Horse Racing Betting Odds Guide
Are you interested in knowing all about betting on horse racing? Do you want to know how horse racing odds betting works? You are on the right page. This horse racing betting guide provides comprehensive details on how to bet on horse racing, with precise descriptions of wagering options.
It goes further to reveal what you must consider before wagering and how to understand the different odds systems. It also looks at the types of horse racing bets available, and more. We assure you it will be an insightful read. Let us get right into the details!
Highlights of Types of Horse Racing Bets
There are different types of horse racing bets you can explore. The most popular among part-time bettors are place, show, and win bets. These betting types are known as single-horse bets. They are also referred to as straight bets. Let us look at the different types of horse racing bets in this horse racing betting guide for beginners.
- Place Bets: This is a betting option between a win and show bets. A place bet means your chosen horse must finish the race in the first or second position to win the bet.
- Show Bets: This refers to when you bet on a particular horse to finish the race in the first, second, or third position. Show bets offer you more insurance if your horse does not win the race. However, you must note that the seeming insurance only reduces the attractiveness of the odds.
- Win Bets: These are the simplest betting options because you only have to bet on a winner. That means if your selected horse finishes in the first position, you win the bet. However, if it finishes in any other position, you lose the wager.
What are Exotic Wagers?
Many horse racing fans love to combine it with exotic bets on exactas, superfectas, guinellas, and trifectas. These wager types hold in a single race, but it is possible to bundle wagers together over successive races. Let us briefly look at these exotic wagers.
- Quinella Bets: These are straightforward wagers as you only have to select two horses to finish first and second. You win if both horses finish the race in your predicted positions.
- Trifecta Bets: These wagers allow you to predict the horses that will finish in the first, second, and third positions. You must get all predictions correctly to win a trifecta bet.
- Exacta Bets: When you wager on two particular horses to finish in exact positions – that is an exacta bet. You must predict the horse to finish first and which would finish second correctly for you to win your bet. If only one prediction is right, you lose your wager.
- Superfecta Bets: These bets offer high odds because they are hard to predict. Superfecta bets are the next step after trifecta. For this, you must predict the precise horses that will finish in the first, second, third, and fourth positions. All your predictions must be correct as one incorrect prediction will make you lose the bet.
- Daily Doubles & Pick Bets: Daily double bets refer to when you select the winners of two horse races consecutively. On the other hand, you can bet on the specific horses to win the next three subsequent races with a pick 3 wager.
You can also predict the next four successive winners with a pick 5 bet, or the winners of the next six horse races with a pick 6. Note that the more complex the wagers get, the higher the horse racing betting odds you get in the game. You must also remember that you have to get all predictions right to win these wager types. - Box Betting: This wager refers to when you take superfecta, trifectas, or exacta bets and selects the specific horses you think would take those top spots in no particular order. Let us use boxing a trifecta bet as an example.
Remember, a trifecta requires that you bet on three horses that will finish first, second, and third. Conversely, boxing this bet lets you win the bet as long as the three horses occupy the top three positions irrespective of the order.
Additionally, it is possible to box multiple horses to win a bet. For example, you can bet an exacta with four horses. For this, if two of the horses finish in the first and second positions in any order, you win the bet. - Partial Exotics: These are similar to exotic bets except they are below a ₹165.48 minimum. These include a ₹82.74 exacta, the ₹1.37 superfecta, or the ₹6.84 trifecta. You only have to pay the listed amount with these bets, but you must wager only a ₹165.48 minimum overall.
It is worth mentioning that the minimum bets vary at different online betting sites. Therefore, take the time to evaluate the terms and conditions associated with a sportsbook before you register at the site. - Pari-Mutuel Pool Betting: Also known as pool betting, Pari-mutuel pool betting is unique. Instead of betting against the bookie, you bet against other punters who placed wagers on the same sporting event.
