter of the 8 to 1 win odds being 2 to 1 i.e. a $2 win plus your $1 investment).
If Phar Lap runs second or third you lose your win bet of $1 but collect your place bet of $1 for a total collect of $3.
Where there are less than eight runners in a race, the Bookmaker pays out only on first and second but the place odds are calculated at one third of the win odds.
A “Place Only” Bookmaker accepts bets on horses picked to run first, second or third. This is easier than picking the winner and the dividends offered by the Bookmaker although sometimes unrelated to the win dividend are usually accessed at approximately one quarter of the win odds.
If you bet $1 on Phar Lap at $3 for a place your investment is $1 and if Phar Lap runs either first, second or third, you collect $3.
If there are less than eight runners Phar Lap must run first or second for you to collect, but in that case the dividend offered will be calculated at approximately one third of the win odds.
A “Concession” bookmaker accepts bets on horses to come first, and will return your wager in full if your horse runs second or third. However, if there are less than 8 runners in the race but more than 2 runners, your wager will be returned if your horse runs second. For example, the Concession price for Makybe Diva in a field of ten horses is $4.40. A $10 Concession wager will return $44 if it wins, and money back ($10) if it runs 2nd or 3rd.
Compare this to a Win Only bet at the corresponding Win Only price of $6. A $10 Win Only wager will return $60, but the punter loses his money if it runs 2nd or 3rd. Concession punters are happy to take a slightly reduced price in order to receive all their stake back if their horse runs a minor placing.
There is a mathematical relationship between the Each Way price and Concession price. For example, the Each Way price of $5 corresponds to the Concession price of $3.50, and the Each Way price of $9 corresponds to the Concession price of $7.
A “Doubles” Bookmaker displays odds for all runners in each race at a meeting. To make a double bet you need to select horses to win any two races.
If Phar Lap is in Race 1 at a price of $9 and Tulloch is in Race 3 at $6 and you back them both to win in a double, your dividend if they both win will be $54.
This represents the $1 for both horses to win with the dividends displayed then multiplied 9 x 6 which is 54. If Phar Lap and Tulloch both win, you will collect $54 from the Bookmaker representing your $1 plus the $53 you have won.
Punters can bet on Interstate races in a special ring on the course. Bookmakers betting on Interstate events give the punter exactly the same service as Bookmakers betting on local events. The market is framed on the same basis as it is where the races are actually being conducted.
To give the punter a complete service racecourses are linked by computer. Bookmakers’ prices are updated from the Interstate Betting Ring continuously and displayed on on course T.V. monitors. Punters know AT EXACTLY THE SAME TIME AS THE BOOKMAKER which horses have shortened in price and which have eased at the Interstate venue.
Many Bookmakers in both the Local and Interstate rings also give a multi-venue, multi-mode betting service. That is although they only display dividends for selected venues and bet types they also offer prices on request for other venues and other bet types. These Bookmakers are shown in the race book with the notation (M/V) and often display on their betting board a multi-venue sign.
Betting on feature doubles is a big attraction for punters, both on course and off course.
A feature double is conducted on two specially selected big races, often well before the running of the events. The idea is for the punter to pick the winner of each race. The Bookmaker sets various prices about different combinations and pays on the price the punter takes at the time of making the bet.
Often punters bet early (days, weeks, even months before the events) when the final field is not yet known. Because the gamble is greater in this form of betting the prices offered are usually much greater than on the day of the event. Often this is an attraction for the shop early punter looking for a big return for a small outlay. Betting on feature doubles is on an “all-in” basis, that is if one or both the selected horses do not run the punter’s bet is lost.
There are many ways to bet on sporting events with Victoria’s sports Bookmakers.
Almost all sports are covered with traditional bet types win only, each way, head to head, and multiple (selecting a number of outcomes to occur) betting among the popular options.
Victoria’s Sports Bookmakers offer a 24/7 telephone and internet betting service.
Racing Victoria Centre,
400 Epsom Road,
Flemington VIC 3031
Ph: 03 9376 1933
Fax: 03 9376 7933