How Does Spread Betting Work On Horses

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Spread betting on horse racing with Spreadex is about much more than simply predicting which horse will win the big race of the day.
Spread betting offers you the chance to get against as well as get with horses in a particular race and also allows you bet on a wide range of markets taking in a full day's racing or covering a full festival over a number of days.
Get with or against horses in a certain race or bet over a full meeting. See more via the links below.
To place a bet, look at the Spreadex prediction or spread on the market in question. If you think the outcome will be higher than our price, then you would buy on the spread. If you think the outcome will be lower than our price, then you would sell on the spread.
The more right you are the more you can win, but the opposite is the case if you get it wrong, as you may lose more than your initial stake.
Read on for detailed descriptions of some of our more popular horse racing betting markets.
Try our interactive widget below for examples of how horse racing spread betting works for a theoretical £10 bet on different markets.

Alternatively, read on for more examples explaining how to place a horse racing spread bet.

The widget shows in more detail how spread betting markets can differ in volatility. For example, the range of the outcome for a Squared Numbers spread bet is greater than for the Race Index or Winning Distances markets, which in turn are more volatile than Winning Favourites. Therefore, it is important to choose a stake level you are comfortable with for different markets.

Try using the widget for different horse racing markets to see how potential profit and loss levels can vary. This will help you practice horse racing spread betting and give you an idea of how the markets work before you try for real yourself.
It’s Day 1 of Ascot, and you have a feeling that a jockey is going to have a particularly good day, so take a look at Spreadex’s Jockey Index spread betting market. That’s a bet on the aggregated performance of a named jockey over a meeting, with a win worth 25 points per race, 2nd place 10 points and 3rd place 5.

Spreadex is offering a Jockey Index spread for your named jockey of 34-37 across 5 races. You buy £2 at 37. The named jockey then goes on to win 2 races, finish 2nd in 2 races and 3rd in the final race. That leaves you with a Jockey Index make-up of 75, and profits of £76 ((75 – 37) x £2).

Let’s say the jockey isn’t quite so red hot, but still manages 1 win and a pair of 2nd place finishes, leading to Jockey Index make-up of 45. That would leave you with a profit of £16 ((45 – 37) x £2).

However, it isn’t always going to be your day. If the jockey only managed a single 3rd place finish across their 5 races, you would end up with a loss of £64 ((5 – 37) x £2).
Going into Cheltenham you think a specific jockey’s chances have been overrated, so take a look at Spreadex’s Jockey Index spread betting market.

Spreadex is offering a Jockey Index spread for your named jockey of 47-50 across 5 races. You choose to sell £2 at 47. Your hunch proves to be correct, and the jockey only manages a solitary 2nd place finish. That leaves you with a profit of £84 ((47 – 5) x £2).

Even if the jockey had a slighter better day, and managed a win and a 2nd place finish, you would still end up with a profit of £24 ((47 – 35) x £2).

