The chances of winning or losing a horse race are always 50%, which is known as the “evens” in horseracing jargon. But what does that mean exactly? Let’s explore the terminology and concepts of probabilities that you will need to know in order to become a successful bettor.
Odds Versus Odds-on-Dime
To begin with, the two terms “odds” and “odds-on-dime” are often used interchangeably in horse racing, but they have very specific meanings. When you come across them in a bet slip, they can mean two very different things:
- Odds – These are the fixed odds for a particular horse race, which means that regardless of whether that particular horse wins or loses the race, the odds will always be the same.
- Odds-on-Dime – These are the betting odds of a particular horse to win or place in a particular race, which means that the longer the bettor waits to make their wager, the greater the chance that the odds will change and become more favorable to them.
When you place a wager on a horse, you are actually placing a bet on the outcome of the race. So, when you reference “odds”, you are actually referring to the amount of money you will need to wager in order to win or place (place money is when you bet on a horse to finish either first, second, or third in a race).
For example, if you wager $2 on a horse in the third race this year and that horse wins, you will receive $5 back as your winnings ($2 x 2 = $2). However, if that horse loses, you will receive $2 back as your place bet ($2 x 1 = $2). Your loss will be $3. In simple terms, placing a bet on a horse that you know is going to win is very similar to receiving odds; on the other hand, betting on a horse that you think is going to lose is very similar to taking odds-on-dime.
Payoffs And Profits
The important thing to realize is that when you win or place in a horse race, you will always end up with either $2 won or $2 placed (or $1 if the horse is a $1 wagering ticket). So, regardless of whether you bet on a winning horse or placed second or third, you will still come out even at the end. This is commonly known as a “payoff” in horse racing.
On the other hand, if you lose your wager, you will lose the amount you bet. This is called a “profit” or “loss” for the bookmaker, depending on whether or not they make money off the contest. If they do make money, it is a profit; if they lose money, it is a loss.
Probabilities Vs. Certainties
One more thing before we move on, just a quick note. When a bookmaker sets the odds for a horse race, they are doing so with the understanding that some of the betters will believe in the strength of their horses while others will not. This is why the odds will always be 50% in horse racing: some people think that Quarterback Russell will bring home the bacon for his owners, while others believe that Running Wild will be the one to break the tie.
This is why when you reference “odds”, what you are really referring to is “probabilities” of winning or losing the horse race. A probability is a measurement of how likely it is that a certain event will occur. It is always relative to the other options available, so if there are only two possibilities, it is either going to be x2 or x1 (50% in either case). In other words, when you make a bet on a horse race, you are actually making a bet on the outcome of the race, but you are also assuming that the bookmaker set the odds right.
Dollars And Sense
With all of that information in mind, it is now time to consider how to approach betting on horse races. As we already established, the chances of winning or losing are always 50%, and this is known as the “evens”. So, if you are going to be betting on horse races, it is essential that you develop a sense of proportionality. This means considering both the odds and your resources (money or time) and being able to assess whether or not it is a wise use of both.
Let’s explore this in more detail. If you have $100 to place on a horse race and the bookmaker offers odds of 5-1, this usually indicates that you will need to wager $500 to have a shot at winning $1,000. In this case, the $100 will only provide you with a one in 20 chance of winning $1,000, which in terms of statistical probability is very low. This is why you should never bet more than you can afford to lose.
If you are new to betting or if you are just looking to make some extra money on the side, consider the following options:
- Join a bookmaker account. Many bookmakers offer good deposit bonuses and free bets to new members, as well as other special promotions that can be invaluable for a first-time bettor. Having a solid bankroll will also give you the ability to take bigger wagers without worrying about losing too much.
- Look for value props. There are a wide variety of value propositions in horse racing, and it is usually possible to find a combination that suits your needs. For example, if you are looking for a high-quality item at a low price, there are many combinations of horse races that can help you out. If you are looking for a proven long-term investment that can generate decent returns, you could look into buying a horse trading program (H.T.P.). H.T.P. is a special type of investment that invests in the success of a select group of horse races that the investor chooses. The profit from such an investment is relatively inexpensive compared to other types of investments, but it still provides for generous returns. Finally, if you are just looking to make a quick buck, consider purchasing a horse that is specially bred for racing and will therefore be more likely to win (this is often referred to as “trying to hit a home run” in the hobbyist community).
Of course, this also depends on your personal preferences. Some people like to bet on the “long shots” who almost always end up winning, and others prefer to play it safe and avoid betting on long shots because they think they are too unpredictable. Whatever your reason, consider what makes you happy and use this as a guide to create your own personal strategy.