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A forecast is a type of bet in which the bettor tries to predict both the 1st and 2nd placed entrants in a particular event. It is commonly offered to bettors placing bets on greyhound and horse races. There are 3 types of forecast bet; a straight forecast, a reverse forecast and a combination forecast.
There are several different types of forecast bet offered by bookmakers, with the possible winnings being calculated in a different manner each time. For some events beyond horse or greyhound racing, bookmakers may offer fixed odds on various combinations of 1st or 2nd. This could apply to events such as the Tour de France of Grand Prix race. Tote or pool betting, on the other hand, will pay out the amount paid into a pool divided by the number of people who made the right forecast selection.
The payout for forecast bets placed on horse races is calculated using an equation which takes into account factors such as the number of horses in the race and the odds of the individual horses involved.
In a straight forecast, the bettor selects the two first placed horses and the order in which they will finish. A straight forecast might be for Lucky Lad to come first and Galloping Guy to come second.
A reverse forecast is actually two bets. It is placed when a bettor can’t decide whether Lucky Lad or Galloping Guy will come first, and so places a bet on both possibilities.
A combination forecast is one which involves more than two selections, and offers bets on the order in which three horses, for example, might come first or second. A combination forecast with three selections – Lucky Lad, Galloping Guy and Fast Lady – will consist of six separate bets as follows:
Lucky Lad 1st, Galloping Guy 2nd
Lucky Lad 1st, Fast Lady 2nd
Galloping Guy 1st, Lucky Lad 2nd
Galloping Guy 1st, Fast Lady 2nd
Fast Lady 1st, Lucky Lad 2nd
Fast Lady 1st, Galloping Guy 2nd.