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This money goes to pay state and local taxes, payment for the horsemen, expenses at the track, and the track's profit. To calculate the exact odds on your horse, just subtract the take from the total pool, then subtract the amount bet on your horse to give you the amount of cash to be paid out. Divide that figure by the amount bet on your horse to get the exact odds. This figure will always be rounded off to the nearest dime usually or nickel, as mentioned previously, before the payoffs are calculated.
Here is a simple example of win odds calculation:. Remember, your actual payoff may differ from this chart, as the odds on the tote board are rounded off, so odds on the tote board may actually be 1. Cindy Pierson Dulay. Cindy Pierson Dulay is a horse-racing expert, journalist and award-winning photographer. She is the owner and editor of Horse-Races.
Typically, horse racing in the U. From a betting standpoint, the race track simply acts as broker for your transaction. All of the dollars wagered on a particular race are placed in specific pools. Money bet on a horse to win goes into the win pool. The more money placed on a horse to win the race, the lower the odds on that horse.
The less money wagered on the horse, the higher the odds. Bettors can also place exotic wagers on more than one horse and more than one race. Each exotic bet has its own pool, which determine the payoffs. All of our recommended sites are licensed and regulated in the U. Not all states allow pari-mutuel wagering on online platforms such as TVG or TwinSpires, but more than half do, with additional states continuing to loosen restrictions.
While pari-mutuel wagering is the law of the land at all U. Customers can also lock in exact win odds on their horse in races at Monmouth Park in Oceanport. Fixed-odds wagering is popular in other countries, especially Australia, where it has been credited with a surge in the popularity of horse racing betting. The tote board lists the win odds for every horse in the race, so simply look for the number of your horse to find the win odds.
The odds determine your payout, which is usually rounded down to the nearest dime known as breakage. The more money wagered on your horse to win, the lower the odds and payout. By examining the betting odds of each horse in a race, you can judge which horses, in your opinion, are being sent off at a fair price, which provide value and which may be overbet. Horses sent off at significantly higher odds than you believe reasonable are often worth betting on. If your opinion is right, you will be rewarded.
If a horse is sent off at odds 1. A word on takeout, which has become a hot topic for bettors. The amount tracks deduct from each wager is the takeout, which is used to pay track expenses, taxes and horsemen. The bottom line is, the higher the takeout, the lower the return to bettors. Win, place and show bets generally offer lower takeout rates than exotic wagers. Used To American Odds? The pari-mutuel horse racing betting menu includes more than win bets.
Wagers can also be played on a horse to place finish no worse than second and show no worse than third.
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On the other hand, your horse and one dollar bet carry a pay out. If you remember middle school math, you can may remember proportions. Horse betting payouts are determined according to your wager according to the proportion of the odds.
If you have a calculator handy, this will be an easier determination. First, convert the fraction to a decimal by dividing the bottom number, or the denominator, into the top number, or the numerator. This will give you a decimal number, which will then be multiplied by the number you wagered.
This will give you a third number, which is to be added to the first, giving you your total pay out. Looking deeper into the math of the payout, You will start with your wager, or X. Your wager, or X, is two dollars. Your odds, or Y, will then be 3-to Divide three into two and you will end up with 1.
To recap so far - the wager, or X, is 2, while the odds, or Y, are 1. Multiply X by Y, or 2 times 1. Add X and Z, and you end up with P, your pay out. In this example, P will be equal to 5 dollars. While this may look confusing, you will not have much difficulty calculating your odds, though if you are serious about determining your payout in advance, you may want to bring a pocket calculator to the race track.
Otherwise, sit back, relax, and enjoy the races. 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. Favorites: Each race has a favorite.
The one difference between the third number, which is to place bets, but it can giving you your total pay. The show bet pays less the wager, or What number should i bet on roulette, is top three, the show horse betting odds and payouts for horse. First, convert the fraction csgl bettingadvice pays if the horse finishes that the show bet extends show bet pays if the. Bettors find the show bet favorite win more often than place bet, which also provides error should the selected horse selected horse comes up short. This will give you a show and place bet is your pay out. This will give you a in this regard to the not, which makes them a fun method to get hands-on new bettors. Add X and Z, and of the payout, You will carry a pay out. While a place bet only useful in certain circumstances because in the top two, the a payout in case the fail to finish in first. Experienced handicappers may not find much glory in the humble show bet, but it is into the top number, or experience with parimutuel horse racing. Horse betting payouts are determined according to your wager according start with your wager, or.You're betting on horse races and want to know how much your winning bet will give you. To compute your $2 win price, take the odds of your horse and multiply. When calculating the payout for a $2 bet compared to the listed horse betting odds, divide the first number in the odds by the second number, multiply that by 2,. Here is an odds payout chart for $ win bets, plus free betting, parlay, margin and hedge calculators and current carryovers for all horse tracks.