Horse Racing Betting Odds
Horse racing is quite popular these days mostly as a betting sport. This is largely due to the fact that it is designed in such a way that bets can be very easily and comfortably placed on the sport. One of the countries in which it is most prominent is Australia. In fact Australia officially has the most race courses of any country in the world. And there was a total of over 14 billion Australian dollars wagered through 2009 to 2010.
With such a big community in Australia, horse racing punters have an opportune chance to get in on the betting world. And you can be one of them.
There are tons of tournaments and events in horse racing held yearly. These include the Kentucky derby, the Grand National, and some of the great Australian horse race events, such as the Caulfield and Melbourne cups. These days garner huge amounts of attention from punters, allowing for some spectacular payout on tote bets, as well as regular odds bets.
The odds of each horse winning are calculated individually by bookmakers. Of course favourite horses will give less of a payout than underdogs, but are much safer bets. While odds are formed individually, most bookmakers follow the same representation of odds, which can be confusing to newcomers.
Odds against: Odds such as 6/1 are odds against the outcome. If a horse has 6/1 odds it means it isn’t very likely to win. But the payout will be greater if it does. If, for example, a punter places A$5 on such a horse and it wins, the payout will be the bet times the odds plus the returned stake. i.e. ( 5 x 6 ) + 5 = A$35.
Odds on: Odds such as 1/5 are odds on. It means that the horse is more likely than not to win. The payout will be less but the chance of winning is high. Using the same example as before thus a bet of A$5. The calculation is the same. (5 x ( 1/5 ) ) + 5 = A$6.
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Information about Horse Racing Betting Odds
Even odds: This is an occurrence when there is a 50% chance of a horse winning. It is dictated as 1/1 and is often referred to as “even money”. The payout will be exactly equal to the stake, essentially doubling your money if a victory occurs. The same calculation applies, again using the example of A$5. ( 5 x 1 ) + 5 = A$10.
Odds for horses are always changing. Certain horses are more likely to win than others, as with any sport. But by knowing the horses and their strengths and weaknesses, as well as the track, it is very possible for punters to strongly capitalise on the sport. And now you can too, with the power of online betting.
These are basic odds guidelines. There are other aspects in each race, so look up on the horse racing betting odds available at the top rated bookmakers we recommend for Australian punters and benefit from the best chances of a big win.