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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.
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By using LiveAbout, you accept our. The odds provide players with potential payout info and helps them make more informed decisions. For novices of horse racing betting looking at the tote odds board for the first time, win odds such as , or may look intimidating at first, but the math is quite simple and can be learned in minutes.
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.