Some online casinos offer virtual racing games that simulate horse racing or dog racing. These games have betting similarities to roulette. There is absolutely no skill involved in these games. There are a large number of bets offered with different payouts and the player has to choose from these. In online roulette games the bets are more structured and the house edges are known to the players. In virtual racing the probability of the outcomes are not known and hence the house edges cannot be calculated.
The choice of bets in virtual racing depends on the player's risk taking propensity. The conservative players would do well to go for the bets that result in wins more often even though the payouts are small. The aggressive players should go for the bets that have larger payouts even though will result in a win less often. Playtech offers a game called Derby Day at its online casinos with the complete range of virtual racing bets. The different bets are explained with reference to Derby Day.
The conservative bets are those in which the chosen horse need not come first in order for the bet to win. Show is the most conservative of the bets. It pays if the chosen horse comes first, second or third. Speed of Light is the favorite in one of the races in Derby Day. The payout for the Show bet for this horse is 1.72. Hazy Daisy is the horse least expected to win. The Show bet payout for this horse is 2.09. The horses and the payouts keep changing from race to race. There is another bet called Place. This bet wins if the chosen horse comes either first or second. Therefore it has less chances of winning than the Show bet, but pays out more. In a particular race Easy Does It was a favorite. The payout for the Show bet was 1.66 and the payout for the Place bet was 2.43. The next bet in progression wins if the chosen horse comes first. Coming second or third does not count. This is the most common bet in virtual racing and is called Winner in Derby Day. In some other games it is called Win. It has less chances of winning than the Place bet but pays out more.
The really aggressive bets fall on the other side. Instead of simply identifying the winner, the player has to identify a number of horses in their exact finishing positions. In Derby Day the bet for selecting the horses that will come first and second respectively is called Exacta. Mentor has a Winner payout of 6.06 and Happy Hoofs has a Winner payout of 4.79. But the Exacta payout for Mentor coming first and Happy Hoofs coming second is 25.81. For the extreme risk taking players Derby Day offers a bet that involves naming the first four or five horses in order. The chances of winning are much lower but the payouts are usually in excess of 600.
Conservative players who want to go for the higher payouts can hedge their bets by wagering one more than one horse or one combination. In the Exacta bet described above by wagering $1 on Mentor coming first and Happy Hoofs coming second the player stands to win $25.81. However if Happy Hoofs comes first and Mentor comes second the bet loses. The Exacta wager for Happy Hoofs coming first and Mentor coming second pays 24.55. By wagering $1 on each Exacta bet the player is covered for Mentor and Happy Hoofs coming first and second in any order.