For most horse bettors, understanding how to calculate horse racing odds is second nature. But, for those new to the game, it can be confusing trying to figure out all of the different ways that odds can be displayed and what they mean.
Understanding this simple math is the key to being a successful horse racing bettor, whether you’re placing wagers online or at the track. So, let’s take a closer look at calculating horse racing odds and what they tell you about your chances of winning.
The Basics of Odds
Odds are simply a way of expressing the likelihood that something will happen. For example, in horse racing, they indicate the chances that a particular horse will win a race. And to be a wise bettor, you should learn more about horse betting by calculating horse racing odds, as it’ll give you a much better chance to win in the long run.
Typically, odds are displayed as either fractions or decimals. So, for example, you might see odds expressed as 4/1 or 9.00. Fractional odds are most commonly used in the UK and Ireland, while decimal odds are more prevalent in Europe and Australia. While betting on horse races in the US, you’ll usually see odds expressed as fractions or decimals, depending on the track.
What Do The Numbers Mean?
When you see odds expressed as fractions, like 4/1, the first number (4) is the amount of money you would win if you bet $1 and the horse won the race. So, if you bet $1 on a horse with odds of 4/1 and it won the race, you would win $4.
The bigger the first number is, the bigger the payout will be if the horse wins. However, this also means that the horse is less likely to win. Conversely, when you see odds expressed as decimals, like 9.00, the number (9.00) is the amount of money you would win if you bet $1.
How to Calculate Horse Racing Odds
Now that you understand the basics of odds, let’s look at how to calculate them. Knowing this information is vital to be a successful horse racing bettor.
The first thing you need to know is that horse racing odds are calculated based on the total amount of money bet on a particular horse. And the odds are determined by taking the amount of money bet on the favorite and dividing it by the total amount of money bet on all horses in the race. The resulting number is then expressed as fractions or decimals, depending on where you’re betting.
To get the exact odds of your horse, simply subtract the take from the total pool of money. After that, subtract the amount bet on your horse, which will give you the amount of cash to be paid out.
Using an Odd Calculator
If you want to make things easier on yourself, you can use an online horse racing odds calculator. It will do all the work for you and is an excellent tool if you’re new to betting on horses. There’s no shame in using one of these calculators, as even experienced bettors use them from time to time. It’s an essential tool for anyone serious about horse racing betting.
With a calculator, all you need to do is enter the amount of money bet on the favorite and the total amount of money bet on all horses. Then, just hit the calculate button, giving you the odds for each horse in the race.
Tips for Betting on Horse Races
Now that you know how to calculate horse racing odds, it’s time to start placing some bets. But before you do, here are a few things to remember that will help you become a successful bettor.
When betting on horse races, always remember that the favorite doesn’t always win. In fact, favorites only win about 35% of the time. So, don’t be afraid to bet on other horses after evaluating all the factors involved in the race.
Also, shop around for the best odds before placing your bets. The last thing you want to do is miss out on winning because you didn’t take the time to get the best possible odds.
Finally, don’t get too caught up in trying to pick winners. There are many factors that can affect the outcome of a horse race, so it’s impossible to know for sure who is going to win. Just focus on making smart bets, and you’ll eventually come out ahead.
Calculating horse racing odds may seem daunting at first, but it’s actually quite simple. By using the information in this article, you’ll be able to calculate the odds for any horse race with ease. So, the next time you’re at the track, be sure to put your new knowledge to good use.