Originally Posted by
AHLUNGOR
Hi brother, its the Aussie way that everyone will bet on Melbourne Cup day!
For a win bet, obviously the horse you selected has to win the race = comes first in the race. Depending on the odds, you can win a multiple of how much you bet on.
Eg, if the horse is paying $6.00 and you bet $10 for the win, you will collect $60.00
A place bet is to bet on a horse which will run 1st, 2nd or 3rd in the race, as you have more chances, your odds will be reduced.
Take the same horse who pays $6.00 for the win, will likely to pay $2.50 for the place.
An each way bet is to place the same amount of money on the same horse to win and to run a place. So for this horse you can bet $10 each way = total cost $20
If it wins, you collect $60+$25=$85
If it runs 2nd or 3rd, your win bet is lost but you win on the place bet and collect $25, so you still ahead $5.00 from your $20 investment.
So if you not sure if the horse can win, you can put the $20 on place bet only and collect $50 for the place win, its up to you how much risk you willing to take on your gamble. In the same race, a $20 win bet will return $120 if the horse came 1st!!
If the horse ran 4th or beyond, you lost your $20!!
So, want to have some fun??