Although you are not betting against the sportsbook, you are still required to pay the bookmaker’s fee (the vig) to place your wagers. The pari-mutuel system has three primary wager types.
These are show, place, and win. The money wagered on each betting option is placed in a separate pool. Each pool contains a specific amount to attract interest. Thus, when you place a pari-mutuel wager, you get probable horse racing odds betting rather than fixed odds.
At the end of the event, the winning punters share the prize pool based on the amount they wagered. It is worth mentioning that this type of wager originated in France and requires a standard ₹165.48 bet.
Horse Racing Betting Angles: What to Know
With an understanding of the different betting options, the next thing is to know the possible angles to consider when wagering. Let us explore these.
- Trainer Form: Punters can make informed wagering decisions by evaluating the statistics to measure trainer form. Basically, a trainer with a winning record is often a good option. Exceptional records are noticed by wealthy horse owners, and these owners engage trainers with stellar records.
- The Jockey’s Form: Rich horse owners also look out for successful jockeys. Like trainers with pedigree, wealthy owners provide the essential funds to ensure their horses are well-trained and outstanding. It is worth stating that most reputable jockeys stain with particular teams and move around a lot.
Therefore, watch out for top riders regularly changing teams. A jockey’s movement can be a sign that they are looking for more achievements with a better-equipped team. Of course, some jockeys also move for personal financial rewards. - Race Conditions: the best horses and jockeys can win in different race scenarios. However, the weather, surface, course type, and race grade play a crucial factor in the race outcome.
- Gate Position: Gate position is crucial because most race tracks across North America are tight and left-handed. The further the track is, the less ground there is for the horse to cover.
Well, the horses can jostle to find the best position after leaving the games, but this often takes time. Therefore, take the time to check the starting gate positions and see if they affected earlier race outcomes.
Tips for Horse Racing Betting
It is not easy to predict the outcomes of horse racing. However, we can share tips that can help improve your chances in your wagering.
#1: Gamble Responsibly
This is the first rule every punter must understand and abide by. You must gamble responsibly and never bet amounts of money you cannot afford to lose. Punters who have gambling issues should check out the official website of the National Council on Problem Gambling to get help.
#2: Have a Bankroll and start small.
You can reduce your risk as you learn all about horse race betting by placing small bets. Before you start betting, ensure you have a bankroll, which is a money management system to track your spending on gambling.
You may want to create a Google Sheets to help you track how much you spend on gambling. Track your wins and losses to know how you are progressing in your adventure.
#3: Avoid Exotic Betting at the Beginning
Many people love exacta bets and pick 6, among others, but it is not always the best. Keep it simple to win more bets. The reason is that you have less chance of winning an exotic bet, even if the potential profit is tempting. It is best to stay away from this bet type as a beginner.
What are American Odds?
American odds show the amount of money you can win when you place a ₹8273.75 bet. For instance, +200 odds mean if you wager ₹8273.75 and your prediction is correct, you win ₹16547.50. While there are negative (-) odds, they do not have a place in horse racing.
Negative numbers show how much you have to wager to win ₹8273.75. For example, a bet with an outcome of -200 odds means you must bet ₹16547.50 to win ₹8273.75, so your total payout will be ₹24821.25. You must understand the betting odds calculator horse racing to give you leverage.
Highlights of Traditional Fractional Odds for Online Horse Racing Betting
Traditional fractions odds in horse racing are common in Europe. The factions reflect the number of stakes you could earn if you win the wager. The number at the left reflects the amount you can win vi-a-vis the figure at the right.
How to Calculate Profit from Fractional Odds
The formula for calculating a profit from fractional odds is the initial stake multiplied by a fraction, which gives you a profit. In other words:
Initial stake x fraction = profit.
That means if you wager ₹827.38 with 4/1 odds and win, you will receive a profit of ₹3309 from the bookie. The betting site adds the profit to your initial wager for your ₹4136.88 payout.
What is the Total Return Formula of 4/1 Odds with a ₹827.38 Stake?
