There are only a few days left until the Durban July is run and we thought it would be a good idea for our punters to familiarize themselves with what types of horse racing bets will be available for the event.
We’ve already covered place bets and our special six place market in an article which can be found by clicking here -- > How to take a place bet and a special place bet.
To understand how a fixed win works, one must first understand what fixed odds’ betting is.
Fixed odds means the price you get is the price you keep.
Therefore if you back a horse at 5/1, and it shortens to 4/1, you still keep your 5/1 bet.
Unfortunately, it also means that if the horse goes to 6/1, you still keep your 5/1. It is for this reason that the cancellation of these bets is never allowed.
When a horse is said to be 5/1, this means that for every R1 you wager you will win R5, plus your R1 stake back (subject to 6% tax and other deductions).
If the bet loses, you only lose your stake.
When a horse is 8/10, this means that for every R10 you wager, you will win R8, plus your R10 back.
*Any horse which is below 1/1 (even money), such as 8/10, means that the horse is ‘odds on’
Please note that all Horse Racing bets are subject to a 6% betting tax. This tax is applied to the winnings only.
In a fixed win bet, you are betting on your horse to win the race. If the horse finishes in any position other than first, this will be a losing bet.
If your selected horse is scratched, your single bet will be void and you will receive your money (stake) back.
The fixed win odds are the prices displayed next to the horse (with earlier prices to the right of the current price).
This bet will pay the fixed odds price of the horse when it starts the race, e.g. 0.8 or 8/10.
This is regardless of when your bet is placed, and what the betting was at the time of you placing your bet. (If you wish to keep the price you see when you strike your bet, then you must take a Fixed Win bet.). It will be the price of the horse once it starts the race.
The price is only confirmed at the jump.
The SP Win price Hollywoodbets pays will be its own official SP price, and not of that another bookmaker or what is displayed on Tellytrack.
It should not be misconstrued with the 'opening price' of a horse which is the first price a particular horse is given in a particular race when the betting opens up.