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These are displayed in the format of 5. To get your potential return, multiply the odd by your bet. If the odd is displayed at 5. These are published in either the program, racing form, or online at your sportsbook. Either at the track on the tote board or on your online sportsbook, the odds will change depending on how many people are betting on each horse in the race up until post time. Each race has a favorite. This is the horse most likely to win.
Fractional odds can easily be translated to probability percentages. Depending on the race and the rules of the racetrack, the minimum could be slightly lower. Before you even begin to place a bet, you need to know what the odds are of the particular bet you want to make.
One of the reasons why horse betting is difficult is because the odds fluctuate every time a bet is placed. This fluctuation is called pari-mutuel wagering, or pool betting. With horse racing you are betting against other betters. Once the winning horse has crossed the finish line, the house will deduct its take and the remaining amount is then divided among the people who bet on the winning horse.
Unlike with win bets, there are no exact horse racing odds for exotic bets because there are too many variables. Yet at Amwager, we post probable payouts for exacta and daily double wagers. Also for exotic wagers, the payouts are calculated differently. Your payout is calculated by subtracting the amount of winning dollars from the total pool, then dividing the remaining pool by the amount of cash bet on the winner, and finally adding back in the winning bet amount.
For easy math, we used round numbers. But in the real world, this does not always happen. Payouts use the actual odds and are rounded down to the nearest nickel or dime, depending on the rules of the racetrack. This rounding is called breakage. This is why every racetrack has television simulcast commentator who handicaps between the races as well as publishing handicapping tip sheets to help you place your bets.
At AmWager, we have our own horse racing handicapper that gives expert picks on upcoming races. Now that you know how to read and calculate horse racing odds, you are ready to take the bet! But when the day comes, it is good to know what your overall chances are in walking away a winner. Some bets have better horse racing odds than others. Here is a quick reference chart that explains your chances of winning the types of bets mentioned earlier and the expected payout.
Bet Type Chances of Winning Expectations Show Very Good Modest Payouts Place Good Payouts are better than show Win Average Payouts are better than place and determined by the win odds Exacta Hard Riskier bet that can pay a little or a lot, depending on how much is wagered on each selection Trifecta Very Hard High payouts but can be expensive to play with a lot of combinations Superfecta Extremely Hard Hard to bet unless you have a sizable bankroll, but big payouts are common.
One sure way you will be tagged as an amateur is if you do not know and use horse racing odds jargon. Here are some of the vocabulary you need to know:. Keep in mind, the top ten riders in the jockey standings win about 90 percent of the races run during the meet and favorite horses win about 33 percent of the time, and have low payoffs. Have fun at the race track, take a chance and hedge your bets!
We hope this guide better explains horse racing odds and turns you into a confident bettor. If you want to try and beat the horse racing odds, join our online betting platform and view live video of races! Want a better shot at walking away a winner? Then trust us and keep scrolling. Glad you asked! Changing Odds: Either at the track on the tote board or on your online sportsbook, the odds will change depending on how many people are betting on each horse in the race up until post time.
Favorites: Each race has a favorite. Probability: Fractional odds can easily be translated to probability percentages. To see an example of this calculated, keep on scrolling! There are several types of pari-mutuel horse bets. A few of the most common are: Straight Bets Win Bets: Choosing the horse that crosses the finish line first. For example, horses coming off a string of wins are frequently heavily bet, regardless of the class of those prior races.
You will often see this reflected in morning-line odds. Most of the time, yes! On this score, they usually do well as far as favorites are concerned. This may or may not be true, but it is rare to see a horse on the morning line listed at greater odds than to-1, for whatever reason. The psychology of this is real.
When people see that a horse they like is among the morning-line favorites, they take this as a vote of confidence and bet. When they see the horse that they like is a longshot, they will question themselves and reexamine the race. This can have the effect of pushing favorites down into becoming underlays - horses whose odds are lower than their actual chances - and pushing middle-priced horses into becoming overlays — horses with odds significantly higher than their actual chances.
A horse that should be to-1 could end up to-1 or to-1 at post time because the public was more reluctant to back a horse that was only to-1 on the morning line. The first rule is to never look at the morning-line odds when making your selections.
If you know the odds, chances are it will impact how you interpret the rest of the data you use to pick the race. You might discount something on a longshot that you otherwise might have considered important.
You could give more weight to something about a favorite that you otherwise might have wanted to second guess. Then, after you make your picks, see how they match up with the morning-line odds. Are they the same? Perhaps the race is noncontroversial and the public will view and bet it similar to you. Are any of your top selections higher than 8-to-1?
Chances are this means there will be an overlay. If the public ends up letting those horses go at double-digit odds, you may have yourself a live longshot! Are there other horses in the race that are going off at prices that differ dramatically from the morning line?
Take a look. It could be because someone is making large wagers on horses that look on paper like they have no chance. It could be that the public is just plain bad at picking horses.