Horse betting is now something many people are trying, now that online gambling has made betting accessible to anyone with a decent Internet connection. However, horse bets are a little different from say, sport match bets. Granted, horse racing is a little complicated. Nevertheless, some things remain the same – payouts are determined by stakes and odds that go with them. But here is a look at how horse racing bets are calculated.
How to Calculate Horse Betting Payouts Using Total Pool and Bet Amount
To know how much payout a bet will give you, you should first deduct the “take” from each betting pool. The take can be as high as 20%, depending on which part of the country you are betting on. And then, from this betting pool, you should subtract the amount of money you had staked as a bet to be left with the potential payout due to you.
Therefore, if the total pool was $1,000, and the take was 20%, and you had staked $100, you would calculate your payout as follows.
- Subtract 20% from the total pool of $1,000, which will give you $800
- From the $800, you should subtract the amount of cash you staked ($100) to be left with $700
Therefore, $700 would be your payout on this bet.
How to Calculate Horse Betting Payouts Using a Bookie’s Odds
Alternatively, the brokerage can give you odds on each possible outcome. For instance, if the horse you are backing has been given a 7 in 5 chance of winning, which the bookie would write as 7-5, then you can multiply this value by your stake to see how much of a profit to expect.
With a $5 bet, you should expect a profit of $7 and a payout of $12 (profit plus the initial state). Similarly, with a $100 bet, the profit would be $140, while the payout would come to $240.
Therefore, the formula for calculating total payout for a horse bet given certain odds involves dividing the odds, multiplying them by the stake to determine the total profit, and then adding the stake to the total to get the total payout.
Therefore, when the odds are 1-5, the total payout for a $2 bet would be $2.4 because 1 divided by 5 multiplied by $2 (the stake) would be $0.4 (the profit). When this profit is added to the initial bet of $2, you will get the total payout of $2.4.
Similarly, assuming a $2 bet, payouts for odds of 1-1 would be $4, and for 20-1 odds would be $42 and so forth.
Calculating Payouts for a Trifecta Bet
With a trifecta bet, you make multiple selections and win with horses that finish first, second, and even third. All the three selections should finish first, second, and third.
You can choose anywhere between 3 and 10 horses. But the more the number of horses in the selection, the higher your stake.
Anyway, to determine how much payout to get with this bet, the total money pool (minus the take) is divided by the value of the correct $1 bets.