Most of us desire to win a bet. However, as a matter-of-fact, many of us don’t completely comprehend the complexities of horse racing odds. Yes, putting a wager is simple. However, placing a bet without understanding the odds is the reason why most bettors leave with less cash than they came in with or, worse, empty-handed.
Certain aspects of why people lose money on horse racing are that they are not familiar with betting or do not know how odds work. The lingo accustomed in the game can be agreeably confusing to comprehend, while the numbers displayed can be hard to understand for a rookie player.
What are Racing Odds?
Racing odds are simply the betting costs and their equivalent payouts. For example, the registered numbers in the spreadsheet in the Y-X format tells you how much you wager and the amount you will receive if the horse you wager on dominates the race.
The primary number (Y) indicates the total amount you could win, while the number (X) is the sum you wager. This way, if the registered racing odds are 5-3, you’ll get $5 for each $3 you bet. There are two formats that bookmakers use to display odds.
Fractional odds have a specific format: Y/X. In verbal form, this is “Y-to-X” and, at times, are written as Y-X. Understanding odds is just basic maths. To elucidate a few examples, let’s refer to each number as a unit. Thus:
- 5/2: For every two units you wager, you will get five units if the horse you bet on wins (add the amount you wagered).
- 8/3: For every three units you wager, you will get eight units if the horse you bet on wins (add the amount you wagered).
- 10/5: For every five units you wager, you will get ten units if the horse you bet on wins (add the amount you wagered).
If the fractional odds are displayed the other way around – for example, X/Y – it is referred to as odds-on. Odds on pertains that the particular horse is a heavy favorite and is a winning contender. In verbal form, this is “X-to-Y on.”
- 2/6: For every six units you wager, you will get two units if the horse you bet on wins (add the amount you wagered).
- 3/5: For every five units you wager, you will get three units if the horse you bet on wins (add the amount you wagered).
At times, you will notice Evens, also referred to as EVS, displayed. EVS is equivalent to an X/X format.
- EVS: For each 1 unit you wager, you will get 1 unit if the horse you bet on wins (add the amount you wagered).
The use of decimal odds in the racing industry hasn’t been long. It is also more commonly followed in Europe. Unlike fractional odds, the format is in decimals, such as 5.00.
Here, the betting site automatically factors in the bettor’s money. You are multiplying the odds by the amount bet to obtain the profit. For example, for a 5.00 odds, you need to multiply this by the amount you bet to determine specific gain.
Types of Racing Odds
You need to watch out various types of odds when you plan to participate in horse race wagering, like the bet the Breeders cup. Understanding how odds work is crucial, but so is knowing its varieties, such as morning line odds and favorites.
Morning Line Odds
Included in the race program are the morning line odds. Once the monitor publicly reveals the race program and before the betting begins, the track handicappers place these odds on the horses.
The odds will be displayed on the tote board before the race, in which they redo up to post time, considering how clients wager on each horse in the race. The most betted horse that has the most significant money is called the “favorite” and will also have lesser odds.
Normally favorites win about 35% of pony races. Yet, that success rate can change depending on the surface, distance, class, and so forth. For instance, favorites are bound to dominate earth races than turf races. Something else that will clearly have a major effect in the success % of favorites is accounted to how many horses are the race Favorites typically win around 35% of horse races. However, that success rate can change depending on the class, surface, distance, etc. For instance, favorites are bound to dominate in dirt races in contrast to turf races.
While this data isn’t too astounding, it should assist you with considering odds and percentages. If you want to bring in cash through horse betting, check the favorites’ odds and rates to see if their chances of winning are above average.
In horse race betting, it’s not generally about choosing winners. It is about ensuring that you always bet on the horse with the ideal odds. When wagering on a horse race, you need to think long term to produce favorable results. The key is to keep on making wagers that have beneficial long-term effects. You can achieve this by analyzing the odds, which can help you become a profitable horse racing bettor.