How to Bet on Sports & Racing — Complete Australian Guide
Whether you're placing your first-ever bet or brushing up on the different bet types available, this guide covers everything you need to experience the world of Australian sports betting with TAB.
Every Type of Bet on TAB Australia — Explained Simply
TAB offers a full range of bet types from simple singles to complex exotic racing bets. Here's what each one means and when to use it.
Bet Types — Risk vs. Reward + Reference Table
Win rates are for illustrative purposes. All betting involves risk. Past rates are not indicative of future results.
| Bet Type | Min Stake | Typical Odds | Risk | Best For |
|---|---|---|---|---|
| Single | $1 | $1.20–$10 | Low | Beginners |
| Each Way | $2 | $1.50–$20 | Low–Med | Racing |
| Double (Multi 2) | $1 | $2–$50 | Medium | Sports fans |
| Multi 5+ | $1 | $50–$500 | High | Value seekers |
| Quinella | $1 | $3–$30 | Medium | Racing fans |
| Exacta | $1 | $10–$120 | High | Form students |
| Trifecta | $1 | $50–$2000 | Very High | Exotic bettors |
| Quaddie | $1 | $50–$5000 | Very High | Racing experts |
Tip: Beginners should start with single bets on sports or racing markets they know well. As confidence grows, small multi bets on AFL or NRL are a natural next step. Never chase losses by immediately switching to high-risk exotic bets.
How Betting Odds Work — Australian Decimal Format
Australia uses decimal odds — also called "continental" or "European" odds. They are the easiest format to understand and are used exclusively by TAB. The odds number represents your total return for every $1 staked, including your original stake.
The Formula
Return = Stake × Odds
Example: $50 bet at $2.40 odds → $50 × $2.40 = $120 return ($70 profit)
Odds below $2.00 are called "short-priced" favourites — they win more often but pay less. Odds above $4.00 are longer-priced selections — less likely to win but higher reward when they do. The "book" (combined probability across all selections) always exceeds 100%, which is how bookmakers make a margin over the long term.
Reading the Market
When you see a team's odds shorten (e.g., $2.50 → $2.10), it means the market is receiving heavy money on that selection. This can signal professional punter confidence, injury news or other market-moving information. When odds drift out (e.g., $2.10 → $2.80), confidence is moving away from that selection.
TAB's sports betting markets update continuously and reflect real-time money flows. For horse racing, the final odds are set by the pool at race close time (tote betting) or fixed at acceptance time (fixed odds).
If you plan on doing a lot of live betting, the live betting guide explains how odds behave differently in-play — they react to real events rather than pre-game expectations.
Odds Quick Reference
| Odds | Implied Prob. | $50 Stake | Profit | Label |
|---|---|---|---|---|
| $1.20 | 83% | $60 | $10 | Hot Fav |
| $1.50 | 67% | $75 | $25 | Favourite |
| $2.00 | 50% | $100 | $50 | Evens |
| $2.50 | 40% | $125 | $75 | Slight Dog |
| $3.00 | 33% | $150 | $100 | Outsider |
| $5.00 | 20% | $250 | $200 | Long Shot |
| $10.00 | 10% | $500 | $450 | Big Price |
| $21.00 | 5% | $1050 | $1000 | Speculator |
Responsible Gambling Reminder
All betting involves risk including loss of your total stake. Never bet more than you can afford to lose. Set deposit limits in your TAB account settings. If gambling causes distress, call 1800 858 858 free 24/7.
Placing Your First Bet on TAB — Full Walkthrough
Create Your Free TAB Account
Visit TAB Australia or download the app. Click Register and enter your details — name, address, email, phone and date of birth (must be 18+). Verification takes 2–4 minutes.
Verify Your Identity
Australian law requires identity verification (KYC) before deposits. TAB will ask for your driver's licence or passport details. This is processed automatically in seconds for most applicants.
Make Your First Deposit
Go to Deposit and choose your method — credit/debit card, PayID, BPAY or Apple/Google Pay. Enter your amount (minimum $10) and confirm. Funds appear instantly for card and PayID deposits.
Browse Sports or Racing
Navigate to your sport or race meeting. Click any odds to add the selection to your Bet Slip on the right side. You can add multiple selections for a multi bet.
Enter Stake & Place Bet
In the Bet Slip, type your stake amount. You'll see your potential return calculated automatically. When ready, click "Place Bet". You'll receive an on-screen confirmation and a bet ID reference number.