Understanding The Odds In Horse Race Betting

Even if you have never placed a wager before, you would have probably heard odds being discussed during one point of the process. This refers to the chance of a particular outcome occurring. In this particular instance, it signifies the possibility of a certain horse winning, placing, or showing in a race. Of course, it also takes into consideration the amount of money that you are putting up for that wager.

Thus, it denotes how much money you have the possibility of winning, if your prediction was right. There are different methods used all over the world. In Australia, it is the decimal strategy, also known as European odds. This method is used due to the simplicity that it offers bettors. Here is what you need to know:

Favourites

When you go to place a wager, you may notice the letter F or JF being placed next to a particular horse. The F denotes favourite – this means that the majority of the bettors feel as though that particular contestant is going to win. This is one of the best bets horse racing. JF means joint favourite, this means that more than one contestant has been flagged as a probable winner. If these tips seem too good to be true, there is a reason. This is because these contestants usually have the shortest price beside them. Click here for more information about best bets horse racing.

Decimal Form.

Calculating your probable profit using decimals is incredibly easy. Imagine that your horse race odds are 1.82 and you have decided you want to place a bet of $10. Now, you will need to figure out what this means for you, should your pick win. All you have to do is multiply the odds with the amount of money you placed. Thus, 1.82 x 10. The amount of money that you will win from this wager is $18.2. It is as simple as that.

Understanding Profit

There is something that you need to understand about the amount that you wagered and the profit that you actually made. Taking the example above, you made $18.2 on the wager that you placed. This, however, does not reflect your actual profit. This is because your original bet is included in the answer that you calculated. To figure out the profit that you made, you need to deduct your original bet from the money you made. This means you subtract $10 from $18.2. You are left with $8.2 – this is your real profit.

This is what you need to understand about placing a wager in Australia. Now, you can determine just how much you will be winning or losing.