This day is as good as any to start betting on horse racing. Of course, if the decision has been made, who are we to oppose it? But, before you start it's good to learn a thing or two about horse racing odds first. When you enter the world of horse racing, betting will become an integral part of it. These two things bode too well. In no time, going to a racetrack or watching races on TV or some streaming platform will become the main part of your day.
Enjoying horse racing and betting often leads us to forget about the racing odds. Remember, we mentioned earlier that it's important to learn first before betting. Each of us wants to check the odds, place a bet, and come out as a winner from a racetrack. Real life doesn't function that way. When you think about it a bit more deeply, you quickly understand that there's plenty you don't know about horse odds and how it works.
There's nothing easier than placing a bet. But, when you look at the odds horse racing brings with itself, and the number of people betting you need to start wondering how there aren't more winners every day. Has this thought crossed your mind? Placing bets and hoping for the best is one way to go around this matter. But, sitting down, reading this piece, and delving deeper into the intricacies of betting odds horse racing today has to offer on outlets such as Stake.com should be a priority.
If we're on the same page and you want to learn more about the latest horse racing betting odds please continue reading this article. We are going to help you better understand the odds, and show you the ways how you should place your bets to avoid unnecessary losses and increase your winnings. If you're new to this field and the universe of horse racing odds, sticking with us might be the best decision you ever made.
What Are Horse Racing Odds
Odds, at their base level, are a picture painting the relations between the prices and the payouts at the horse track. For example, numbers you'll often see (2-5 and 4-7) show how much money you'll receive based on your bet. The first number is the amount you could win, while the second one is there to show how much you need to bet to get that much. The best example is the 2-1 race betting odds. What they represent is that win of $2 for every $1 placed on the wager. At the majority of racetracks, online casinos, and sports bookies, you will find two types of horse racing odds: Decimal and fractional. Fractional are those odds that are usually on display in a 4/1 ratio. It's simple -for every $1 you bet you will win $4. Decimals on the other hand are displayed as decimals, with 5.00 being an ideal example. Decimal odds are predominant in Europe. The difference between these odds and fractional ones is that fractional does not count in your stake, while with decimal your stake is part of the winnings. So, when the odds are set at 5.00 with $100 wagered toward those odds you will get precisely $500.
Many people find it way easier to understand decimal odds. This is why we're going to dedicate more time to explaining the fractional ones. Let's start with:
6-5
When talking to another better you'll refer to this bet as six to five odds. The math is simple at first. For every $5 wager, you will be rewarded with $6. The math behind the actual payout of these odds is a bit more complicated. So, you first need to divide six by five and add one which equals 2.2. Then you multiply 2.2 with your original $5 stake and you get the full $11 payout. Today's horse racing odds all function this way. Let us show you a few more examples.
20 Odds
When you look at racing odds today and you see the 20 odds they're spoken as 20 to 1 odds. What this means is that you will get a profit of $20 for every $1 you put forth to your bet. The formula for actual payout is taking twenty and dividing it by one first and then adding the $1 you paid for the initial bet bringing us towards the final sum of $21.
10-2 Odds
Racing odds today also come in the shape of 10-2 Odds. They're spoken as 20 to 1 odds, and they're available tied to most latest racing betting events. With these odds, you will receive $10 for every $2 wagered. The actual payout comes from a formula that goes like this: you take 10, divide it by 2 and add one like with every formula from above. That gives you the number 6 which when multiplied by your $2 bet provides an $12 payout. Knowing your race-betting odds is only a part of the equation. You also need to know how to read horse racing odds before making your first racing horse bet.
Reading The Horse Racing Odds
The best way to read odds for horse racing is listed below. You need to learn this trade before you become serious about being a horse racing bettor. Sports betting, and especially betting on horse racing, can be a nice little source of side income, but only if you do it right. As far as horses go, you need to know how to read the odds. This is how to do it.
The Morning Line
The morning line is what comes even before we have wagering stats available. The track handicapper is the one who places these odds on every horse. You can find the morning line in your online sportsbook, as a racing form, or published in the racetracks program. Modern horse racing betting has many players so odds fluctuate based on the number of bets made. This is why it's important to always return and check the morning line before you place your late bet.
