Pari mutuel betting horse racing

Because you are betting against the other gamblers the odds will change depending on how much money has been wagered on different horses. The racebook will try to set accurate odds when the book opens known as morning line odds , but these are just estimates and the true odds for the race are not known until all of the wagers have been received.

All of the bets for a single races are placed in a pool. The odds on the betting toteboard at any time indicate the amount of the money that has been bet that is currently on that horse. Where is the Juice? In reality though the Racebook will take a percentage of the total pool of bets placed on the race. This percentage take will not affect the relative odds between the horses and it will differ depending on the racebook you use. Tips to Winning with Parimutuel Betting Because you are betting against the other gamblers with pari-mutuel betting the smartest thing to do is go against the grain.

This is especially true in high profile races such as the American Triple Crown races. If certain horses are getting a lot of media attention I would stay away from these horses because this popularity will bring in more bets on these horses. Popular horses that attract many wagers offer lower payouts because there are more winning tickets to pay. Similarly, unpopular horses offer higher payouts because there are fewer winning tickets to pay.

Pari-mutuel wagering odds are determined entirely by the public as explained in the answer to the above question. In contrast, fixed-odds wagers are determined by an oddsmaker. As a result, pari-mutuel wagers fluctuate until post-time, even after bettors place their wagers. In comparison, the payouts on fixed-odds wagers remain fixed in place after bettors submit their bets. How do pari-mutuel wagering odds work? Racetracks post pari-mutuel wagering odds as fractions that represent the ratio of the amount the bettor stands to win versus how much they must risk.

Bettors can read more about horse racing odds here: Horse Racing Odds Explained How much commission do tracks keep from pari-mutuel wagering pools? The track take-out varies by track, type of wager, and location of the originating bet.

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