How Do Odds Work in Horse Racing: A Beginner’s Betting Guide
Horse racing odds show two things: how likely a horse is to win and how much money you could receive if your bet is right. If you are new to betting, odds might seem hard to understand at first, but they follow simple rules.
In this guide, we will explain what odds mean, how to read them in different formats, and how they are used on race day, so that you can watch horse racing or attend race days with further knowledge on the topic.
What Are Horse Racing Odds
Horse racing odds are numbers that show how likely a horse is to win a race. They also show how much money you could get back if you place a winning bet. The lower the odds, the more likely the horse is to win, but the return value will be smaller. The higher the odds, the less likely the horse is to win, but the return value will be larger. Odds are set by bookmakers or based on how people are betting alongside the form and pedigree of a race horse. They can change before the race starts, depending on how much money is placed on each horse.
How to Read Odds
There are three common ways to show horse racing odds: American, fractional, and decimal. American odds use a plus or minus sign. A plus sign shows how much profit you make on a £100 bet. For example, +200 means you would receive £200 if you bet £100 and the outcome is successful. A minus sign shows how much you need to bet to receive a return of £100. For example, -150 means a bet of £150 would return £100 on top of the original stake.
Fractional odds look like the following: 5/1 or 3/2. The first number depicts your return value, and the second shows your stake. So 5/1 means you would receive £5 for every £1 you bet. If you bet £10, you could receive £50 and get £60 back in total (including the original stake).
Decimal odds are written like the following: 2.50 or 7.00. You multiply your stake by the number to get the total return, including your original bet. A £10 bet at 2.50 could return £25. Decimal odds are often used in online betting.
What Do Odds Tell You About A Horse’s Chances
As we have mentioned, odds show how likely a horse is to win, based on what the bookmaker or betting market thinks. A horse with low odds is expected to have a better chance of winning. A horse with high odds is seen as less likely to win. For example, a horse at 2/1 is more favoured than a horse at 20/1.
Odds are not exact predictions. They reflect betting patterns and the opinions of bookmakers and bettors. A strong horse may still lose, and an outsider may still win. But in general, the shorter the odds, the higher the horse’s chances.
Common Betting Terms in Horse Racing
When you bet on horse racing, you will often hear some niche terms. A win bet means you are betting on a horse to come first in the race. A place bet means you are betting on a horse to finish in one of the top positions, usually first or second. An each-way bet is a combination of a win and a place bet at the same time. The favourite is the horse with the shortest odds, which means it is seen as the most likely to win. An outsider has longer odds and is seen as less likely to win. The SP, or starting price, is the odds offered right before the race begins. Some bets are made through the tote, a system where the return value depends on how much money is bet in total. An accumulator is a bet that links several races, where all chosen horses must win for you to receive the ultimate return value. A non-runner is a horse that was entered but does not take part in the race. All of these pieces of lingo are frequently used, and understanding them could help fans fit in amongst the crowds.
Final Tips For Beginners
If you are just getting into horse racing, then it is vital to take time to watch races and learn about different horses, jockeys, and tracks. One good way to improve is by watching horse racing replays. Replays help you see how races unfold and how horses perform in different conditions.
Conclusion
Understanding horse racing odds is an important step for anyone interested in betting. Remember, betting involves risk, so always bet responsibly and use any tools, like horse racing replays, to learn more about the sport.