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. Bet Type Chances of Winning Expectations Show Very Good Modest Payouts Place Good Payouts are better than show Win Average Payouts are better than place and determined by the win odds Exacta Hard Riskier bet that can pay a little or a lot, depending on how much is wagered on each selection Trifecta Very Hard High payouts but can be expensive to play with a lot of combinations Superfecta Extremely Hard Hard to bet unless you have a sizable bankroll, but big payouts are common.
One sure way you will be tagged as an amateur is if you do not know and use horse racing odds jargon. Here are some of the vocabulary you need to know:. Keep in mind, the top ten riders in the jockey standings win about 90 percent of the races run during the meet and favorite horses win about 33 percent of the time, and have low payoffs. Have fun at the race track, take a chance and hedge your bets! We hope this guide better explains horse racing odds and turns you into a confident bettor.
If you want to try and beat the horse racing odds, join our online betting platform and view live video of races! Want a better shot at walking away a winner? Then trust us and keep scrolling. Glad you asked! 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. Probability: Fractional odds can easily be translated to probability percentages. To see an example of this calculated, keep on scrolling! There are several types of pari-mutuel horse bets. A few of the most common are: Straight Bets Win Bets: Choosing the horse that crosses the finish line first. Place Bets: You are betting on a horse to finish second.
Show Bets: Placing bets on a horse to finish third. Exotic Bets Exacta: When you pick the first and second place horse in that order. Trifecta: Select the first three finishers in a single race in order. Trifecta Box: Pick the first three finishers to finish in any order.
Trifecta Key: Pick three horses, choose one to win and the others to come in second or third. Superfecta: Pick the order of the first four finishers in one race. Superfecta Box: Pick four finishers, they can finish in any order. Superfecta Key: Pick four finishers, choose one to win and the other three finish in any order. Sounds complicated? Best Odds in Horse Racing Now that you know how to read and calculate horse racing odds, you are ready to take the bet!
Bet Type Chances of Winning Expectations Show Very Good Modest Payouts Place Good Payouts are better than show Win Average Payouts are better than place and determined by the win odds Exacta Hard Riskier bet that can pay a little or a lot, depending on how much is wagered on each selection Trifecta Very Hard High payouts but can be expensive to play with a lot of combinations Superfecta Extremely Hard Hard to bet unless you have a sizable bankroll, but big payouts are common Glossary: Horse Racing Odds Jargon One sure way you will be tagged as an amateur is if you do not know and use horse racing odds jargon.
Here are some of the vocabulary you need to know: Fixed-Odds : A bet where you get the odds advertised by the better operator at the time you place your bet. Please note that AmWager does not used fixed-odds. Late Money : When a horse gets a lot of money wagered right before a race.
Odds-On : A term used for a strong favorite to win, when to have to actually spend more to win. Short Odds : This is a high chance to win, but you will only make a small profit. Carryover : The money from a pari-mutuel pool if nobody selects the right winners. The money left in the pool is added to the next instance of that pool. The consolation is usually much less than the full payout. Minus Pool : If the total amount of bets is insufficient to pay the holders of the winning ticket the legal minimums the track is required to make up the difference.
An each-way bet sees the total bet being split in two, with half being placed on the win, and half on the place. The full odds are paid if the horse wins, plus the place portion , with a quarter or a fifth of the odds depending on the race-type and the number of runners if only the place section of the bet is successful. In the UK some bookmakers will pay for the first five some independent firms have even paid the first six for a place on the Grand National. This additional concession is offered because of the large number of runners in the race maximum Occasionally other handicap races with large fields numbers of runners receive the same treatment from various bookmakers, especially if they are sponsoring the race.
Each portion is treated by the totalizator as a separate bet, so an across-the-board bet is merely a convenience for bettors and parimutuel clerks. In addition to straight wagers, "exotic" wagers offer bettors an opportunity to incorporate the placement of different horses in one or multiple races. The two broad types of exotic wagers are horizontal and vertical. Horizontal exotic wagers are bets on multiple horses in one particular race, while vertical exotic wagers involve predicting results across multiple races.
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. 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. Hong Kong generates the largest horse racing revenue in the world and is home to some of the largest horse betting circles including the Hong Kong Jockey Club founded in 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. A government survey in found that nearly one million Australians 5. Horse race betting in New South Wales NSW is conducted by bookmakers at race meetings and via telephone and Tabcorp tote betting at racecourses and through various retail outlets including the internet.
Betting on horse racing in the UK is wide and varied. In there were 8. From Wikipedia, the free encyclopedia. Main article: Glossary of bets offered by UK bookmakers. Anderson; Ian S. Blackshaw; Robert C. Siekmann; Janwillem Soek 28 October
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The biggest opportunities often come when you identify a heavy favorite as vulnerable, or find several favorites that you have zero interest in betting. Click image to purchase shirt. Take a Pick 3, for example, that wraps around one of your top plays. This probably doesn't qualify as a lesson learned, since I've never been a jackpot player, but it's a point worth making here. The allure of a six-figure jackpot is tempting. But like those lottery games, the odds are stacked against the horseplayer for jackpot wagers.
So, there is a chance you could hit a Pick 6 and still essentially share what amount to a consolation payout with the other winning tickets. Plus, there is the astronomical takeout when you consider the money rolling over.
