A Step on Understanding the Betting Odds and the Toteboard Better

A Step on Understanding the Betting Odds and the Toteboard Better

People take quite a lot of interest in horse racing and betting, but there are many among these interested folks, who actually know very little about the technical details of racing and betting. For example many of them do not know really to read the tote board. You may be surprised to know that, but if you are also one among these people, who do some betting and come to the races, and yet are weak on tote board reading, then this article is for you to help you understand the workings in the betting market.

The basic reading of the tote board goes like this, 15-1. This means that on betting $2 you will get a profit of $30, which means that you will get back a total of $32 (by adding $30 profit and $2 original bet) on winning the bets.

In the other example: if a win bet of $4.00 is made at odds of 7-2, you will get back a total of $32, includes: $4.00 – the return of your original bet and $28 your profit from the odds.

Generally the minimum bet in most tracks is $2. Only the horse racing betting odds for the bet varies. Due to this variance the actually payoff varies depending upon the odds. But you must remember that on the tote board, the odds are always rounded off, and this has to be kept in consideration while calculating the payoffs.

The payoffs are calculated by the exact odds, and the actual odds are always rounded up to the closest nickle or dime, and this again depends on the racing track rules. This rounding is termed breakage in horse racing. Calculation of the exact win odds requires more data from the tote board. The calculation though looks quite complex, is not that complex. Once you understand it, it’s the easiest.

The total pool is the collective amount invested on a horse. But this amount is not paid to the investors after they win. That is because an amount called the Take is deducted from the total pool. This take consists of the several taxes, track expenses, horse expenses and other similar expenses, which amounts to some 14-20 percent of the total pool. Now the calculation goes like this:
* You subtract the take from the total pool.
* From this sum you subtract the amount you had bet on the horse. You get the total cash that will be paid off.
* Divide this amount with the money bet on your horse. Now you get the exact odds.
* This odd will be rounded up to the closest dime or nickel.

This way you can calculate and get the odds, and can start understanding the toteboard better.