Just don’t forget that payoffs use the actual odds and are rounded down to the nearest nickel or dime depending on the rules at that track.
Calculating the exact win odds on a horse will require you to know the following such as;
Amount Bet on that horse.
Total Win Pool and the
$465 / $300 = $1.55
1-2 $3.00 2-1 $6.00 8-1 $18.00
Pay-offs for $2 win bets:
Knowing your actual pay off when you bet $3 on a race will be enough to give you an edge and start to wager smartly.. Round this off to $1.50 for breakage and you get odds of 1.5-1 or 3-2 as it would normally be written which yields a payoff of $5.00 on a $2.00 wager.
3-5 $3.20 5-2 $7.00 9-1 $20.00
1-5 $2.40 8-5 $5.20 6-1 $14.00
Total pool: $900
$765 – $300 = $465
4-5 $3.60 3-1 $8.00 10-1 $22.00
7-5 $4.80 9-2 $11.00 30-1 $62.00
It is quite surprising how many horse bettors out there do not understand horse betting odds at all.
2-5 $2.80 9-5 $5.60 7-1 $16.00
The Total Win Pool is all the money bet on all the horses to win, but is not necessarily the amount that will actually be paid out to the holders of winning tickets. If you really must find the exact odds, just calculate the exact odds on your horse and subtract the take from the total pool. Then subtract the amount bet on your horse to give you the amount of cash to be paid out. Divide that figure by the amount bet on your horse to get the exact odds. This figure will always be rounded off to the nearest dime (usually) or nickel as mentioned above before the payoffs are calculated. Ask yourself, is it really worth the extra effort for the amount bet?
6-5 $4.40 4-1 $10.00 20-1 $42.00
Here is a sample:
Take amount: 15%
ODDS PAYS ODDS PAYS ODDS PAYS
A fun way and exciting way to earn money is to be on horse races. This money is used to cover the state and local taxes, purse money for the horsemen, expenses at the track and the track’s profit. People who bet on horse races take time to understand horse betting odds and use it to their advantage.
The odds quoted will tell you the amount of profit you will get and the amount you have to bet to get it when horse betting. Thus, 6-5 means you will get $6 profit for every $5 wagered.
Amount bet on horse #1: $300
$900 – 15% = $765
3-2 $5.00 5-1 $12.00 50-1 $102.00
1-1 $4.00 7-2 $9.00 15-1 $32.00
We have a chart here that will help you out on your payoff but note that your actual payoff may differ slight from the chart since the odds at most racetracks are rounded off, also depends on which sportsbook site you joined in. Before the racetrack pays off the winners they deduct the “take” which generally comes between 14% and 20% and is different for every state