The main types of horse racing bets in Nigeria are:
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Win bet;
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Win or place bet;
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Exacta (First-Second place);
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1 from 3;
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Who is higher / who is better.
Let’s dive deeper into each of these types of bets. If you're looking to explore specific events like the Breeders Cup, it’s important to keep an eye on breeders cup odds, as they can provide insights into potential favorites and outcomes, especially for major international events.
Win Bet (Win Bet)
A win bet is simple – you place a bet on the horse that you think will win the race. However, there is a type of win bet that can be compared to a bookmaker's market F(0) – this is the "insurance bet." When you choose this market, you protect yourself in case your leading horse is overtaken by one or two other horses in the final stretch – for 2nd or 3rd place, your stake is refunded.
Win or Place Bet (Each-Way Bet)
This bet type implies that you are betting on a horse to finish in a prize position (1st to 3rd place). In Nigeria, the "each-way" bet is popular, where the stake is calculated both for the win and for the place.
Moreover, there’s an option to place a bet for both the win and place simultaneously, so if your horse finishes in either position, you can win. For example, if you place 1,000 NGN on an "each-way" market, it will be calculated as 2,000 NGN — 1,000 NGN × odds for the "win" + 1,000 NGN × 1/4 × odds for the "place." This kind of bet is advantageous when the odds on the winning horse are above 8.00.
Exacta (First-Second Place)
These bets are similar to the previous ones but come with a restriction – your horse must finish either 1st or 2nd:
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"Straight forecast" is a type of exact bet and pays out once.
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"Reverse forecast" is calculated based on the "each-way" principle – if your horse wins, there will be an additional payout for finishing in the top 2.
This type of bet is best placed on an obvious favorite, where the odds on winning are lower than 1.50–1.80.
1 from 3 (Tricast)
This is essentially the equivalent of an "each-way" bet but with three horses in the race. Variations of the "tricast" bet:
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Exact – any of the three selected horses finishes in the top 2.
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Combined – if two horses from your list finish in the top 2, the winnings can be substantial, as the calculation will include "the horse’s victory" + "its top-2 finish" + "top-2 finish of another horse."
This type of bet is most effective when there’s a clear difference between the favorite and other contenders.
Who is Higher / Who is Better (Match Bet or Head-to-Head)
This bet allows you to predict which of two horses will finish ahead of the other. This market is quite popular in Nigeria, as it focuses on a "duel" between two specific horses, disregarding the final positions of other participants in the race.
Trixie
This is the “lazy person’s” strategy, where you select favorites in three different races of the day. You should choose horses with odds of 2.00 or higher and place a "2 from 3" system bet. If at least two horses from the trio win, the bettor will receive a profit of at least 1/3 of the staked amount. If all three horses win, the bettor multiplies their stake by at least 4 times.
Let’s see how this works. If the bettor places 3,000 NGN on horse A in one race (odds 2.10), horse B in another (odds 2.05), and horse C in the third (odds 2.15), they will place 1,000 NGN on each of the 3 double accumulators (AB, AC, BC):
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If only horses A and B win, the bettor receives 4.305 NGN (+1.305 NGN).
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If horses A and C win, the bettor receives 4.515 NGN (+1.515 NGN).
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If horses B and C win, the bettor receives 4.407.50 NGN (+1.407.50 NGN).
If all three favorites win, the bettor will receive 4.305 + 4.515 + 4.407.50 = 13.227.50 NGN (+10.227.50 NGN).
Why is it best to choose the first races of the day? Traditionally, the day’s races at the racetrack begin with maiden or novice races, which feature newcomers. These horses often have strong potential and tend to win their first race.
The key rule for choosing favorites is:
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The odds on their victory should not exceed 3.00;
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The second contender for victory should have odds higher than 4.50.
If the odds difference between the first and second contender is not significant, the bookmaker might be warning bettors that the favorite isn’t unbeatable – there’s at least one worthy competitor.
Dutching
Dutching is a strategy where you place bets on two clear favorites with approximately equal chances of success. For example, in a race, horse A gives 3.50 odds, horse B gives 4.00 odds, and the rest have odds over 6.00. If the odds between the two favorites differ by less than 1.0 point, it’s a good opportunity to split your stake between them.
In Nigeria, this method is popular because it minimizes risk by covering the top two contenders, while providing an opportunity to win regardless of which one comes out on top.
Follow the Money
This strategy works well for ordinary or main races, especially in Nigeria. The idea is to analyze the race cards 10 hours before the race and note the odds of the outsiders (those with odds over 50.00). Pay attention to the odds of the top favorites. Then, an hour before the race, check the race cards again. If the odds on the favorites haven’t changed much but the odds on the outsider have dropped to 25.00 or lower, it’s worth focusing on this outsider. Someone is likely betting a significant amount of money on this horse, indicating a potential opportunity.
If you can read the horse’s card effectively (which comes with experience), your chances of success with such a bet will be much higher than 20%.
