All Types of Bets

Published on: 08/08/2016

Wagering is an exhilarating past-time that can be enjoyed by anyone seeking a form of entertainment that has the potential to return profit. The list below outlines some of the types of betting you will come across within the world of gambling as well as a few ideas on applying them.

Bet types explained

A Single is a bet placed on a single outcome in any event.

A Win bet is a single wager which only pays out if the chosen selection comes first in a particular event.

In Great Britain, a Place is a single bet where cash can be won providing that the selection finishes within a set number of places of the winner - this is sometimes referred to as “in the money”. The number of places may vary depending on the number of entries in a race but is typically the first three. In the US a place bet normally applies to a selection finishing first or second.

A Show bet in the US gambling industry refers to a straight bet where you make one selection to finish in the top three.

An Each-Way bet is a single wager made up of two separate bets: a win bet and a place bet.

A Draw is a single bet that predicts that an events will finish even with the same score or outcome and no actual winner. This is sometimes referred to as a “Tie”.

An Over/Under is a single bet that predicts that the outcome will be higher or lower than a predetermined number.

A Daily Double is found in US horse racing and refers to a bet placed on two separate races, which both have to be successful in order for winnings to be honoured.

The Exacta is a wager in which you can bet on horses to finish first and second in the exact order predetermined - this may also be called a “Straight Forecast” or “Perfecta.”

A Quinella is a wager in which you can bet on horses to finish first and second in any order.

A Reverse Forecast racing bet is made up of two Exacta bets where both predictions must finish either first or second in any order. Alternatively called “Reverse Action.”

A Trifecta is a racing bet where the wager must predict the exact order of the first, second and third finishers - otherwise known as a Tierce or Tricast.

A Superfecta is a racing bet in which the prediction must match the first four finishers in the correct order.

An Accumulator is a multiple wager made on a selection of races or events - also known as a “Parlay.” All of the selections have to be successful to yield a return.

A Double is a popular sports accumulator bet which is placed on two selections in separate events. Both selections must be correct to pay out.

A Treble accumulator bet is placed on three selections in separate sporting events. All three selections must win to pay out.

A Full Cover Bet is a wager which allows all multiple bets over a particular number of selections.

A Trixie is a full cover bet which consists of four wagers on three selections. It includes three doubles and a treble. At least two of the selections must be correct in order to receive a pay-out.

A Combination Forecast is a full-cover racing bet comprising of six Exacta bets placed on three selections. Returns are received if any two selections finish first and second.

Pick 3, 4, 5 or 6 etc. This type of bet requires the punter to select all of the winners from a particular number of races.

A Patent is a full cover wager comprised of seven bets on three selections in separate events. It is similar to a Trixie, but with single bets on each selection.

A Crazy 8 Pick is a bet where the wager picks the correct winners in each of the first eight races at a meeting.

A Yankee is a full-cover bet, comprised of eleven wagers on four selections in separate events. It is made up of six doubles, four trebles plus an accumulator. For a return at least two selections must achieve a favourable result.

A Lucky 15 is a wager consisting of four selections covering 15 different bet types:

Four single bets
Two double bets
Four trebles
One four-fold accumulator

A Super Yankee is a wager on five separate events, comprising of 26 bets:

10 doubles
10 trebles
Five four-folds
One five-fold accumulator

A minimum of two selections must be successful in order to get a return.

Aptly named the Alphabet, this wager is made up of 26 bets on six separate event selections. The Lucky 31 is a wager which is similar to the Super-Yankee - however, it also includes five single bets. It is made up of 31 bets made on five selections in different events.

Heinz is a wager consisting of 57 bets on six selections in different events. It is made up of:

15 doubles
20 trebles
15 four-fold accumulator
6 five-fold accumulator
One six-fold accumulator

The Lucky 63 is a wager which requires only one successful selection to yield a return and it pays a 20% bonus if all four selections win. It is made up of 63 bets on six selections.

A Super Heinz wager consists of 120 bets involving seven selections in varying events. It is made up of:

21 doubles
35 trebles
35 four-fold accumulators
21 five-fold accumulators
seven six-fold accumulators
One seven-fold accumulator

A minimum of two successful selections are required to yield a return.

The Goliath is a wager featuring 247 bets with eight selections on different events. It comprises of the following:

28 doubles
56 trebles
70 four-fold accumulators
56 five-fold accumulators
28 six-fold accumulators
8 seven-fold accumulators
1 eight-fold accumulator

Two selections are required to be successful in order to receive a return.

Conditional Wagers are custom bets that allow bets to be placed under certain conditions. For example, if one part of a selection is successful, an agreed amount can be allocated to one or more of the remaining picks. They can also include special conditions for draws and cancelled events. They may also be referred to as “Any to Come” or “If Cash” bets.

In a Betting Pool, bets of a fixed amount on unique selections are placed into a pool and winnings are distributed as a portion of the total, depending on the calculated odds.