Although everyone wants to be a winner in horse racing, the reality is that most of us are unfamiliar with the complexities and the correct strategies for horse racing odds. Although it’s quite simple to place a bet, not thinking it through might leave you with little money than you arrived with.
You can do so much better than that and that’s where we come in. This guide will help simplify all the horse racing odds to make your betting more effective.
How do the odds work?
Horse betting is a very popular sport to bet on all over the world. Sports betting India, for example, is very big in the country, including horse racing. The sport is conducted on nine racetracks by six racing authorities, and you will find only well-established breeding there with stallions imported from all over the world.
If you gamble on a horse, you will be paid out in line with the horse’s odds, which can fluctuate until the betting closes, and they start before the race begins. Horse betting odds are a risk-to-reward ration expressed as a percentage of the bet’s value.
Let’s say the odds are 3:1, and the bettors win $3 for every $1 they bet, with their initial $1 bet returned to them as a winning wager. If you place a $20 bet on a horse with 3:1 odd, ultimately, you will receive your initial bet back (leaving you with $80 in your pockets), as well as a $60 profit.
The odds are constantly changing as other players’ bets will impact each other. You are never betting on a horse alone which means that the bigger the number of people who place a bet on a horse, the less likely the horse will win the race. Factors that influence winning include track condition, horse health, the jockey riding the horse, and others.
Bettors can place three different types of odds: fractional odds, decimal odds, and money line. Let’s look into all three of these odds.
These odds are quite popular among bookmakers in the United Kingdom and Ireland. They are typically seen with a slash (/) or a hyphen (-), and they are used by some of the world’s best bettors.
Fractional odds of a 6/1 (or six-to-one) will suggest that you would win $6 for every $1 you wager, in addition to earning your money back in winnings (the amount that you wagered). This means that you will receive your stake in addition to the profit for a total return on your investment.
For example, if you place a bet of $10 at a 6/1 and win, you will receive a total winning amount of $70 ($60 profit made plus your $10 bet).
Decimal odds are popular in Europe, Australia, New Zealand, and Canada. These are easy to work with and understand. In fact, by simply examining the stats, you will be able to figure out the favourite and underdogs, almost instantly.
The decimal odds number reflects the amount of money that can be won for every $1 staked. The figure will indicate the overall payout rather than the profit that will be made from the bet.
In simpler terms, your stake in included in the decimal amount which makes calculating your winning much simpler.
Money Line Odds
Popular in the United States, money line odds are shown by a minus (-) sign, and the amount that you must bet to win $100 will be shown by the amount of money you must bet. For underdogs, the odds are shown with a positive (+) sign, which tells the bettors win for every $100 wagered on the bet.
In these cases, winners will receive a refund of their initial bet, in addition to the amount that of their winnings.
Before placing your bets on horses, you should assess your chances of winning and the amount that you will gain if you understand these odds correctly. Doing this will help give you an edge when betting and winning. Before placing any bets on horse racing, make sure that you analyse the recent betting odds available on the market.
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