Horse Racing Betting Terms are Universal
Horse racing is quite popular these days as a major betting sport, particularly online. This is largely due to the fact that it is designed in such a way that bets can be very easily and comfortably, due mainly to the huge technological advances in the recent past. The amount of money being wagered on horse racing is vast, for instance, in the country with the most racecourses, Australia, more than 15 billion Australian dollars are wagered on the races annually.
With such a big community online and at the bookmakers or sports books, horse racing punters have a terrific opportunity to enjoy this betting world. In order to understand this community, however, it is essential to know the common horse racing betting terms. And the most important are those concerning the odds on the horses.
In any of the tons of tournaments and events in horse racing that are held yearly, whether it’s the Kentucky Derby or the Melbourne Cup, the same horse racing betting terms are used by all punters.
Odds On, These Terms are Familiar
The odds of each horse winning is calculated individually by bookmakers. Of course favourite horses will give less of a pay-out 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’ are expressed as the odds against an event occurring. 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 pay-out will be greater if it does. If, for example, a punter places $5 on such a horse and it wins, the pay-out will be the bet times the odds plus the returned stake. i.e. (5 x 6) + 5 = $35.
‘Odds on’ expresses the likelihood of an event occurring. Odds such as 1/5 are odds on. It means in horse racing betting terms that the horse is more likely than not to win. The pay-out will clearly be less but the chance of winning proportionately higher. Using the same example as before thus a bet of $5. The calculation is the same. (5 x (1/5)) + 5 = $6.
‘Even odds’ expresses a 50:50 chance of an event occurring. This happens when there is a 50% chance of a horse winning. It is dictated as 1/1 and is often referred to in horse racing betting terms as “even money”. The pay-out will be exactly equal to the stake, essentially doubling your money if a victory occurs. The same calculation applies, again using the example of $5. (5 x 1) + 5 = $10.
There is Some Variation Too
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 with the availability power of online betting and a reliable tote betting guide.
These are just some basic horse racing betting terms and odds guidelines. There are other aspects in each race, so stay as informed as possible, and shop around for the best odds.