Form guide: reading form figures and the rest of the racecard

The string of numbers and letters beside a horse's name records its most recent runs. It is read from right to left: the last character is the most recent run, and each step to the left goes one run further back.

Numbers 1 to 9 are finishing positions, and 0 means the horse finished tenth or worse. A dash separates seasons, and a forward slash marks a gap of a season or more without a run. So a form line of 31-2P4 reads like this: fourth last time out, pulled up the time before, second before that, then a new season divides those runs from a win and a third the previous season.

Form figures tell you where a horse finished, not how well it ran. A fourth of twenty in a big handicap can be a better effort than a win in a small field, so treat the figures as a starting point and look at the class of race and the size of the field behind them.

Jump racing in particular produces letters as well as numbers, because not every horse completes the course. These are the codes you will meet most often:

Not every letter is a black mark. A horse brought down or carried out had its race ended by another runner, and an unseated rider can happen to a good jumper. Repeated falls or refusals are a different matter and point to a horse that may not complete again.

Form only means something when you know the conditions it was achieved in. The most important is the ground. A horse that has won twice on soft ground and run poorly on good to firm is telling you something, and the description on the day matters as much as the figures. Our guide to the going explains each description and how it changes a race.

Distance comes next. Races are measured in miles and furlongs, a furlong being an eighth of a mile, about 201 metres. Look at whether a horse's best runs came over today's trip, or whether it is stepping up or down in distance. A horse that finished strongly over a shorter trip may improve for more ground; one that faded late may prefer a shorter race.

Racecards flag course and distance winners with short symbols. C means the horse has won at this course, D that it has won over this distance, and CD that it has won over this distance at this course. BF marks a beaten favourite last time out. Course form matters most at tracks with unusual layouts, such as tight turns, steep gradients or undulations, where some horses handle the shape and others never settle.

On the flat, every runner starts from a numbered stall, known as the draw. At some courses and distances, especially sprints and races with a bend soon after the start, a low or high draw can be an advantage. There is no draw in jump racing, where runners line up behind a tape.

In handicaps, each horse carries a weight in stones and pounds based on its official rating, with the aim of giving every runner a chance. A horse that has won recently is usually raised in the ratings and carries more next time; one that has been running below its mark may be dropped. Young riders can claim an allowance that reduces the weight their horse carries, which is shown on the card.

Most cards show the number of days since the horse last ran. A quick return after a good run can signal a horse in form. A long absence is harder to read: some horses run well fresh, while others need a race to reach peak fitness. Previous runs after a break are the best clue.

Many horses race in equipment that helps them concentrate, and racecards show it with short codes after the name. Common ones include:

• b for blinkers, which limit what the horse can see behind and to the side
• v for a visor, a form of blinkers with a slit in each cup
• p for cheekpieces, sheepskin strips along the cheek straps
• h for a hood, which covers the ears
• t for a tongue strap

A small 1 after the code usually means the equipment is being worn for the first time, a change trainers sometimes make to sharpen a horse up. Codes vary slightly between publications, so check the key on the card you are using.

No single line on a racecard settles a race. The aim is to build a picture: recent form, achieved in similar conditions, over a suitable trip, with a sensible weight and no obvious reason for concern. At big meetings such as the Cheltenham Festival, where fields are large and many horses have similar profiles, that picture often points to several possible winners rather than one.

That is where each-way bets can help, and our each-way calculator shows what each part would return. For an overview of bet types and bookmaker terms, start with our horse racing betting guide. However carefully you read the form, racing stays unpredictable, so keep stakes to an amount you are comfortable losing.