Horse racing has an abundance of bets that are different from other sports such as a box bet, each way bet, wheel bet, and part wheel bet. All these new terms can be confusing, so we will break it down for you.
A box bet is an alternative to the exotic bets that pick horses in order of finish. Instead, a box bet covers all possible combinations for that race in no specific order. There are multiple types of box bets you can place, such as an exacta box, trifecta box, etc. For example, if you bet a trifecta box, you select three horses to finish in any order in the top three positions. This allows you to bet on multiple horses that you like without worrying about what order they finish in.
Another type of bet you can place if you are feeling confident on one horse but not the others is a wheel bet. This type of bet is different from a box bet in that you choose one key horse to finish in a specific position, and then other horses to finish within the remaining positions for that race. You can choose a horse to finish in first, but also in different places like second or third.
There are two main types of wheel bets: full wheel and part wheel. Both bets include your key horse finishing in a particular place. A full wheel bet, also known as wheeling the field, includes every horse in the race to finish in the remaining positions. In a part wheel bet, you select only some of the horses in the field to finish in the remaining positions.
For example, say you want to place an exacta wheel bet on a race that has six horses competing and select horse No. 1 to finish in second. In a full wheel bet, you will win if horse No. 1 comes in second and one of the other five horses finishes first. In a part wheel bet, you will win if horse No. 1 comes in second and one of the specific horses you choose finishes first. Part wheel bets will give you a greater return as you are not including the whole field in your bet, but rather only a couple more horses.
An each-way bet is very popular in the horse betting world. It consists of two bets on one specific horse, a win bet and place bet. The amount wagered must be the same for both bets. For example, if you bet $10 on a horse to win, $10 will also be wagered on the same horse to place for a total wager of $20.
If your selection wins the race, both bets have won. The each-way bet loses when your selection does not place in the top positions. For the place bet to win, the horse selected must finish in any of the determined top positions. You will see some amount of return when the horse places, but does not win the race. The amount of horses who place varies by sportsbook and depends on how many horses are in the race. If you are not confident in the horse you selected to win, this bet could be a great hedge.
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