An Introduction to Horse Racing

British Idiosyncrasies

Many aspects of British racing retain a sense of tradition. The pros and cons of this approach are open for debate, but regardless, they remain. One of these quirks is that racing distances are still measured and described in furlongs. A furlong equates to 1/8th of a mile, which is 220 yards, or 201.2 metres.

Another idiosyncrasy is the way which value of sales of horses are measured at auction. Instead of using pounds sterling, ‘Guineas’ are the currency used. The Guinea was replaced by the pound in 1816, and equates to £1.05 in today’s money.

Codes

There are two type of horse racing in the Britain – Flat and National Hunt. Flat racing runs form April-November and National Hunt from November-April. But just what is the difference?

Essentially the flat code is racing without any obstacles. Races are run over distances ranging 5f to 21f, with the majority falling in the 5-12f bracket. The horses tend to be smaller and as a result flat jockeys weigh less than their National Hunt counterparts. In flat race, horses break from stalls with the horse’s draw is usually decided randomly.

National Hunt racing (or jumps as it is commonly referred to), is racing with obstacles that the horses and riders have to negotiate. These can come in the form of hurdles (smaller solid barriers) or fences (larger and made out of birch).

National Hunt Flat racing (more commonly refers to as bumpers), falls under the code of jumps racing, even though there are no obstacles for the horses to jump. These are flat races which are run over 13-18f on National Hunt card, and their purpose is to give the horse some racing experience before they go jumping. There is normally one bumper at the end of each meeting.

Connections

Each horse has an owner, or a group of owners who fund the training costs, choose the silks the horse wears and get the bulk of the prize money. Owners have the choice of who trains their horse and who rides it. Trainers make their money by charging training fees and they also receive a percentage of prize money.

Courses

British racecourses are unique in their make-up when compared with the majority of courses worldwide. Each track has its own traits and characteristics that make it distinguishable from its counterparts. Whilst some share similar designs, no two are the same – that includes the four all-weather courses that are currently in operation in Britain. Most tracks in countries such as the USA are oval in shape and are the horses run left handed.

Smaller and nippier horses with sharp acceleration tend to benefit from courses which are sharp, have a relatively short run in and may have undulations such as Chester. Bigger, long striding horses often perform best on long galloping courses such as Newcastle, where the runners have time to find their stride and come with a long, withering run. The nuances of each track are fascinating and part of what makes the puzzle of analysing races in Britain so interesting.

Betting

Betting forms the backbone of British racing. After all, the funding for the sport is derived from a percentage of profits made by bookmakers. It is often what ignites people’s love for the sport and gambling and racing will be intertwined eternally.

The mechanics of British odds can be found in Understanding Fractional Odds but it is important to understand how the prices move throughout the day and what determines the final figures.

Some bookmakers will now price up races the night before they are due to be run. This has a dual purpose; firstly it is a selling point for the brand and secondly it allows them to correct any mistakes they may have made with their odds compilation.

However, once it gets to ten minutes before race time, the odds are then dictated by the ‘on course’ bookmakers. These are those taking bets on track. With every firm online, the odds changes and movements in this period should be identical. Bookmakers will pile money into certain horses in the on course ring to try and manipulate the odds based on their prior liabilities.

As the race goes off a Starting Price (commonly referred to as SP) will be returned. The SP is supposed to reflect the final odds posted by the on course bookmakers as the race commences.

Betting at SP is never advisable, because as a bettor, you never know what your return will be. In weaker markets such as the night all-weather meetings in the winter, there is very little betting action on course and small amounts can move the odds of a horse fairly dramatically. Most bookmakers offer ‘Best Odds Guaranteed’ – where you get the odds quoted to you at the time of bet placement or SP depending on whichever is bigger, and this concession should always be used.