On the other hand, if the jockey repeatedly rides to victory, and sees 4 wins in 5 races, you would incur a loss of £106 ((47 – 100) x £2).
The spread is based on points being awarded to horses in the following formats:
For races with 11 runners or less: 50 points awarded to the winning horse, 25 to the second placed horse and 10 to the third placed horse (known as the 50-25-10 Index).
For races with 12 runners or more: 50 points awarded to the winning horse, 30 to the second placed horse, 20 to the third placed and 10 to the fourth (known as the 50-30-20-10 Index).
Spreadex may give a horse a spread of 12 - 15 for a race with 12 runners or more. You would buy at 15 if you thought the horse would finish first, second or third or sell at 12 if you thought the horse would finish fourth or worse.
Favourites: For each race in a meeting we award points to the horse which is the starting price favourite based on the following: 25 points if it wins the race, 10 points if it finishes second in the race and 5 points if it finishes third in the race.
So if, over seven races in a meeting, the favourite in each race finishes third, first, fourth, first, second, fifth and third then Favourites will make up at 70 (5+25+0+25+10+0+5 = 70). In case of joint or co-favourites, the lower racecard number is deemed the favourite.
Racing Post Favourites: Based on the performance of the Racing Post favourites (as per scoring system above) as indicated by the first horse named in the betting forecast of the tabloid edition of the Racing Post.
Winning Distances: The winning distance between the winning horse and the second placed horse for each race over a meeting, aggregated.
For distances less than a length, the following applies: Nose 0.05, Short Head 0.1, Head 0.2, Short Neck 0.25, Neck 0.3, Half a length 0.5 and three-quarters of a length 0.75. Maximum winning distance per race = 12 lengths.
99s Distances: As above but with the maximum winning distance per race = 99 lengths.
2nd to 3rd Distances: The distance between the second placed horse and the third placed horse for each race at a meeting, aggregated.
Racecard Number 1s: The combined total of points scored by the Racecard no 1s at a meeting based on: 25 points if no 1 horse wins a race, 10 points if 2nd, 5 if 3rd.
Double numbers: The combined total of racecard numbers of the winning horses of all races at a particular meeting, doubled.
Stop at a winner: Number of races until a favourite wins at a meeting, x 10. E.g. if favourite doesn't win until 4th race, make-up is 40. If no favourite wins all day, make up is number of races + 1 (x 10).
Multi-mules: Aggregate sum of the racecard number of the winning horse multiplied by the racecard number of the second placed horse for all races at this meeting.
Bet on the performance of a named jockey over a meeting. For each race in a meeting we award points to the jockey based on: 25 points if he wins the race, 10 points if 2nd, 5 if 3rd.
If the jockey does not ride the intended mount but the horse still runs, then the horse still counts as if it had been ridden by the intended jockey.
The intended mount will be taken to be the horse published in the Racing Post on the day of the race as to be ridden by the jockey concerned.
If the jockey rides any horse which, according to that day's tabloid edition of the Racing Post, he was not scheduled to ride, that ride does not count for the purpose of bets on that jockey.
Don't worry about the full field in a certain horse race, instead focus on a two-horse race by playing on our horse racing Match Bets.
Our Match Bets allow you to bet on how many lengths a named horse will beat, or will be beaten by, another horse in a particular race at a meeting.
In a flat race, the maximum make up is 12 lengths. In a National Hunt race, the maximum make up is 15 lengths. The market is void if both horses fail to finish.
Note that the market can have a negative make-up if the favourite in the Match Bet finishes behind the other horse.
Our fixed odds horse racing betting service includes Win-Only, Each-Way, Accumulator, Multiple, Forecast and Tricast, Place Only, Insurance and Bet Without Named Horse options.
We offer each-way betting on all horse races on the following terms:
• 1-4 runners: win only.
• 5-7 runners: ¼ odds a place for 1,2.
• 8+ runners: 1/5 odds a place for 1,2,3.
• 12-15 runners in handicaps only: ¼ odds a place 1,2,3.
• 16+ runners in handicaps only: ¼ odds a place 1,2,3,4.
Straight forecast (or SF): Composed of two selections and is a single bet prediction of 1st and 2nd in the correct order.
Reverse forecast (or RF): Composed of two selections and is a prediction for your two selections to finish 1st and 2nd in any order. It is effectively the same as placing two straight forecasts for your chosen selections.
Straight tricast (or ST): A single bet prediction of 1st, 2nd and 3rd in the correct order.
Combination tricast (or CT): Composed of a number of selections and is a prediction for your selections to finish 1st, 2nd, and 3rd in any order.
Place Only horse racing betting: A straight single bet on the horse to place i.e. finish in the first two, three or four depending on the number of runners in the race. If it finishes in the first 2/3/4 your bet wins. If it doesn't your bet loses.
Insurance horse racing betting: A bet on the horse to win but you get your stake back (rather than losing the bet) if it finishes second or third, depending on the number of runners in the race. As a result you get a slightly shorter price than the usual 'to win' price.
Betting Without A Named Horse: A bet on your horse to win excluding a given other horse in the race (normally the favourite). I.e. your bet will win if your horse either wins the race or finishes second behind the horse, otherwise it loses.
Bet on Corners, Goal Times, Player Goal Minutes, Shirt Numbers, Bookings, Match Performance and much more.
Bet on Runs, Bowler Performance, Fall of Next Wicket, Player Performance, Wides, 4s, 6s and much more.
Bet on Total Points, Time of First Try, Total Tries, Tryscorers' Shirt Numbers, Match Performance, Bookings and much more.
Bet on Match Supremacy, Player 25:10s, Total Sets, Total Games, Game Supremacy, X-Courts, Total Points and much more.
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In relation to spread betting, Spreadex Ltd is authorised and regulated by the Financial Conduct Authority. Spread betting carries a high level of risk to your capital and can result in losses larger than your initial stake/deposit. It may not be suitable for everyone so please ensure you fully understand the risks involved.
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The vast majority of gambling on horse racing markets is conducted through fixed odds markets and the betting exchanges. However, lurking in the background is another medium through which punters can try to profit from their interest in horse racings: spread betting. This form of gambling is more closely associated with financial trading and the city, and granted those with a prior knowledge of the spreads mechanism have a head start when tackling spread betting for horse racing, but it is not as difficult or daunting as it may first appear.
The main difference between fixed odds betting and spread betting is that generally the more right you are, the more money you make. Fixed odds betting typically works with a predetermined return on the stake, however the liability or profit can vary when taking part in spread betting according to the accuracy of the bet.
