It’s extremely surprising to note how many people make bets on horse races with or without the tote board’s slightest understanding. Although all of such numbers on the board may seem imposing, the way to Easily Calculate Betting Odds and payoffs are pretty easy to know about to learn its strategies. By doing so, you will be able to make and calculate better bets.
To Easily Calculate Betting Odds and payoffs of horse racing odds today, it involves a somewhat boggling collection of colorful phrases and terms for putting your money down on a horse with great hope for it to come away with a lot more money when your horse wins. Racing with the horse can also provide a comparatively gentle way of wagering where you don’t have to bet that the horse will come in first. This solely depends on the type of bet you place, where you can sometimes win money if it finishes second or even third. But you have to understand the lingo and how to place the appropriate wager to pull it off.
The term odds generally refers to a numerical summation about how likely it is that the horse will win. These are particularly set in a manner that, whether in the morning or at daytime or before the ‘morning line’ is based on the handicappers’ opinion. When little or no money is bet on a horse because no one thinks it will win, this drives its odds higher. The horse is a “long shot.” Long shots pay a great deal more than “odds-on” horses, those with short odds of less than even money.
Reading the win odds
Have you ever come across such a term while betting ? Well, this is considered to be the most accessible form to calculate the win quoted on each horse. This does not tell you what the horse is willing to pay rather the amount and profit you are about to receive through it. For instance, in order to get that right payoff, you will be first required to go 6-5 means you will get $6 in profit for every $5 you wager, while 20-1 means you get $20 in profit for every $1 you wager. A bet of $2 means you would get $42 back for a winning wager in the latter example.
Payoffs generally take the help of the actual odds and are rounded down to the nearest nickel or dime, depending on the rules at that track, which is broadly known as breakage.
Calculating the win odds on a horse
If you are willing to calculate the exact wins on a horse, you will have to use a couple of other figures from the tote board, such as:
- Total win pool
- Amount bet on the particular horse
Considering the total pool, it is not the amount that will be paid out to the holders of winning tickets. Once the track pays off to begin, the winners get deducted with 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, all you have to do is subtract the take from the total pool and subtract the amount bet on your horse to give you the amount of cash to be paid out.
They are dividing the 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 finally calculated.