|
All bets are placed based on the numbers
assigned to a horse by the track. These
numbers are printed beside the name of the
horse on the race program. Some tracks use
the post position as the horse number. Irrespective
of the method used by the track, you should
always use the program assigned number when
purchasing bets.
"Scratches" are horses that have
been withdrawn from the race. No bets are
sold on these horses. Bets are refundable on late scratches unless the bet specifically
states otherwise (eg. off time favorite substituted).
Simulcasting is the acceptance of betting
on a race that is being conducted at a different
track. HORSE
BETTING ODDS
Odds are an approximation
of how much a horse will pay to win a race.
You will notice that as wagering on a race
progresses closer to post time, the odds
will change. Why is that you ask? The monies
that are wagered in a race are counted up
and put into Pools. What is a Pool? A Pool
is where the total amount of money that is
wagered on a specific type of bet is held
to be redistributed to patrons that have
correctly selected the outcome of the specific
wager they have placed. Out of these pools
certain percentages are subtracted. Why is
that you ask? The reason being, a percentage
of all money wagered go to governments, racetracks,
and Horseman. The Government receives a percentage
(for tax purposes) for allowing conduct racing
in a certain jurisdiction. The Racetracks
receive a percentage for promotions, maintaining
the racetrack, and paying employees. The
horsemen receive a percentage that makes
the Race Tracks able to offer purse money
to the owners and trainers for racing horses.
If there were no money, there would be no
races. After the percentages are removed,
the remaining money is paid out. This is
where we get our payoffs for winning tickets.
The odds are usually of the
form x/y (e.g. 5/1, 9/5). Dividing x by y
gives a ratio to 1. The smallest ratio or
the largest amount of money on a number represents
the favorite.
Winning odds of 2/1 will pay $6.00 for a $2
bet, while 5/1 will pay $12.00 for a $2 bet.
Payout is calculated by (odds ratio to 1)
x bet amount + bet amount.
Example: For odds of 5/1, the approximate
payout for a $2 bet is 5 x $2 = $10 + $2 =
$12.
Some tracks allow different minimum amounts
on each bet type; generally, $1 bets tends
to be the minimum on all bets. The odds are
computed based on the sales on the bet less
a government and handling tax. These deductions
vary and are usually controlled by a regulatory
body. Deductions may vary at the same track
if there are simulcast races. In addition
some tracks tax payouts in excess of a specified
limit; generally, this limit is 600/1.
|
