Horse racing betting has its own terminology, and if you are new to betting on the sport, some of the terms used by bookmakers can initially seem confusing. Understanding the language surrounding horse racing can make it easier to understand the different types of bets available and what your potential return could be.
Here are seven horse racing betting terms every punter should know.
1. Each Way
An each-way bet is effectively two bets placed at the same time: a win bet and a place bet.
The first part of the bet is on your selected horse to win the race. The second part is on the horse to finish in a qualifying place, such as second, third or fourth, depending on the race and bookmaker’s terms.
If your horse wins, both parts of the bet can pay out. If it finishes in a qualifying place without winning, the place portion can still return a profit.
Each-way terms vary, so it is important to check how many places are being paid and the fraction of the win odds being offered for the place part.
2. SP (Starting Price)
SP stands for Starting Price and refers to the official odds available on a horse at the start of a race.
The Starting Price is particularly relevant to bets placed without taking a specific price at the time of placing the bet. Instead, the eventual SP is used to calculate the return.
For example, if a horse has a Starting Price of 5/1, a £10 winning bet would return £60 in total, including the original £10 stake.
3. Ante-Post
Ante-post betting involves placing a bet on a horse well before the race takes place.
These bets are commonly available for major races such as the Cheltenham Festival, Grand National and Epsom Derby, sometimes months in advance.
The attraction of ante-post betting is that bookmakers may offer bigger odds than those available closer to the race. However, there is usually greater risk because your stake may be lost if the horse does not take part, depending on the specific terms of the bet.
4. Odds-On
A horse is described as odds-on when its quoted odds are shorter than even money. This means the bookmaker considers it more likely to win than lose based on the market price.
Odds-on prices are usually written as fractions such as 4/5, 1/2 or 1/4.
For example, a £10 bet at 1/2 would generate a £5 profit if successful, giving a total return of £15 including the original stake.
Being odds-on does not guarantee that a horse will win. Horse racing remains unpredictable, and even a strong favourite can be beaten.
5. Nap
A ‘nap’ is a term commonly used by tipsters to describe their strongest selection of the day.
A racing tipster may provide several selections across a day’s meetings and identify one horse as their nap. This essentially means they consider it their best betting selection from the day’s card.
The term is often used in racing newspapers, websites and betting discussions, although it represents a tipster’s opinion rather than a guarantee of success.
6. Lay Bet
A lay bet is a bet against a horse winning.
Rather than backing a horse to win, the person placing a lay bet is effectively betting that the horse will not win. If the horse loses, the lay bet can be successful. If the horse wins, the person laying the bet is liable for the specified potential loss.
Lay betting is particularly associated with betting exchanges, where punters can back and lay selections against other participants in the market.
7. Place Bet
A place bet is a wager on a horse finishing within a specified number of places rather than necessarily winning the race.
The number of places that qualify depends on factors such as the race, number of runners and bookmaker’s terms.
For example, if a bookmaker is paying four places and your selected horse finishes fourth, a place bet can still be successful even though another horse wins the race.
Place betting can therefore appeal to punters who want to back a horse to achieve a particular finishing position rather than requiring it to finish first.
Understanding Horse Racing Betting Terms
Knowing the terminology is an important first step for anyone interested in horse racing betting. Terms such as each way, ante-post and place bet describe different ways of wagering, while phrases such as SP, odds-on and nap are frequently used when discussing prices and selections.
However, understanding a betting term does not remove the risks involved. Odds represent the potential return rather than a guarantee of an outcome, so punters should always check the terms of a bet and only wager what they can afford to lose.