The formula is: ₹827.38 stake x (4/1) = ₹3310 profit = ₹827.38 original stake. This gives a total payout of ₹4136.88. It is worth mentioning that the first number in a fraction shows the possible amount to win vis-à-vis the stake. Additionally, note that some odds do not feature number one.
Consider using similar calculations with odds like -5/2, 6/3, 3/3, and so on. That means if you wager ₹827.38 on a horse to win using 9/2 odds and wins, you get a profit of ₹3723.19 and get a total of ₹4550.56.
So, what is the total return formula of 9/2 odds with a ₹827.38 stake?
The total return formula is 10 initial stake x (9/2+ = ₹3723.19 profit + #10 initial stake. This gives a total return of ₹4550.56. This formula also works with live betting odds horse racing calculations.
What are Odds-On Favorites in Horse Racing?
Odds-on favorites give less than even odds. That is because they are used for horses believed to have the highest odds to win a race by the bookmaker. For instance, when you bet on odds-on favorite horses to win, your wager is higher than the possible profit you can win. Let us see how this works with an example using ¼ fractional odds.
If you bet ₹827.38 on a horse having ¼ odds and the bet wins, you will receive a profit of ₹206.84 and get a total return of ₹1034.22. With this example, it means you only earn a quarter of your wager as a profit if your bet wins.
The total return formula of ¼ odds with a ₹827.38 stake is:
₹827.38 initial stake x (1/4) = ₹206.84 profit + ₹827.38 original stake. This gives you a total return of ₹1034.22.
What are Even Odds?
Even odds give you the amount you stake as your win. For instance, if you bet ₹827.38 on a horse having even odds and you win, you will make a profit of ₹827.38. That means your total return from the bookie will be ₹1654.75.
The total return formula for 1/1 odds with a stake of ₹827.38 is – ₹827.38 initial stake x (1/1) = ₹827.38 profit + initial stake. This gives a total return of ₹1654.75.
How to Calculate the Winning Probability from Fractional Betting Odds
It is pretty straightforward to calculate the winning probability with fractional odds. Let us look at an example. So, if we represent 2/1 odds with A/B, the formula for calculating the winning probability from fractional betting odds will be:
Winning Probability from fractional odds: B ÷ (A + B) = % of probability. Let us look at a couple of examples with this formula.
- 1/1: 1 ÷ (1+1) = 0.5, which is a 50% probability this outcome will take place
- 2/1: 1 ÷ (2+1) = 0.33, which is a 33% probability of this outcome taking place.
- 4/1: 1 ÷ (4+1) = 0.20, which is a 20% probability of this outcome taking place
- 10/1: 1 ÷ (10+1) = 0.09, which is a 9% probability of this outcome taking place.
What are Decimal Horse Racing Odds?
Some sports betting sites offer horse racing wagers in a decimal odds format. These systems are more straightforward compared to the fractional odds system. So, how does it work? The decimal format reflects the amount of money you can win based on your wager.
To get this, multiply your bet by the decimal and you will get the figure for your total payout. Note that this total payout includes your initial stake. Even odds in the decimal format come like this – 2.0.
That means if you win a ₹827.38 wager on a horse with 2.0 live horse racing betting odds, the profit you get is ₹1654.75. This is the total of your initial stake and the winning. The odds of a horse winning that are less than 2.0 are odds-on favorites.
It is worth mentioning that fractional odds are not the same as decimal odds. Fractional odds are the calculation of your possible winning without your initial bet. Meanwhile, decimal odds are the calculation of your total payout, which includes your original stake and your win.
So, if you win a ₹827.38 wager with 5/1 odds, you get paid ₹4136.88 in net profit and the bookmaker adds the winning to your initial wager. That means you get a total return of ₹4964.25. For decimal odds of 5.0, you get a profit of ₹3309.5 if you win. The profit is then added to your original wager to give you a total payout of ₹4136.88.
