Horse racing, known as the sport of kings, has long been recognised as the most popular sport on which to bet. The horse racing odds will greatly differ from each race and each horse.

Picking a race winner is just one of the many way in which a punter can challenge themselves. With this in mind, Luxbet offers a myriad of betting types to maximise your chances of cleaning up.

Here is a horse racing betting guide:

Win - The most popular type of bet. You just have to pick the runner that you think will finish first.

Place – A bet that requires your horse to finish first, second or third. In horse races with less than eight runners a third place dividend may not be paid (NTD, or No Third Dividend, is displayed).

Each Way - This involves betting on a horse for both a win and a place. If your horse wins, you will collect both the win and place dividends. If your horse finishes second or third you collect only the place dividend.

Quinella – A bet placed on two horses to finish first and second in either order. A popular form of quinella betting is a box quinella, which allows you to pick three or more horses (you are effectively betting on more combinations). You win if any two of your selections finish first and second.

Exacta – A bet placed on two horses where they must cross the finish line in the exact order chosen.

Trifecta – A bet placed on three horses to cross the finish line in exact order chosen. A box trifecta allows you to bet on the various combinations where your horses can finish first, second and third, in any order.

First Four – A bet placed on four horses to cross the finish line in the exact order chosen.

Daily Double – A bet to select the winners of two specifically nominated races on that day. You must place your bet before the start of the first race.

Quaddie – An abbreviated form of the word Quadrella. A bet to select the winner of four specifically nominated races. You must place your bet before the start of the first race.

Running Double – A bet that requires you to select the winners of two consecutive races at the one race meeting. Each of the two Running Double races is known as a leg. To increase your chances of winning, multiple runners can be selected in one or both legs. When two or more runners are selected in each leg, this is known as a multiple running double.