Can someone explain how "the odds" work while betting on the horses?

Betting odds are determined by the total amount of money that has been bet, and the percentage of that money that was bet on a particular horse.

When you bet on a horse to win, your money goes into the 'win' pool. Everyone else who bet on the horse to win, also put there money in that pool. Then, the horses run, one wins, and everyone who bet on that horse gets money, while everyone who bet on another horse end up with nothing.

When a lot of people bet the horse to win, there's a lot of people who get to collect money. Consequently, the win pool has to be divided among a lot of people, so everyone collects a smaller amount of money. Say, $6.00.

When very few people think the horse is going to win, there's fewer people who collect money, and they get to collect more money. Say, $22.00.

To translate that into numerical terms, a horse with low odds means that more people have been betting on it. From my example above, a lot of people get to cash their ticket and collect $6, fewer people get to cash a ticket, but collect more money, $22. The odds on that $6 horse are 2-1. That means that for every dollar you bet, you could win $2. The odds on that $22 horse are 10-1, meaning for every dollar you bet, you could win $10. Plus, you always get your wager back ($2).

So, you bet $2 on a 2-1 horse, you get $2 for each dollar you wagered, so it's 2x2= $4, plus you get your original wager back, so $4+2= $6.

If you bet $2 on a horse that's 10-1, you get $10 for each dollar you wagered. 10x2= $20, plus your wager, so 20+2=22.

Basically, when the horse has lower odds, more people think it will win, so you collect less. When the horse has higher odds, fewer people think it will win, so you collect more.

In your example, the horse would pay $12 for a $2 wager. (2x5=10, 10+2=12). Your $100 wager is 50 times $2 (2x50=100). So you would get 50 times the $12 payout. So 50x12= $600.

Note: betting odds are always changing. They do not become official until the horses break out of the gate. So it's possible that you bet on the horse when it was 5-1, but its odds can change before post time. If you bet at 5-1, but the horse is 2-1 by the time the race starts, then all you get is the 2-1.

Make sense? Any questions? And good luck!

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RE:

Can someone explain how "the odds" work while betting on the horses?

The example I'll give is let's say I bet 100 dollars on a horse to win, with 5 to 1 odds. If the horse wins, how much do I win? I'm thinking about betting on The Preakness, any other suggestions would be much appreciated, thanks!

5 to 1 pays $12 for a $2 bet.

$100 bet gets you $600

It is half your bet times the payout

Example: The payout is $12

Half of 100 is 50

50x $12 = $600

Subtract the$100 you Bet and your total profit is $500

Pay-offs for $2 win bets:

ODDS PAYS ODDS PAYS ODDS PAYS

1-5 $2.40 8-5 $5.20 6-1 $14

2-5 $2.80 9-5 $5.60 7-1 $16.00

1-2 $3.00 2-1 $6.00 8-1 $18.00

3-5 $3.20 5-2 $7.00 9-1 $20.00

4-5 $3.60 3-1 $8.00 10-1 $22.00

1-1 $4.00 7-2 $9.00 15-1 $32.00

6-5 $4.40 4-1 $10.00 20-1 $42.00

7-5 $4.80 9-2 $11.00 30-1 $62.00

3-2 $5.00 5-1 $12.00 50-1 $102.00

Advance wagering on the Preakness at your local race track starts Fri. 17. GOOD LUCK!

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