Basics

WIN Bet

This is when you are confident that your selected horse will win the race. For you to win, your selected horse needs to cross the line first. If you win, you will get the odds that the horse is showing to win the race. 

PLACE Bet

If you are not sure that your selected horse will win outright, you can put on a place bet and your horse will need to cross the line in the top 3 for you to get a return on your bet.  If a race has only 7 horses, most betting platforms & bookies will only pay for horses that finish in the top 2. Be sure to check this before placing your bet. 

EACH WAY Bet

A combination of Win and Place bets, your horse must either win or place first, second, or third. If your horse wins, you will be paid out for the win and for the place bet.  If your horse comes second or third, you will receive the place dividend.

Fixed Odds

When placing your bet, you have the option to fix the odds, which means you lock in the market odds your horse could potentially pay at the time of placing your bet.  If the market odds come in and are lower at the time of the race,  you are guaranteed the odds that you locked in when betting.  Unfortunately, if the odds increase,  your odds stay the same. When placing a bet with bookies, you will generally receive fixed odds on your bet. 

Bookie

A 'Bookie' or Bookmaker is someone, generally on a racetrack, who helps facilitate a bet for you.  You are taking on the bookie with your bet, and if it wins, they will have to pay out your money.  A bookie can set their own odds for each race and can differ from other bookies. If your bet wins, you can only cash this in with the same bookie. 

TAB

TAB is the wagering partner with Flemington Racecourse.  You will find TAB machines around the course and at most local hotels in Australia.  TAB provides machines that will help facilitate your bet for the selected race and will print this out on a piece of paper.  You can return to any machine or TAB outlet to claim winning tickets or cash in your tickets. 

Exotic Bet Types

TRIFECTA Bet

In the same race, you must select the first 3 horses past the finish line. You are able to select as many horses as you like but must have a minimum of 3 selections.  You can either select your horses in order of their finishing positions (1st, 2nd, and 3rd) or you can box your selection and it doesn't matter what order they come in, so long as they are in the finishing 3. 

FIRST 4

Similar to a Trifecta bet, you must select the first 4 horses past the finish line.  Either select them in order, or box them up and it doesn't matter what positions they finish in, but again, must be in the first 4.  You can select as many horses as you want to be in your first 4 if you box them. 

QUADDIE

Otherwise known as a Quadrella or Early Quaddie.  A Quaddie is a selection of 4 consecutive races at a particular race track (venue).  You must select the winner of the 4 selected races to win.  You are able to select as many horses in each race (also called 'Leg') but one of these must win. Your winning amount is dependant on the total betting pool and your return will not be known until the final race.