Guide to the money back offers on horse racing
Many of the larger US friendly sportsbooks offer a rebate on all of your horse racing wagers, this rebate applying to all bets on the sport, and will be paid whether you win or lose. You’ll find the size of these rebates will vary from site to site as will the frequency at which you’ll actually be paid the rebate.
In this guide you’ll start by finding out why rebates are paid by the sportsbooks and how. Next up is a detailed look at two particular sportsbooks, and how their race book rebate program works. The article ends with a look at how you can incorporate the rebate into your staking plan when betting.
Why are their rebates on Horse Racing?
It does seem somewhat strange that sportsbooks offer a rebate on horse racing but not on other sports. However, the horse racing markets actually work in a different way than other markets at a sportsbook. The odds at horse racing determined by a pool of all the bets wagered, so you’ll not actually know the odds until the race has started, whereas at other sports, the odds are offered directly by the sportsbook. When offering a standard point spread bet at football for example, the sportsbook might offer both sides of the bet at odds of -110, which leads to the sportsbook expecting to make a profit of just under 5% on the market. However, the betting odds at horse racing will generally see a profit more in the region of 15%. The sportsbooks could quite happily take the entire 15%, but if they offer a rebate, they are likely to bring in more money than they would originally – making it a win-win situation for both the site and the member of the site.
How are the rebates paid?
A site will state the size of the rebate and you’ll receive this rebate based upon the total amount of your stakes. For example, a site might offer a 4% rebate and in a particular week you wagered $400. You’ll now receive a rebate of $16, this rebate being yours whether you lost the entire $400 or made a huge profit with your bets. Some sites will actually offer different rebates based upon the type of wager you place, with higher rebates offered usually for exotic bets (such as exactas and daily doubles).
Race Book Rebates at Bovada
At Bovada you can gain up to a 5% rebate on your race book bets. For straight bets you’ll receive a rebate of 3%, this applying to all win bets, and place and show bets where the payout is more than $2.20. The 5% rebate applies to all of the following exotic wagers:
Quinella, Exacta, Trifecta, Superfecta, Daily Double, Pick 3, Pick 4, Boxes and Wheels.
The rebates are paid out weekly, every Tuesday at 3pm ET. There is a onetime rollover applied to any rebate, meaning that you must wager the rebate amount at least once before the amount can be withdrawn. You can check out the highly-rated racebook at Bovada via www.bovada.lv.
Race Book Rebates at BetOnline
At BetOnline you can receive rebates of up to 7%. This 7% rebate applies to all bets placed online, unless the racetrack is a NYRA track, where the rebate is just 4%, or where the return is $2.20 or less, where you’ll receive no rebate. If placing a bet over the phone your standard rebate amount will be 4%. The rebate at BetOnline will be paid on a daily basis.
Incorporating Rebates into your Staking Plan
In any form of gambling you should practice good bankroll management in the form of a staking plan, where each bet size will be based upon the rules of your own plan. When receiving a rebate you’ll be able to increase this bet size. Here is an example:
You have a staking plan which means you are going to place a $20 wager on a race. The site you are placing the bet offer you a 7% rebate. Here, knowing that you’ll gain the rebate, you can increase the stake. Here, multiply your stake by 100 and divide by 93 (with a 5% rebate, multiply by 100 and divide by 95, you get the idea…), so your new stake will be $21.50. Win or lose you’ll get a $1.50 rebate here, so your actual stake is only $20 here. This will see a regular winner win much more in the long term as all of the stakes will be 7% higher than the staking plan.