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|Basics
of Wagering |Understanding
Payoffs |Understanding Win
Odds & Payoffs |Ocean Downs
Wagering Format
Understanding
Win Odds and Payoffs
 A
wager on a horse race is very different than many other
forms of gambling. Horse racing payoffs are calculated
on a Pari-mutuel basis. Basically this means that the
house (the racetrack) does not care who wins a given
race. The odds on each horse to win are determined by
what proportion of the total money wagered is placed
on that horse.
The "favorite", or the horse
with the most money wagered on him to win by the public,
will have the lowest odds.
The "longshots"
have the least amount of money wagered on them and therefore
have the highest odds.
The racetrack handles the money, keeps a percentage,
and calculates the horses' odds based on the public's
preferences. The remaining money is then paid back to
the players who hold winning tickets. To the racetrack,
the result of a given race is usually insignificant.
To the wagering public, however, it means everything!
Understanding
the odds and payoffs can be intimidating, but it's actually
quite simple. Win odds on the tote board are displayed
based on $1.00 unless otherwise noted. A "3"
displayed next to a horse's number indicates that the
horse is 3-1. An example of an exception to this general
rule is when "5/2" is shown. This simply means
that the odds on this horse are actually 5 divided by
2, or 2.5-1.
Win payoffs are calculated based on a $2.00 wager because
at most tracks this is the minimum bet. A horse that
wins at 3-1 will return $3.00 for every $1.00 wagered.
For example, a $2.00 wager on a horse at 3-1 would return
approximately $8.00:
$2.00
x 3 = $6.00 + the $2 wagered = $8.00
Generally, when calculating a horse's win price, multiply
2 times the horse's odds and add $2.00.
Notice that some odds pay through a range. Our horse
with odds of 3-1 could pay anywhere from $8.00 to $8.80
in 20 cent increments. This occurs because the tote
board can only display rounded odds. In reality, a horse
listed at 3-1 on the tote board could be anywhere from
exactly 3.0-1 to 3.4-1.
Odds |
PAY
Range |
Odds |
PAY
Range |
Odds
|
PAY
Range |
1-5 |
$2.40 or $2.50 |
8-5 |
$5.20 or $5.40 |
6-1 |
$14.00-$15.80 |
2-5 |
$2.80 |
9-5 |
$5.60 or $5.80 |
7-1 |
$16.00-$17.80 |
1-2 |
$3.00 |
2-1 |
$6.00-$6.80 |
8-1 |
$18.00-$19.80 |
3-5 |
$3.20 or $3.40 |
5-2 |
$7.00-$7.80 |
9-1 |
$20.00-$21.80 |
4-5 |
$3.60 or $3.80 |
3-1 |
$8.00-$8.80 |
10-1 |
$22.00-$23.80 |
1-1 |
$4.00 or $4.20 |
7-2 |
$9.00-$9.80 |
15-1 |
$32.00-$33.80 |
6-5 |
$4.40 or $4.60 |
4-1 |
$10.00-$10.80 |
30-1 |
$62.00-$63.80 |
7-5 |
$4.80 |
9-2 |
$11.00-$11.80 |
50-1 |
$102.00-$103.80 |
3-2 |
$5.00 |
5-1 |
$12.00-$13.80 |
99-1 |
$200.00-$201.80 |
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©2005 Cambridge Turf Club
740 Cambridge Plaza, Cambridge, MD 21613-2531
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