What Is a Cover Bet? Horse Racing Cover Bet Explained

Cover bets in horse racing are designed to spread your risk and increase your chances of getting a return compared to a single bet, even if your horse doesn’t win outright. 

In this guide, we’ll break down what a cover bet is, how it works, and when it might be a good idea to place one. Stick around to learn more about these bets to add to your horse racing betting knowledge. 

What Is a Cover Bet?

A cover bet is a type of wager that helps you balance your risks and rewards in horse racing. 

Instead of placing all your money on one outcome, like a single horse to win, a cover bet spreads your stake across multiple outcomes. This way, you can still get a return even if your chosen horse finishes in one of the top positions, not just first place. 

There are different types of cover bets, each with its own set of rules. Common examples include each-way bets and place-only bets. 

Each-way bets are popular because they pay out if your horse wins or finishes in one of the top positions. This means you’re not completely “all or nothing” with your bet. 

Place-only bets, on the other hand, focus purely on your horse finishing in a top position. Your horse doesn’t have to win the race, but it must place according to the conditions set by the bookmaker. 

Overall, cover bets give you more chances to see a return on your wager, as there are more outcomes that can result in a winning bet, making them a popular choice for many who enjoy betting on horse racing. 

3 Places Horse Racing Cover Bet Example

Let’s say you’re betting on a horse race and want to place a cover bet for three places. This means you will win if your horse finishes in first, second, or third place. 

For example, imagine you place a £10 each-way cover bet on a horse with odds of 5/1. Your total stake will be £20 – £10 on the horse to win and £10 on the horse to place. 

If your horse finishes first, you win both the win and place parts of the bet. For the win part, your return would be £60 (your £10 stake plus £50 in winnings). For the place part, the payout is usually a fraction of the win odds, often one-fifth. So, if your horse places, you get £12 (your £10 stake plus £2 in winnings). 

If your horse finishes second or third, you only win the place part, giving you £12. 

In this way, a 3 places cover bet increases your chances of getting a return compared to only betting on the horse to win. 

Cover Bet Strategy Explained

Understanding cover bet strategy is key to making the most out of your horse racing wagers. 

The main idea is to spread your risk. Instead of betting only on your horse to win, you place bets that also cover other possible outcomes, like finishing second or third. 

One common cover bet is the each-way bet. This bet splits your stake: half goes on the horse to win, and the other half goes on the horse to place. This way, you can still get a return if your horse doesn’t win but finishes strong. 

It’s important to consider the odds. Higher odds mean bigger payouts but also lower chances of winning. Cover bets can be particularly useful in races with a favourite but still reasonable competition from others. They allow you to back a horse that might not win but has a good chance of placing. 

Another strategy is to research the horses, jockeys, and track conditions. The more information you have, the better your chances of making a successful bet. However, it’s important to remember that anything can happen on the day of the race. 

Lastly, always manage your bankroll. Avoid placing large stakes on a single bet. By spreading your bets and managing your money wisely, you are more likely to stick to your budget and avoid overspending. 

How To Place a Cover Bet

Placing a cover bet is straightforward. First, choose the horse race you want to bet on. 

Next, decide which cover bet you want to place. Each-way bets are a common choice, as they cover both winning and placing. 

Once you’ve picked your horse, head to your bookmaker’s website or app. Find the race and select the horse you want to bet on. 

You’ll see options for different types of bets. Choose the “each-way” or “place” option, depending on your cover bet strategy. Enter your stake, remembering that with each-way bets, your stake will be doubled – half on the horse to win and half on it to place. 

Check the odds and potential payout, then confirm your bet. 

That’s it. You’ve placed your cover bet and can now watch the race to see if the result turns out in your favour. Remember, always bet responsibly and stay within your budget.