Changing Odds
As we already mentioned, one of the main reasons why odds change during the day is the fact that there are bets made on a particular race or a horse. They are shifted directly at the racetrack, or your online sportsbook. Remember that the odds you'll find live at the racetrack can differ from those available online. So, when you're ready to bet, always pick those that favor you.
Favorites
Even as a beginner, you ought to know that every race has a favorite. We're talking about the fastest horse and the best jockey. It is the pair that has the best chances to come out as an eventual winner. In many instances, you will find horses with the same odds of winning marked by a JF symbol. JF stands for joint favorite
Probability
When you dig deeper into the world of horse racing betting the road will lead you to the probabilities of horse racing and eventual winners. By now you might know that odds are easily translatable to percentages of probability. Let's use an odds of 1/1 for a particular race. This race has a 50% probability which means that for every one miss, there comes one hit. If we look at a 2/1 fraction your likelihood of a win comes down to 33% as you can have one win for two failures. 3/2 has a probability percentage set at 40% while 2/3 works around 60% and 10/1 gives you a 9% chance. Depending on the odds, translating them to percentages can go on and on, but the formula always remains the same.
Odds and Payouts Calculus
We already touched on this matter and here is where we'll continue. Odds for betting on horse racing fluctuate a lot. This happens during the day as the number of bets on a single event, race, or a horse increase. With each placed bet odds fluctuate. Pari-mutuel wagering is what these fluctuations are called. Many of you probably know it as pool betting. It is one of the reasons why horse betting is so interesting. In the majority of available casino games, you are almost always pitted against the house. With horse racing betting you're put against other bettors. After the race is over, the house will deduct its winnings, and the rest of the prize pool will be divided between the players who had winning bets.
So, to be able to come out as a winner every time from the racetrack you need to know how to put the right bets. That's why we're going to tell you just how many different bets you have available for you. As usual, we're going to start with the simplest ones.
Straight Bets
There are three kinds of straight bets. The most direct ones are Win Bets. Here, you bet on a single horse to finish the race first. With a Place Bet, you do the same but you're not trying to guess the winner, but you bet on a horse to finish second. The formula is the same for Show Bets where you bet on a horse to end up third when the race is over. Most beginners start their horse racing betting adventure with these bets. As you place more and more bets you will certainly switch to something more exciting.
Exotic Bets
Exotic bets are where horse racing starts to be interesting. The simplest of exotic bets is called Exacta. With this bet you try to guess two horses' final position in the race. You bet on the one that will finish first and the one right behind him.
Trifecta takes things a little bit farther. Trifecta is a bet where you try to guess the order of the first three horses to cross the finish line. If you want to make things easier for you, pick the Trifecta Box where you guess the first three horses to finish but in no particular order. Another Trifecta combination is called a Key, and with it, you need to hit on horse No.1 while the order of the second and third doesn't matter.
To take things even further in the world of sports betting one needs to try the Superfecta. It is a bet based on one's luck to guess the top four finishers in a particular order. Just like Trifecta, Superfecta has a Box variation where you can bet on the four finishers to end up in any order. To spice it up even more than believed possible you can try the Superfecta Key and guess the winner while the rest three can come in any way imaginable.
Another important aspect of horse racing betting is that for win bets there are always set odds. As far as exotic bets go there are no odds written in stone. There are just too many variables. That's why there is a unique system that calculates the payouts when a person hits on Exacta, Trifecta, or Superfecta. For one, the house usually takes 15% of the entire pool. The players who have the winning bets divide the rest.
When the numbers come down you will have the odds set to determine your winnings. Let's say that the entire pool was $100,000. The house will take $15,000. This leaves $85,000 to be divided among the players. So, let's say that the number of bets on the winning horse amounted to $42,500 and that you've placed a $2 bet. Just like with examples from above, here you will have to divide the prize pool with the amount that all players won and deduce 1 from it. This is what makes this formula translate to 1/1 odds. So, with your $2 bet, you've won an additional $2.
As you can see, the math of odds is simple. The biggest issue is keeping your sights on a winning horse at all times. If you get this part right, the odds will always favor you.