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Horse
Betting Online |
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Horse
Betting |
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Horse
Betting Resources |
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Horse
Racing Information |
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Bet On Horse Racing
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withdrawn from the race.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 Racing Betting Odds
Odds are an approximation of how much a horse will
pay to win a race. You will notice that as betting
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. |
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Things to Consider Before Betting on a Horse
Before putting your
hard earned money on a bet, consider these things
first:
1. Bet on the favorite. A favorite
is the horse with the lowest odds or one on which
the most money has been wagered. Favorites win
approximately one third of the time. But this
is not necessarily a sound betting strategy because
favorites can pay very little since there are
too many of you wagering on the horse.
2. Secure a tip sheet. These
tip sheets are prepared by professional handicappers
and could provide you with useful wagering information
as you select a horse to bet on. They usually
contain past performances of race contenders.
3. Watch the horses. Watch broadcast
signals while the horses are in the paddock and
in the Post Parade. |
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