What are racing odds?
Horse racing odds are the expected return on investment. If your wager is successful, the odds or payout reflect your horse’s percentage chance of winning the race—the greater the chance of success, the greater the payoff.
In the US, the best horse racing odds bookies publish horse racing odds 48 hours before a race. The final fields are announced two days before a race so that bettors can evaluate the form.
Non-runners can have an impact on the odds. Horse racing odds show that bets are settled at the starting price (SP) or horse racing odds for today at the time of the bet.
Like soccer odds for today, understanding odds is probably the most important thing for beginners interested in horse betting odds or those new to off-track horse racing wagering.
Seeing a list of payouts or potential payouts can be confusing. For example, if you see odds of 9-2 against a horse or a pari-mutuel payoff of $6.00 for the first time, you may not fully understand what that means when, in reality, it is pretty simple.
Odds are simply how prices and payouts are displayed at a horse track. The numbers displayed as 7-5 or 2-4 indicate how much you pay and how much you win if the horse you bet on wins. The first number indicates how much you could win, while the second represents the bet amount.
So, if the odds are 3-2, you'll get $3 for every $2 you bet. Horse racing odds or prices are displayed in the traditional fractional system and the more recently introduced decimal system.
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Fractional Odds
These are more common and traditional and are represented as 5/1. In spoken form, this is “five-to-one,” and it can also be written as 5-1.
Odds are just statistics. Let's call each number a unit for the sake of illustration. So:
4/1: If you win, you will receive 4 units for every unit you stake (plus your original stake).
7/2: If you win, you will receive 7 units for every 2 units staked (plus your original stake).
9/4: If you win, you will receive 9 units for every 4 units staked (plus your original stake).
If you see fractional odds the other way around, for example, 1/4 – this is known as “odds-on” and indicates that the horse in question is a strong favorite to win the race. 1/4 is pronounced "four-to-one on."
1/4: If you win, you will receive one unit for every four units you stake (plus your stake).
1/2: If you win, you will receive one unit for every two units you stake (plus your stake).
You may see the terms “Evens” or “EVS” displayed from time to time. This is the same as a 1/1 fraction. This indicates that the horse in question is expected to win the race.
EVS: If you win, you will receive one unit for every one unit you staked (plus your stake). Fractional odds is also one of the different types of tennis betting odds you will find online.
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Decimal Odds
This is relatively new to the industry and is more common in Europe. Decimal odds on horse racing are even easier to read than fractional odds. Unlike fractional odds, these are displayed in the format of 5.00, and your stake is already factored in.
The decimal format shows you exactly how much money you stand to win based on your wager. Multiply your intended stake by the decimal to get the total payout, which includes the return of your original wager.
In decimal format, even money odds are represented as 2.0. In this case, a successful $100 wager would result in a $200 payout (your winnings plus your original bet). Similarly, odds of 3.0 would result in a return of $300. If the odds are less than 2.0, you're looking at a heavy favorite.
One thing to keep in mind when using decimal horse betting odds is to remember that the calculated payout includes the return of your original wager.
How to read horse racing odds
So, how exactly do you read horse betting odds? We are glad you asked! Let us dive right in.
Morning line odds
In horse racing, the morning line odds serve as the starting point for betting on each race. Track oddsmakers set the morning line odds for each race to reflect how they believe the public will bet.
After the morning line odds are posted, racing fans can view the upcoming race and begin to predict which horses will be betting favorites and which will be longshots.
The morning line odds typically reflect each horse's relative strengths, but the oddsmaker is not handicapping the race. The oddsmaker's goal is to accurately gauge public sentiment in order to set the line and give bettors an idea of what to expect when betting begins.
The morning lines in horse racing odds for today are rarely to be trusted because they change so rapidly as more bets are placed.
Favorite odds
There is a favorite in each race. This is the horse with the best chance of winning, as evidenced by the shortest price displayed by betting operators.
When a horse is a favorite, the odds will be marked with an F. If more than one horse has the same odds of winning according to the betting market, this will be shown as “JF”, which stands for joint-favourite.
You have a lower chance of winning when you bet on heavy public favorites because everyone is betting on the same horse. If the betting pool is split among many winning tickets, everyone receives a smaller portion of the pool if the odds-on favorite wins.
Changing odds
The odds will change depending on how many people are betting on each horse in the race up until post time, whether at the track, on the tote board, or at your online sportsbook. The horse racing odds for today will be different from the horse racing odds for tomorrow.
Probability
Probability percentages are easily converted from fractional odds. As a result, a race with 1/1 odds means that there will be one success for every failure, giving you a 50% chance of winning.
