Calculator Use

• The answer depends on what the horse’s odds are. Here are a few examples. Example 1: If the horse’s odds were going off at 2/1 your payout would be roughly $60,000 ($40,000 profit + $20,000 base wager). Example 2: If the horse’s odds were going off at 10/1 your payout would be roughly $220,000 ($200,000 profit + $20,000 base wager). Example 3: If the horse’s odds were going off at 60/1.
• Equation: (numerator/denominator) + 1 = decimal odds Example: 6/5 is equal to 2.20. This equals 1.20. Add 1, and you had the decimal 2.20. How To Convert Decimal Odds To Fractional. There are two steps to convert decimal odds into a fraction. Step 1) Convert decimals odds into a fraction by subtracting 1, and using 1 as the.

Convert stated odds to a decimal value of probability and a percentage value of winning and losing. This calculator will convert 'odds for winning' an event or 'odds against winning' an event into percentage chances of both winning and losing.

Gulfstream Park: $1.25 Million Jackpot Guarantee in Saturday’s Rainbow 6; Mandatory Payout Sunday March 6, 2021 The 20-cent Rainbow 6 jackpot pool will be guaranteed at $1.25 million Saturday at Gulfstream Park in Hallandale Beach, Fla.

Be careful if you are using sports teams odds or betting odds. If you see that the Patriots super bowl odds are 9/2, that is most likely 'odds against' and should be entered in the calculator with 'Odds are: against winning.'

When playing a lottery or other games of chance be sure you understand the odds or probability that is reported by the game organizer. A 1 in 500 chance of winning, or probability of winning, is entered into this calculator as '1 to 500 Odds are for winning'. You may also see odds reported simply as chance of winning as 500:1. This most likely means '500 to 1 Odds are against winning' which is exactly the same as '1 to 500 Odds are for winning.'

Probability Formulas:

This calculator will convert 'odds of winning' for an event into a probability percentage chance of success.

Odds, are given as (chances for success) : (chances against success) or vice versa.

If odds are stated as an A to B chance of winning then the probability of winning is given as P_W = A / (A + B) while the probability of losing is given as P_L = B / (A + B).

For example, you win a game if you pull an ace out of a full deck of 52 cards. Pulling any other card you lose. The chance of winning is 4 out of 52, while the chance against winning is 48 out of 52 (52-4=48). Entering A=4 and B=48 into the calculator as 4:48 odds are for winning you get

For 4 to 48 odds for winning;
Probability of:
Winning = (0.0769) or 7.6923%
Losing = (0.9231) or 92.3077%
'Odds for' winning: 1:12 (reduced from 4:48)
'Odds against' winning: 12:1 (reduced from 48:4)

Further Reading

Win, Place, Show – How To Bet On Horses

WIN (W) bets require that a horse finishes in 1^st place.

PLACE (P) bets require that a horse finishes in 1^st or 2^nd place.

SHOW (S) bets require that a horse finishes in 1^st, 2^nd, or 3^rd place.

I’m going to use the diagram (of the finish of a race) below to answer some common questions on the Win, Place, Show bets. The Tote-Board Win odds are above each horse in parenthesis.

How do you calculate the expected payout for a Win Bet?

• Win payouts are based on a $2 wager. Multiply the Tote-Board odds times $2 and then add the $2 wager back.
  

  For example, #8 is (7-1), so 7 x $2 = $14, Add $2 = $16 payout.

• To calculate prices for odds other than X-1, simply convert the (fractional) odds to a decimal equivalent and do the same calculation.
  

  For example, odds of (8-5) equals 1.6 x $2 = $3.20, Add $2 = $5.20 payout.

• I always do this mental conversion to decimal equivalents for clarity in my own mind. In fact when I jot down the Tote-Board odds on my sheet they are always in decimal format. For Example:

What does it mean to bet a horse “Across the Board?”

This is just a shorthand way for making a Win, Place, and Show bet in equal amounts. For example, if you bet #8 for $2 Across the Board in the above race, your bets would be $2 to Win, $2 to Place, and $2 to Show for a total of $6 wagered.

In this example, a $2 WPS wager on #8 returned $28 ($16w + $7p + $5s).

To continue with the example, the same $2 WPS bet on #6 would have cost $6, but only returned $3 since the Show ticket is the only one cashed.

What happens if I bet a horse to Place and he wins the race?

You get the Place price only. So $2 to Place on #8 returns $7.

Can you calculate the expected Place price based upon the Win odds?

Win, Place, and Show wagers are all placed into separate Pools. So the anticipated Place price cannot be directly calculated based on the Win odds. In addition to that, the Place price is dependent on exactly who the 1^st and 2^nd place finishers are in the race. For further explanation on this point, keep reading.

Let’s change the order of finish slightly by switching the top two horses #8 and #2.

The former payouts are shown on the left for comparison, and the new payouts are shown on the right.

Since #2 is now the winner, his payout line is switched to the top of the chart. He pays $12 for a win ticket because his odds are 5-1. Formula (5 x $2) + $2.

Notice that the #8 place price stayed exactly the same ($7), as did the #2 place price ($6). That is because the same two horses finished in the top two positions, just in reverse order.

Now let’s change the order of finish again by pushing the #8 horse back to 3^rd place and moving the #6 horse up to 2^nd place.

Since #2 remains the winner, his Win price ($12) does not change. However, notice that his place price decreased from $6 to $5. Why? Because more total money was bet on #6 (the new 2^nd place horse) to place than on #8 (the former 2^nd place horse). This is reasonable, considering that the Win odds on #6 are 3-1, while the Win odds on #8 are 7-1.

35 To 1 Odds Payout

Generally the amount of money bet on a horse is proportionate between the Win, Place, and Show pools. The simple reason why the payout is less for Place and Show wagers (compared to Win) is that the payout pool is being divided by two horses for Place and three horses for Show.

You can conclude from this information that your best return from a Place or Show wager generally happens when the favorite(s) does not finish “In The Money” (The Top Three Spots). Unless of course you bet on the favorite, which is another story!

There are a lot of opinions on whether or not it’s even wise to make Place and Show bets, as opposed to just Win bets, but we’ll save that topic for a future article.

Select “Get Started” from the menu above for a complete list of articles about Handicapping and Wagering. For example, Racing 101 has several articles about the basics of Horse Racing. And Meet The People has interviews with trainers (e.g. Christophe Clement), Jockeys (e.g. Gary Stevens), and on-track personnel (e.g. Maggie Wolfendale).

20 To 1 Payout

By Neal Benoit