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Odds are simply the way prices and payouts are shown at a horse track. The numbers displayed as or tell you what you pay and how much you get back if the horse you bet on wins. The first number tells you how much you could win, the second number is the amount you bet. Odds are displayed in one of two formats.
Decimal: This type of odd is recently introduced to the industry and is more commonly used in Europe. 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. Strictly speaking, placing a straight bet means that you're wagering on the horse to win—period.
If it finishes second by a nose, you've lost. But a looser definition says a straight bet is when you wager that a horse will finish first, second or third. That said, several terms relate to different kinds of straight bets that can increase your odds of winning a little money. A winning horse will pay the most on bets that it will finish first. It will pay a little less for place bets and even less for show bets, but it can effectively pay out in three ways—thus the allure of across-the-board bets.
As the name suggests, "exotic" wagers are fancier and more complicated. They involve more than one horse. This means they're harder to win, but they also pay more than straight bets.
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