Whether you love wagering on the flat or over jumps, it is fair to say that betting on horse racing is one of the most thrilling forms of entertainment around.

While events such as the Cheltenham Festival and The Derby are hugely popular with punters, the Grand National attracts the most global interest.

The 2022 edition of the iconic race generated huge traffic for horse racing betting site Betway as punters wagered on the race in their droves.

Given its importance, let’s use the Grand National to look at how to bet on horse racing if you’re not overly familiar with the process.

Picking your horse

The first step before you place a bet is deciding which horse you think will win the race. The best way is to study the form.

Has the horse been running well? What weight is it carrying? Is the trainer firing in winners? Is a good jockey on board? Will the course, distance and track conditions suit?

These are all important elements you must consider before parting with your hard-earned cash, particularly on big races like the Grand National.

Choosing a bookmaker

Once you’ve determined which horse you want to back, it’s time to decide which bookmaker you are going to use to place your bet.

There are loads of online bookmakers to choose from, so spend time scouring the internet to see which one best suits your needs.

In addition to factors such as sign-up bonuses, odds, markets and betting features, make sure the site you choose is fully licensed and regulated to offer its services in your jurisdiction.

Understanding betting

You’ve picked your horse and found a suitable online bookmaker – it is now time to get into the fun bit. Placing your bet!

As we saw in Betway’s Gogglebox Grand National watch, the Grand National is one of the most iconic racing events of the year, so it’s an excellent starting point to understand horse racing betting.

Using 2022 Grand National winner Noble Yeats as an example, it is possible to bag a bumper return from just a small stake.

Noble Yeats was priced at 50/1 for the big race, which means if you placed a £1 bet to win you would receive a return of £51 (50 x 1 = £50 + £1 = £51).

In simple terms, the first number (50) represents the amount returned for a win bet and the second figure (1) is the unit stake needed to generate that return.

Bookmakers set the odds on the race based on the same factors you considered when deciding which horse to back.

The odds can fluctuate in the run-up to the race dependent on betting activity, going changes, loss of form and other factors.

Some punters prefer to bet each-way, which effectively means they are wagering on the horse to either win or finish in a place.

This popular bet type guarantees a return if your horse wins or finishes 2nd, 3rd or 4th. Some bookmakers even pay out on the first six places in the Grand National.

Each-way terms in this instance are generally one fifth of the odds, so the price for Noble Yeats to place would be 10/1.

To bet each-way your stake is doubled – in our example you would have £1 to win and £1 to place, giving you a total stake of £2.

Placing a £2 each-way bet on Noble Yeats would have