Spread betting companies will compile a list of different markets for each horse racing meeting every day. They will offer a prediction for each market and the challenge is for the customer to determine whether the outcome will be higher or lower than predicted. If as a punter you believe that the outcome would be higher, then you would ‘buy’ and if you believed it would be lower you would ‘sell’. If you agreed with the prediction then it would make sense not to have a bet. When trying to compare it to fixed odds betting, spread betting would be closest to totals betting or over/under markets.
So bookmakers make their profit through over rounds i.e. pricing up horses at shorter odds than their true value, but how do spread betting companies make their money? They make their margin through the spread, i.e. the value at which a customer can buy a market at is not the same as the value that they can sell at. The difference between the buy price and sell price is the margin.
The calculation for profit and loss from a spread bet is actually quite simple:
When selling, the punter obviously wants the result to be less than the figure quoted and when buying they want it to be more than the buy figure.
So why should customers choose spread betting instead of conventional fixed odds action?
Take advantage of spread betting for horse racing at one of these recommended betting sites.
Top Bookies for Spread Betting in Horse Racing in Russia - July 2021
The big firms usually put up several markets for each horse racing meeting each day and there are extra markets for each contest. The most common bet types are:
This bet type focuses on each individual race, with points attributed to a horse depending where they finish in a contest. Each horse will have its own individual set of figures quoted and it is the spread betting equivalent of the normal fixed odds market for a race. This market allows customers to buy or sell a horse’s performance and typically in a race of 11 or less, runners the points system would be:
1st = 50 points
2nd = 25 points
3rd = 10 points
And anywhere else would score 0 points.
In fields of 12 or more, the points are usually distributed as:
1st = 50 points
2nd = 30 points
3rd = 20 points
4th = 10 points
A strong favourite may be quoted at something like 32-35, while an outsider may have figures of 2-5 attributed to them. Obviously the downside of ‘buying’ an outsider at 5 if it loses is a maximum of 5 units, but the upside if it wins is huge – 45 units. Conversely, if you buy a favourite at 35 and it wins, the upside is only 15 units, but if it loses, the downside is 35 units.
Take for example a horse in a 14 runner handicap, whose quote is 16-19. A customer may feel this horse has a solid chance in the race and is very likely to be in the top 4, so they buy at 19. The race is run and the horse finishes second. With a £10 stake the profit would be as follows:
Buy @ 19
Points for 2nd place = 30
30 – 19 = 11 points
£110 profit
The benefit of indices betting is that it is not win or bust. Returns are offered on a sliding scale, so even if a bet does not win, a profit may still be derived from the stake depending on the buy/sell price.
This involves picking between two horses in the same race. Neither horse has to win, it is purely a matter of the distance between the two rivals. The maximum number of lengths is typically 12 lengths on the flat and 15 lengths over jumps.
Users are given the option to buy or sell the total of the starting prices across the card. A 10.00 winner would give 9 points a 3.50 winner 2.5 points and so on. Dividing the top number by the bottom number of the SP by the bottom number will give the number of points for the winner. If an individual thought that all the favourites on a card would do well, they would be likely to sell the starting prices. Alternatively if someone fancied there to be a few upsets at big odds, then buying the starting prices would be the way to go. Due to the large discrepancies in the starting prices, this market can be volatile. Two 34.00 shock winners on one card could give someone a massive profit or a huge loss.
This market gives punters an interest in every race in which a particular jockey is riding in. Much like the indices markets, jockeys accumulate points based on their finishing positions. First place usually gets 25 points, second place 10 points, third 5 points and 0 points for any other place. The spread will take into account the odds and perceived chances of each runner and
This takes into account how the favourite performs on every race on a card. The scoring is generally 25 points for victory, 10 points for second and 5 points for third. For example, on a seven race card, the spread for the favourites was 72-75 points. Assume a customer bought at 72 thinking that favourites would do well throughout the course of the day and the results were as follows:
3 victories @ 25 points + 2 seconds @ 10 points = 95 points. The profit on the bet would be 20 points (95-75).
The SP of the winning horse in each race has no impact on the points earned. The favourites index again gives an interest throughout the course of the day and allows the punter to consider whether they think the market leaders will perform well, or poorly. The downside to this bet is that in certain races it is difficult to predict who will be the favourite prior to the off, therefore it isn’t entirely possible to make a prediction on how certain horses will perform. For example if there is a 2.25 favourite in the morning, the likelihood is that horse will go off favourite. However, if there is a 16 runner handicap which is 7.00 the field, the odds can alter throughout the day and this can change which horse you are cheering on or hoping finishes unplaced, as the horse that is favourite in the morning might not be the market leader by the time the race starts.
When starting out spread betting, it is extremely important to take a cautious approach as unlike fixed odds betting, customers can lose more than their stake. Getting a market wrong can be a very painful and costly experience, and it is wise to start out with a ‘stop loss’ system in place. A stop loss is offered by spread betting companies and it effectively caps the amount that can be won or lost from each bet.
For example if betting on the distances markets with a spread of 31-34, a customer may sell, thinking that the races will all be close. However they don’t want a huge downside if there does happen to be a few wide margin winners, so a stop loss is put in place at 10 lengths. This means that the maximum that can be won is 10 units and the maximum that can be lost is 10 units. If on a seven race card, all races are won by a length and the total is 7 lengths, despite effectively ‘winning’ by 24 lengths (sold at 31 – final outcome of 7), the pay-out will only be 10 units. But of course it also works the other way – if the total distances was 62 lengths, the loss would only be 10 units.
Our Bookie selector is designed to find the perfect place for you to bet. Simply answer a few quick questions and we’ll choose the best online bookmaker for you.
Race types, class and handicapping are all important things to consider when betting on horses. Use our SBO.net expert guide to understand each one.
What is each way betting? When is it best to bet each way? Do all bookies offer each way? Get all your questions about each way betting answered here.
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