Horse race betting odds explained

What is Probability? Probability is how likely something is expected to happen, probability then dictates what odds are. If a bookmaker believes the outcome of an event has a high probability of happening — meaning that it is more likely to happen than not — odds will be shorter, so a punter can less money.

A very simple example of probability in action is probably when tossing a coin, where there are two outcomes heads or tails. You have the same statistical chance of getting either; the chance of getting either is 1 out of 2. What Are Fractional Odds? Fractional odds are the oldest forms of odds for horse racing and they are still the preferred format used in the UK in shops and on UK racecourses.

Fractional odds are simple to calculate because they are given in fraction form. Both have specific options for which bets are available and are detailed below. In the most basic horizontal wager, an exacta , the bettor selects the first and second place horses in the exact order. Picking the first three finishers in exact order is called a trifecta and a superfecta refers to the specific finishing order of the top four horses.

Boxing is a tactic that increases the odds of winning an exotic wager by removing the need to choose the exact order. A quinella , which boxes an exacta allowing the first two finishers to come in any order and still win , is the basic box, but boxing can be applied to the trifecta and superfecta as well. In a sense, a win bet can be thought of as a specific type of wheel bet. Vertical bets are spread over different races.

A daily double is an exotic wager placed on the winner of two consecutive races. Picking the winner of three, four, five or six straight races is referred to as a pick-3, pick-4, pick-5 and pick-6 respectively. Betting exchanges[ edit ] In addition to traditional betting with a bookmaker, punters bettors are able to both back and lay money on an online betting exchange.

Punters who lay the odds are in effect acting as a bookmaker. The odds of a horse are set by the market conditions of the betting exchange which is dictated to by the activity of the members. By the late 19th century over tracks were in operation in the country but those opposed to gambling caused the banning of bookmakers and horse racing at the beginning of the next century. In pari-mutuel tote betting was introduced, helping the industry to prosper and that has continued to be the case to the present day.

Pari-mutuel betting is currently legal in 32 US states. Due to new legislation horse race betting in the US could change significantly in the near future. Betting on horse racing is ingrained in local culture and is seen as an investment. The revenue the club generate from various wagers makes it the largest taxpayer for the government.

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Horse Racing Morning Line Odds Bookmakers deal with setting the basis to start horse racing betting by presenting the primary morning line odds to the public. This also involves predicting which horses are going to be the favourites among punters and which will settle as the underdogs so that the odds can be placed correspondingly.

Setting these morning line odds includes observing how well the runners performed in the past and also determining which horses are going to get the most or the least number of bets from fans. These odds are set before the race starts, at the very beginning, and can fluctuate at post time. Decimal Horse Racing Odds Some online horse betting sites or racetracks display the odds in a different format mentioned above, which are called decimal odds.

For Australian punters who already know how to read the fractional odds, these would be much easier to interpret. For instance: Betting on odds of 6. The smaller the number, the lesser the potential payout and profit, which means that you are definitely wagering on a favourite. However, if you see odds of The main difference between fractional and decimal odds you should always have in mind is that the number you get after multiplying the decimal and the stake always includes your initial wager, so you are looking at a final, total payout.

Betting tools you need at the horse races The whole excitement of the race you are about to attend can make you just forget about all the essential tools you will definitely need as an avid spectator and a punter. The number you get represents the net profit you will see if your bet is a winner. Horse racing odds are easy to use when they represent whole numbers, such as: All you have to do is multiply your bet by the whole number to find your net profit.

For example, horse racing odds of and can be a little tricky. Another way to understand racebook and ADW payout odds is that they show you how much money you stand to win relative to how much you have to risk to win that much. For example, consider odds of Horse Racing Morning Line Odds The morning line odds in horse racing serve as the starting point for betting on every race. A track oddsmaker sets the morning line odds for every race to reflect how he believes the public will bet.

After the morning line odds go live, racing fans can view the upcoming race and start to get an idea of which horses will likely emerge as the betting favorites and which will be the longshots. The morning line odds are usually reflective of the relative strengths of each horse, but the oddsmaker is not handicapping the race.

My goal as the morning line maker is to predict how the public will wager on a particular race. A good oddsmaker can glance at past performances and determine on which horses the majority of racing fans will wager the most or least amount of money.

Usually, horses with recent high speed indexes and consistent in-the-money finishes will receive much wagering attention.

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To a beginner, all those numbers on the tote board and hearing all of the horse racing odds jargon can be pretty daunting. Want a better shot at walking away a winner? Then trust us and keep scrolling. 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. Glad you asked! These are published in either the program, racing form, or online at your sportsbook. 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. A good oddsmaker can glance at past performances and determine on which horses the majority of racing fans will wager the most or least amount of money. Usually, horses with recent high speed indexes and consistent in-the-money finishes will receive much wagering attention. Local horses are usually better supported than horses coming in from other tracks. Decimal Horse Racing Odds In some parts of the world, horse racing wagers are displayed in the decimal odds format.

Decimal horse racing betting odds are even easier to read than fractional odds. The decimal format displays exactly how much money you stand to win in relation to your wager. Multiply your intended stake by the decimal and the result will tell you the total payout including the return of your original wager. Even money odds in the decimal format are displayed as 2. Likewise, odds of 3.

If the odds are less than 2. For example, betting odds of 1. Fractional and decimal odds do not perfectly translate.