A 3 Up is a mystery be where a punter pays $3 to receive a computer generated mystery bet comprising of a win, an extacta, and a trifecta. A 3 Up betting slip can be found at any local TAB and are quite popular.

An All Up bet is where a punter makes a series of selections across a number of different races at the same race meeting. An all up requires each leg of the bet to be successful. Each race can be selected for a win, place, each way or quinella. For the bet to be successful, each leg of the all up must be successful otherwise the bet is a loser.

The minimum number of bets for an all up is two and the maximum six. The dividends from each race are automatically calculated and then reinvested on the next selection, where the re-invested dividends on the next selection being re-invested again until the last race has been completed.

Punters are attracted to all ups as it’s a less complicated version of a parlay bet, plus the dividends can be quite large. The thing to be wary of though is that if one leg is unsuccessful, your whole bet is a loser.

When you are betting on a Quinella, Exacta, Trifecta or a First Four, you can box your selections. By boxing your selections, this means that you are betting to cover all possible combinations in the finishing order of the horses you have selected, where you have selected more horses than there are places to fill. The cost of the bet will be multiplied by the number of possible combinations that arise from your selections.

The daily double is a bet type where the punter is required to pick the winner of two preselected races. Usually the first leg of the daily double is the second leg of the quadrella and the second leg of the daily double is the fourth leg of the quadrella. As the daily doubles are not always the same for each race meeting, it pays to double check before placing your wager.

A duet is a bet where a punter is required to pick two of the three place getters in any given race. Another type of duet is the box duet, whereby a punter selects two or more runners in a race which can finish first, second or third in any order.

An each way bet is a bet where a punter will select a horse to win and place on the same betting slip. If that particular horse wins, then you get the dividend from the win and the place. However, if the horse doesn’t win but runs a place, you only get the dividend of the place. Even though an each way bet is done on the same betting slip, the win and place are treated as separate bets.

An exacta is a bet type where a punter is required to select the horses to finish first and second in the exact order. There are other varying types of exactas including a box exacta, standout exacta, and a robbing banker exacta.

A first four is a difficult bet type, but the upside is the final dividend is usually always very large. To win a first four, you must select the first four horses in a race in the exact finishing order.

Flexi betting is a form of betting that allows punters to choose the amount they wish to invest on a particular bet by varying the percentage of the bets. It is applied for quadrellas, first fours and trifectas.

For example, if a punter wanted to take a quadrella with five selections in each leg (5x5x5x5), he would need to outlay $625. With flexi betting, the punter could choose to take a percentage of say 10% of the bet (at a cost of $62.50) or 5% (at a cost of $31.25)

A multiple bet is where a punter selects more than one horse in their bet. The punter is required to successfully select more than one horse for their bet to win. There are different are different types of multiple bets including quinellas, exactas, trifectas, first fours, duets, quaddies, daily doubles and running doubles. These multiple bet types are often referred to by punters as ‘exotics’ and we have covered all these in this article.

A mystery bet is a bet type which is offered by the TAB. The punter doesn’t need to select any horses as the betting slip is randomly selected by a computer generator. A mystery bet comprises of either a 3Up, single trifecta, boxed trifecta or a quinella.

The mystery 6 is a new bet type introduced by the TAB at their offline shops. It’s a bet type where your selections are randomly selected by a computer and then placed in a parlay bet over the last six races at a selected Saturday race meeting.

Parlay (aka Multi-Box) betting is similar to multi-betting, but with a few differences. It's a simplified way of placing a multi-bet as there are a set number of combinations to bet on. Each Parlay has a set number of legs but when you select a Parlay, you are choosing all possible combinations of multi-bets for that number of legs. In addition, some parlays also include single bets on each selection or leg.

The main advantage of taking parlays compared to multi-bets is that if not all of your legs are successful, you can still win on the successful legs, when on multi-bets if one of your legs lose then your bet is a failure. The disadvantage of parlays is that they cost a lot more to put on as your paying for each individual leg.

A place bet is where a punter places a bet on a horse to finish in the first three positions. If there are between five and seven starts in a race, there will be no third dividend paid. If there are four or less starters, no place dividend will be paid. Punters backing a scratched runner will receive their money back and the remaining pool will be divided among the winning punters.

A quadrella, or ‘quaddie’ as they are commonly known at the track, is a bet type where a punter must select the winner of four races at a meeting. The quaddies are usually in consecutive races and usually end on the second last race at a meeting.

You can select any number of runners to win for each leg of a quaddie, but the cost will multiply to cover all possible combinations of outcomes. Sometimes punters can go ‘skinny’ on a leg if they believe there is a race where there are less runners that can win and go wider in other legs.

Because the quaddie is a separate bet type, there is a separate betting pool. The quaddie pool is divided among those punters who made the winning selections. If a long shot gets up there will be less people who selected the horse in their quaddies, so the dividend will be a lot higher. If all the favourites get up, the dividend will be smaller.

A running double is a wager requiring the selection of the winner of two consecutive races. The running double is offered at the start of every race which is followed by another race at the same meeting.

A trifecta is a bet where the punter selects the first three horses in correct order. It is a popular bet type which usually offers a high dividend due to the difficulty level in picking it correctly.

A box trifecta is another popular bet type. A box trifecta is where the punter selects three or more horses to finish first, second and third, but elects to cover all possibilities in terms of the finishing order. The cost of the bet will be multiplied by the number of possible combinations that arise based on the number of selections. Other forms of trifectas include a standout, a roving banker and a multiple trifecta.

A win bet is the most common bet type which punters use. A win bet is a straight bet whereby for your bet to be a winner, a horse must win.