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Horse Betting Odds

Odds are an approximation of how much you will earn if a selected horse if win a race.

You will notice that as betting on a race progresses closer to post time, the odds will change.

The monies that are wagered in a race are counted up and put into Pools.

What is a Pool?

A Pool is where the total amount of money that is wagered on a certain type of bet is held to be redistributed to patrons that have correctly selected the outcome of the specific wager they have placed. Out of these pools certain percentages are subtracted.

The reason being, a percentage of all money wagered go to governments, racetracks, and Horseman. After the percentages are removed, the remaining money is paid out. This is where we get our payoffs for winning tickets.

The odds are usually of the form x/y (e.g. 5/1, 9/5). Dividing x by y gives a ratio to 1. The smallest ratio or the largest amount of money on a number represents the favorite.

Winning odds of 2/1 will pay $10.00 for a $2 bet, while 5/1 will pay $20.00 for a $2 bet. Payout is calculated by (odds ratio to 1) x bet amount plus the bet amount.

I.E.: For odds of 5/1, the approximate payout for a $2 bet is 5 x $2 = $10 + $2 = $12.

Some tracks allow different minimum amounts on each bet type; generally, $1 bets tends to be the minimum on all bets. The odds are computed based on the sales on the bet less a government and handling tax. These deductions vary and are usually controlled by a regulatory body. Deductions may vary at the same track if there are simulcast races. In addition some tracks tax payouts in excess of a specified limit; generally, this limit is 600/1.