A 2/1 fraction indicates that there is one chance of success for every two failures, giving you a 33% chance, while 3/2 indicates a 40% chance, 2/3 indicates a 60% chance, and 10/1 indicates a 9% chance, and so on.
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How to calculate betting odds and payouts
One of the reasons why horse betting is difficult is that the odds change with each bet. The horse racing odds for today might be different from the horse racing odds for tomorrow, depending on the circumstances.
This fluctuation is known as pari-mutuel wagering, also known as pool betting. In most betting games, you are betting against the house. When betting on horses, you are competing against other bettors.
Betting on the best horse racing odds can be entertaining and profitable, and if you know what you're doing, you might even be able to beat the odds. The horse racing odds for today for each horse are displayed on a tote board at the track or on the betting ticket online.
The basic information on the betting ticket window is the "odds to win" for each horse. Although it does not tell you how much the horse will pay, it does show you how much profit you will make if you win and how much you will have to bet to get it. For example, 3-5 odds mean you'll win $3.00 for every $5.00 you wager.
Calculating payout odds
To calculate the potential winnings of horse racing odds for today, multiply your intended wager by the odds fraction. If your bet is a winner, the number you get represents your net profit.
Horse betting odds are easy to understand when they are represented as whole numbers, such as:
To calculate your net profit, simply multiply your bet by the whole number. For example, a $2 bet at 20/1 odds would result in a profit of $40 ($2 x 20/1). When you add the return on your initial investment, the total return is $42. Similarly, a $2 bet at 10/1 would return $20 plus your original wager.
It becomes slightly more complicated when the odds are not simple whole numbers. For example, the odds of 2-4 and 8-5 can be tricky.
If you're not good at quickly multiplying fractions in your head, the simplest way to figure out what you stand to win is to multiply your intended bet amount by the first number and divide the result by the second number.
The formula is as follows:
- (your bet x first number) / second number = your net profit
Let’s examine how you would calculate a $20 bet on a 3-5 runner.
You'd make $12 in total profit. Now, add your initial wager back in for a total return of $32.
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Horse betting odds do not equal the likelihood of winning
Some people may be tempted to interpret horse racing betting odds as an indication of a horse's chances of winning a race, but this is not entirely correct.
Although there is usually some correlation between a horse's betting odds and its ability compared to the other runners, the odds are better interpreted as an expression of public sentiment.
The odds on pari-mutuel horse racing fluctuate based on public sentiment. The more money that is bet on a horse, the lower the horse's odds become. Similarly, horses with a few bettors pay more because the total wagering pool is divided among fewer winning tickets.
Although the public sentiment is often a close approximation of each horse's relative strength, do not read horse betting odds as any runner's likelihood of winning. Just like the best UFC odds which do not equate to a win, the best horse racing odds do not guarantee a 100% win.
The key to successful horse racing betting is understanding the differences between public sentiment and reality.
What are the most popular horse racing bet types?
Betting on horse racing is quite popular among sports bettors in the US, both online and in betting shops. The following are the most common types of horse racing bets that you can find at the best horse racing odds bookies:
- Win – A bet on a horse to win the race.
- Each way - A bet on a horse to win the race or finish in one of the payout places, which are 2.3 or 4 depending on the number of runners and the size of the bet. In effect, it is two bets with the stake being twice the unit stake, so a $10 each way bet costs $20.
- System - This is horse race combinations in a variety of bets. A Yankee, for example, combines four horses in six doubles, four trebles, and an accumulator.
- Forecast - Bettors predict the first two or three horses in a race, in any order.
What are the best horse racing odds bookies in the USA?
To find out who has the best horse racing odds for tomorrow, go to a horse racing odds comparison website, select horse racing, the meeting, the race, and the runner.
That's a time-consuming exercise, and even then, you'll get results for a dozen or more bookmakers, some of which you may not have accounts with or even want to sign up with. Well, do not be scared, we’ve got you covered.
Keep reading to find out which bookmaker you should be betting with on horse racing.
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BetVictor
Rated as the best betting app, with some of the best odds on football and horse racing. Try BetVictor as your online betting site with a low minimum deposit and a great welcome offer.
Betway
A fantastic sportsbook that features the #1 Rated Weekly FREE BET CLUB. Free jackpot predictor games with huge prizes, as well as excellent eSports betting odds.
Betfair
Looking for the best horse racing odds for today? Betfair is a good choice of bookmaker always ranking high on horse racing odds comparison. Betfair has everything you may need from a simple registration process to an excellent sportsbook and a fantastic casino.
10Bet
10bet has a good selection of horse racing betting options as well as some very competitive odds. In addition, there are excellent promotions for registered customers.
You can choose from any of these bookies and we can assure you will have an amazing experience betting with the best odds.
