Getting the Basics Right with Horse Racing Odds
In horse racing, each selection has “odds.” Odds represent the opinion of the bookies on the probability of the horse winning that race. Odds will change accordingly as bettors decide where the value is and where opinions differ, and it is up to the bookies to change their prices. Theoretically, the odds should add up to 100% for the race, so if it were a four-horse race and each had exactly the same chance of winning; each would have a 25% chance of winning the race (4 x 25 = 100). However, for the bookies to benefit, they create a total percentage to guarantee their winnings no matter which horse wins. It is usually around 105% to 120%.
Calculating probability
The simplest way to calculate a horse’s probability of winning is simply to divide the decimal probabilities by 1. Probability of winning% = 1 / decimal probabilities, p. A 7-2 horse has a 22% chance of winning the race. 7-2 in decimal probabilities is 4.5, so 1 / 4.5 = 22%
Real probability
Removing the rounding ratio for each race will provide the true odds for each horse (that is, make the race total 100%).
Use the bookmaker prices as a guide and reduce/increase the% closer to what you think the horse’s odds really are; or
Start from scratch and create your own book based entirely on your own research.
The longer way is much better to understand a particular race and the betting market as a whole. It also removes any biases created by the market in general. Once you have the actual check racing odds here on each selection, this is where you can compare them to the bookmaker prices.
Value
The value lies in those animals that are underrated. Within your odds and probabilities for each horse, you will be able to see which horses have not had as many industry opportunities; For example, you give a horse a 7-2 shot with a 22% chance, but the market shows that it is a 6-1 shot with only a 14% chance. A price of 6-1 for a horse that you rate 7-2 represents the value of the bet and your advantage over the market. Please note: These odds are your opinion, so try to eliminate negative thoughts that you may have overrated a horse’s chances when you see price differences like this. Watch the race or check the results of each race you have rated to see where it has been good or bad. Gaining experience doing this will bring many benefits to understanding horse racing.
To fully understand how the odds are calculated for each racehorse in a given race or event, you need to learn some basic handicapping tips. There are two definitions of the term “disability.”
One: handicapping is the practice of assigning advantages through score offsets or other advantages awarded to different competitors (running horses, in this case) to equalize the chances of winning.
Two: The word “handicap” refers to the various methods by which players can predict and quantify the results of the horse race. This is done mainly to encourage betting on different events.
In the first definition of a horse racing handicap, an impost is a weight a horse must carry in a race. Racehorses carry lead weights during the course of a race as a form of handicap, hence the term handicap racing. These lead weights to supplement a rider’s weight to give the horse the assigned fascia. Riders use pocketed saddle pads or lead pads to hold assigned lead weights. These weights are assigned, usually by the race secretary, based on factors such as the performance of the animals, the distance from the race track to match the possibilities of the competitors.
In the second definition, or more popularly known as a thoroughbred handicap, the term means the “art” of predicting which horses are most likely to win a race and how to benefit from these predictions. For seasoned gamers, the Daily Racing Form or DRF is a Bible worth hitting. The DRF is a newspaper-style publication that details statistical information on each horse entered in any race, including detailed past performance results, lifetime records, amount of money won, odds for the particular horse in each past race, and a lot of other information available. For both casual and serious studies.
Depending on the player, the handicapping process can be simple or complex. However, they follow the same basic steps. One, the player must study the DRF. Two, the player must observe the body language and behavior of the horses in the paddock or after the parade. There is also an “art” form here that is worth learning. Experienced handicappers are often on the lookout for signs of distress on the horse, such as wagging tails, flattened ears, or rolling eyes. Naturally, an animal under duress will not perform at its best, and players know not to bet a big bet on the horse. Lastly, experienced players look at the tote tables religiously, studying the gradual or sudden change in odds for each horse.
Those who gamble their money in competitions like boxing matches or horse races know that they cannot gamble their money indiscriminately. You see, gambling on occasions like these does not depend purely on luck. You can’t trust your income to pure luck when you have other reasons to consider. People bet on the track always do is check the horse racing betting odds. These numbers help them decide where to put their money. They bet their money depending on the odds shown by the horse racing betting odds.
But what factors affect the odds of horse racing betting?
Reputation – The reputation of horses and their riders clearly influences the odds of horse racing. When you think about it, that’s the factor that horse racing betting odds are based on before it can suffer from other aspects.