Now, if there is a mandatory payout at the end of a meet or at the end of a big weekend, count me in. Otherwise, I will never invest a dollar in a jackpot wager. Betting on a Mild Upset in Withers Stakes. Get to Know All 13 U. Triple Crown Winners. Stay up-to-date with the best from America's Best Racing! Penelope P. Prepare It seems simple, but you need to put in the work in advance handicapping the card so you know going into the day which races you have the strongest opinion about.
Related News. You will also see, especially when looking in a race in advance, SP options instead of actual odds by the name of a horse. An SP in horse racing odds means Starting Price. An SP is the official price being reported from a racecourse at the time that the race started. If you look early enough at a race, you may see the entire card listed as SP.
In the example above, you could back the favourite at the SP. Come the start of the race, the favourite may well be different to which horse it was at the time that you looked. In online betting a lot of bookmakers like Bet offer Best Odds Guaranteed. That means that if you back a horse at an early price, but their SP is bigger than the price you took, you will get paid out at the bigger starting price.
Similarly if your early price was bigger than the SP, you get paid at the bigger early price. So that basically just cuts out any worry that you are going to drop value by backing a selection early. What is it? But come the start of the race, there are actually only seven runners taking place because of a withdrawal.
Now the chance of Water Jumper winning has increased because he has one horse less to beat in the race. That, of course, would be the same for any runner you had backed in the race. Suddenly the customer has something of an advantage. But the Rule 4 Deduction comes into play to deal with that. Any winnings that you receive back will be subject to a deduction that the bookmaker makes.
They are allowed to do this, to try and compensate for the withdrawal and what that has done in terms of chances of the other horses left in the race, winning. So the cost of the deduction will be based on the original price of the withdrawn horse. Deductions are based on a certain amount of pence in the pound. It can. Yes it does. However, Bet does not apply this to the first deduction in a race. For beginners looking at horse racing for the first time, there will be some unfamiliar lingo and terminology to pick up.
Flat racing occupies the summer season of horse racing. These are simple races which involve no jumps or hurdles. Basically no obstacles, just a flat foot race which is more of a test of speed. Most of the racing in the UK and Ireland is National Hunt Racing and they are longer races than flat ones for the most part. Because they involve the racers also negotiating their way over fences or hurdles, then it is a test of not only speed, but stamina and jumping ability.
A handicap race is simply a scenario where the horses running carry different weights. A leading contender will carry more weight than and underdog in the race, in order to try and level the playing field a bit to create a competitive race. The bigger the handicap number, the better the horse.
So a punter will need to try and use skill to pick a horse that is able to overcome a handicap. Distances are an important thing in horse racing to take into consideration. The length of horse races vary greatly. Why is it so important? If you are looking at backing a horse in a three mile trip where he has only ever ran two mile races before, then that will naturally raise some questions about his ability to go the distance competitively. You will see race distances listed in miles, furlongs and yards.
A furlong is 0. So four furlongs equals half a mile. Just for a reference here are some distance comparisons:. There is a lot of classification when it comes to horse races. As a simple example, a horse who has only ran Group 3 races before will be facing a higher quality field if he is suddenly put into a Group 1 race.
The different classifications help to keep racing competitive and attach relevant prize monies and status. There is a lot of thought that has to go into horse racing considerations. The conditions of the track itself is another big one. Trainers will pull horses from races if the ground conditions are not to their liking. A speedy horse who likes a good firm footing to get up speed, may struggle on heavier wet ground and potentially risk injury for example. Try and see how horses have fared in similar conditions to the ones that they will be facing on the day.
Some more colourful horse racing terminology comes into play when it is results time. Results are listed by winning distance. Those distances can be, for example, yards, or maybe 2 furlongs. Those numbers come from the average length and neck length of a horse. You may want to reference our guide to the full list of different bet types because they can all be applied to horse racing.
But here are some of the common types of bets that are used. This is largely focused on the simpler bets that a beginner will be looking at, but there are plenty more available. A simple bet. You put a stake down on one selection in a horse race to win.
An Each Way bet will pay out in full if the horse wins or will deliver a partial payout if they come home second or third. Different races will, based on determining factors, have a different number of places available, or none at all.
An Each Way bet is essentially two bets — one to win and one to place. You can find out more in our comprehensive each-way betting guide. A Double is selecting the winner of two different horse races. That is combined in one bet under one stake. Both selections have to win to get a return. Like a double really, but with three selections from different races. All three of those selections have to win to see a return. A Trixie is created from three single selections.
Those selections are combined into 3 Doubles and 1 Treble. From that, a minimum of two of the selections are needed to guarantee a return. Singles are not included. Learn more about Trixie betting. A popular staple of horse racing betting. A minimum of two of the selections are needed to guarantee a return. Learn more about Yankee betting.
A Lucky 15, like a Yankee, is made from four selections, but it includes the four selections as singles for a total of fifteen bets. Along with the four singles, there are 6 Doubles, 4 Trebles and a 4-Fold accumulators. A minimum of one of the selections are needed to guarantee a return because it would cover a single.
Learn more about Lucky 15 bets. If you start searching around you will get inundated with betting systems.