Bet365
Bet365 is a good site for the best horse racing odds. With flexible cash-out options, ITV Racing specials, and the earliest available best odds guarantees and extra places in big races, bet365 is the clear choice for fixed-odds horse racing betting.
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Biggest horse races across the US
There are prestigious horse racing events for all types of horses, from the harness to Arabian horses. When it comes to events that capture the public's attention, the Triple Crown reigns supreme.
The Triple Crown includes three thoroughbred races, each with qualifiers to ensure that only the best horses compete. The races are listed below in chronological order. To complete the Triple Crown, a horse must win all three races in the same year.
Kentucky Derby - This race is held at Churchill Downs in Louisville, Kentucky, and is known to be "the most exciting two minutes in sport." The Kentucky Derby has been held every year since 1875, and it concludes a two-week festival that includes numerous races.
This race is accompanied by a number of traditions. These include mint julep cocktails and a rose blanket placed on the winning horse.
Preakness Stakes - The Pimlico Racetrack in Baltimore, MA, hosts the second leg of the Triple Crown. It is held on the third Saturday in May, two weeks after the Kentucky Derby.
This race is 1900 meters long and takes place on a dirt track. A blanket of flowers, in this case, black-eyed Susans, is also placed on the winner of this race.
Belmont Stakes - If a horse has won the previous two races, all eyes will be on it for the final leg of the Triple Crown. The Belmont Stakes is held in Elmont, New York, on the first or second Saturday in June. This 1.5-mile race first took place in 1867.
When the Triple Crown is on the line, it draws massive TV audiences. Flowers have been reintroduced as a tradition. This time, the winner is adorned with a blanket adorned with white carnations.
Some of the other horse races you can bet on in the US include, Stars and Stripes racing festival, Dubai World Cup, and Travers stakes.
Glossary: Horse racing betting terms
If you don't understand and use horse racing odds jargon, you will be labeled as an amateur. Here is a list of some of the terms you should be familiar with:
- Fixed-Odds: A bet in which you receive the odds advertised by the best horse racing odds bookies at the time you place your bet.
- Odds-on: A term used to describe a strong favorite to win when the cost of winning is actually higher. A horse with odds of 1/3 is a sure thing.
- Late money: When a horse receives a large bet just before a race.
- Long odds: This is a bet on the underdog. If you win, you will receive many multiples of your stake back. A horse priced at 50/1 is considered long odds.
- Short odds: You have a good chance of winning with short odds, but you'll only make a small profit. A 6/4 odd is considered to be short odds.
- Minus pool: If the total amount of bets is insufficient to pay the legal minimums to the winning ticket holders, the track is required to make up the difference.
- Consolation: A payout which is given even when no one correctly predicts the winners, the Pick 6 will award a small consolation prize to a play that "almost" wins – this is where the term "consolation prize" comes from. Typically, the consolation is much less than the full payout.
- Pari-Mutuel: Bets are pooled, and the payout is determined by the number of bettors who selected a winner (or other bet types). This type of betting is known as pari-mutuel betting.
- Trifecta: A wager in which you must correctly predict a race’s first-, second-, and third-place finishers.
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Conclusion
There are so many factors to consider when it comes to horse racing odds comparison that it's no surprise that some people find it confusing. Have a good time at the track, take a chance, and hedge your bets!
We hope you found this guide helpful in locating the best bookmaker for you, regardless of what aspect of horse racing betting interests you. We also hope you have learned more about horse betting odds and can now bet with so much confidence.
If you want to beat horse racing odds, sign up at any of the best horse racing odds bookies. You can also decide to join more than one site for horse racing odds comparison.
If you would love to learn about political betting odds, make sure to check our page for all you need to know.
Horse racing odds FAQ
🤩How do I bet on horse racing online?
Betting on horse racing online is so easy. After you've decided on a betting site, you'll need to create an online account. Horse racing is very popular, so it is easy to find on the app. Choose the race and horse you want to bet on, and enter your stake. You will be given a bet slip and will be able to confirm that the information is correct.
🚀Can I bet on a horse to lose?
It is possible to bet on a horse to lose. This was once the reserve of the bookmaker, but betting exchanges now allow you to bet like a bookmaker, and many online betting sites now allow you to bet on a horse not to win.
When betting on a horse to lose, you offer the odds on the exchanges to people who want to bet on the horse to win. This differs from bookmaker sites, where the choice is whether or not the horse will win the race.
💰How often does the favorite horse win?
In all races, the favorite horse will win roughly 30% of the time. This is, of course, a fluid figure that will change depending on other factors such as the course, the month of the year, or the type of ground.
If you would love to bet on horse racing odds for today, it is worth investigating the racing statistics website for the best horse racing odds comparison.
