Horse betting odds can be considered as the bible of modern day horse betting system which comprises mainly of gambling. For a beginner seeking some extra profits in the sport, mastering the concept of odds is a must. This is perhaps the most complex phenomenon in the sport. Over the last three decades, numerous books and articles have been written explaining the concept of odds.
Odds are the basic concepts in the sport. They basically tell a person how much they are going to earn if they invest a certain amount. The beginners very often get carried away by public opinion that is obviously favors the favorite. But only the experts know that it is more profitable to invest on the horse that many people do not. This is because the less the number of people investing, the more the individual profits in case the bet wins. But, the chances of that is less. So, people go along with the public and earn a few reasonable bucks.
The reason for the favorite domination on the odds board is mainly due to the three groups of people that influence the beginner’s opinion the most. The three groups are the pre-race investors, race trackers and the owners.
The first group does not really know anything about the bets and just try their luck by investing earlier. These people have more important jobs at hand and they cannot afford to waste their time betting. So, they just place some random bet earlier and hope for it to win. Others who bet at the race track see their bets on the odds board and go with the favorites amongst them. The problem in going with them is that they do not know anything about the sport and just invest randomly.
The second group is the race trackers or the persons who work at the horse track with the horses. They thus pretend to know everything about the condition of the horses and thus people get influenced by the vast amounts of knowledge they possess.
The third and most important group is that of the owners. They get carried with the emotions they have for their animals and they are egoistic in nature. Since they are big betters, people assume that they are right and often go with them.
Horse betting odds are normally in the form x/y(eg.6/1, 7/2). A ratio is obtained by dividing x by y. The favorite is represented by the smallest ratio or the largest amount. That payout amount is calculated by the formula: [bet amount X odds ratio to 1] + bet amount. So, the odds of 3/1 will pay $ 8 for a $2 bet while the odds ratio of 4/1 will pay $ 10 for a $2 bet.
Horse betting odds differ for every track but it is generally same for each track. Odds are undoubtedly the most important concept in the sport and profession of horse racing and horse betting. So, someone seeking money in this should master this concept.