You proudly strut yourself to your favorite racetrack. You know the odds and place your bets with confidence. The race begins, the anticipation builds, the finish line roars and you are congratulated by your friends when you walk out with cash in your pocket. Everyone wants to be a winner, but the reality is that most of us do not fully understand the intricacies of horse racing odds. Sure, placing a bet is easy enough but that is why most race goers walk out with less money than they came in with.
Are you one of them? Are you just placing bets blind and hoping for the best? We made this guide just for you! Here we will explain and simplify horse racing odds to make betting easier. One of the surest ways people lose money on horse racing is not knowing how to bet or understanding the odds.
To a beginner, all those numbers on the tote board and hearing all of the horse racing odds jargon can be pretty daunting. 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.
Hide Races Feedback Fast Results Racecards. Send Message. South Africa. Hong Kong. Ludlow - 2m - Abandoned - 2m - Abandoned - 2m - Abandoned - 2m 4f - Abandoned - 2m 5f - Abandoned - 2m 5f - Abandoned - 3m - Abandoned View all races at Ludlow. Ludlow Smart Stats. Newcastle Smart Stats. Wolverhampton Smart Stats. Next 5 International races - Greyville, 6f - 10 run - Happy Valley, 6f - 12 run - Greyville, 6f - 9 run - Happy Valley, 5f - 11 run - Greyville, 7f - 12 run. Happy Valley Hong Kong - 5f - 12 ran - 1m - 12 ran - 1m 1f - 12 ran - 1m - 8 ran - 6f - 12 ran - 1m - 12 run - 6f - 12 run - 5f - 11 run - 6f - 12 run View all races at Happy Valley.
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This rounding is called breakage. If you want to calculate the exact win odds on a horse, you will need to use a couple of other figures from the tote board:. Before the track pays off the winners, they deduct the "take," which is generally between 14 and 20 percent and is different in every state.
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. South Africa Horse Racing. UK and Ireland Horse Racing. Happy Valley. United States Horse Racing. Parx Racing At Philadelphia Park.
Tampa Bay Downs. Mahoning Valley. Gulfstream Park. Delta Downs. Turf Paradise. Sam Houston. Penn National. Horse racing odds are calculated by odds compilers and traders but are also greatly affected by the input of experts, including trainers, gallops watchers, and other people connected to the industry. Still, you can isolate the jockey, the horse, and both of their track records as the most important variables that go into calculating horse racing odds.
Movement occurs if a horse underperforms during gallops, or if it changes trainers. As online betting became more prominent, punters started paying attention to the science of horse racing odds and how do they impact the process of placing a bet.
Even though educational resources are plentiful nowadays, there is still a thick layer of confusion covering the subject of horse racing odds. Horse racing odds are the work of professional oddsmakers. These people are integral to the whole sports betting industry, as they are the ones tasked with following every single race, event, horse, and jockey, all as a means to calculate horse racing odds in the most precise way possible.
Instead, they just need to determine the realm of probability for a certain outcome, which is exemplified in the horse racing odds themselves. A lot of work goes into every single race, and the bulk of it goes into isolating the key variables that go into calculating horse racing odds.
Even though these may be minute differences, we at Betting. Our team was involved in some heated debates in the days preceding the publication of this crash course, but we were able to come to a consensus on what affects the creation of horse racing odds. At the end of the day, it comes down to the following variables:.
The jockey. Racing horses are born and bred to be as fast as possible. These brave men and women invest countless hours into getting the most out of their horse. If a race features a famous jockey riding a less-coveted horse, the horse racing odds posted by bookmakers might still be in their favor.
The track itself. One might think that the surface is the same on every track, and you might be right. However, some tracks fit some horses and jockeys much better than others. Nevertheless, location is and always will be a big part of horse racing odds. Previous results. Horse racing odds are greatly affected by the way oddsmakers perceive previous accomplishments for both horses and jockeys.
Even if there is a better candidate for winning the race, horse racing odds can still be affected by a particularly hot streak from a certain horse. This is a sport unlike any other, so previous results are a good way of determining horse racing odds for every event. The on-track variables are minimal, which gives this particular factor a boost in terms of importance. Of course, there are fewer tangible factors that affect horse racing odds, but the ones we mentioned above are the basis of all others.
In the world of horse racing odds, a movement is best defined as a change in the odds. These changes are applied by the same oddsmakers that calculated the horse racing odds in the first place and are most often the result of changes in key factors that can alter the outcome of any particular race. As all horse racing odds are monitored from the moment they are posted, all changes happen very fast.
While there is no single method or approach that can help you on this mission, our team at Betting. A change of trainers. Most great horses have achieved high status because they have the right trainers behind them. Horse racing odds often move because there are changes in the training staff, especially if a particularly reputable trainer leaves the team. Also, you have to keep in mind that different trainers have a different approach. Even the biggest favourite can take some time getting used to a novel approach, which can affect horse racing odds for the whole race.
Since most races take place on fixed dates, there are ample amounts of excitement before the big day. Because these experts have so much power in the industry, their opinion can make or break horse racing odds. Even potential clear-cut winners can become underdogs if negative comments from watchers result in the horse racing odds going down.
The same thing happens if an underdog surprised everyone - horse racing odds rise rapidly, and punters can quickly change their game plan. Copycat bookmakers.
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