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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, just subtract the take from the total pool, then subtract the amount bet on your horse to give you the amount of cash to be paid out.
Divide that 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 calculated.
We have therefore compiled this handy guide, explaining how to read horse racing betting odds and breaking down the various wagering options available to you.
The odds compilers at the leading sportsbooks will analyze the relative strengths and weaknesses of each horse scheduled to compete in a specific race.
They will factor in recent results, age, conditioning, official ranking, performances at that specific track, jockey and trainer data, days since the horse last raced, and stall position.
Once this process is complete, they will assign a set of odds to each of the horses. You will see a favorite or joint favorites when looking at a horse racing odds chart.
The sportsbook believes these horses have the best chance of winning the race. The odds on the subsequent horses listed on the card will then grow progressively longer until you reach the rank outsider.
This horse is considered to have the smallest chance of success in the race. Favorites are said to carry short odds, while underdogs are assigned long odds.
These horse betting odds often change in the build-up to the race. This is generally a result of the amount of action placed on each horse — if one runner proves very popular with the betting public, the odds on it will shorten; if few people bet on a horse, its odds will generally lengthen — but other factors cause horse odds to change.
For instance, if a horse wins the Kentucky Derby you can expect its Preakness odds and Belmont Stakes odds to shrink drastically. Odds are generally displayed in three different ways: American odds, decimal odds and fractional odds.
When it comes to horse races, the vast majority of racebooks opt for fractional odds. You will see a number, followed by a backslash and then another number.
These numbers tell you the amount of profit you stand to earn by betting on that horse to win the race. The number on the left of the backslash tells you the amount you would win if you laid down the amount on the right of the backslash.
These are also known as 5 to 1 odds. Sometimes a horse will be odds-on. That means the sportsbooks think it has a strong chance of winning the race.
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