Best Australian Horse Race Betting Odds
In Australia, online horse betting is certainly one of the biggest online betting markets in the country. Online horse betting allows punters to bet on any horse race in the country from the comfort of their own homes. A major horse race attracts thousands of online punters from all walks of life. But when it comes to understanding the odds, you will be surprised how many punters place an online bet without understanding the tote board. Understanding horse racing betting odds is a vital component of horse betting sites. Knowing what the odds represent unlocks important information that every punter needs to know before betting.
For the novice bettor, it’s important to note that horse racing betting odds are usually expressed as fractions e.g. 2/1, 7/1 and 6/5. So from these numbers how do work out exactly what your chances and probability of winning are? With the aid of a simple calculator we can calculate the percentage chance of our chosen selection. Let’s start with a simple 2/1 bet. To calculate the percentage we add the two numbers together. From this we get 3. Then we divide the right hand number (1) by the total (3) to get the percentage which = 33.3%. Now let’s try 4/1. We add the 4 and the 1 to get 5. Then we divide the 1 by 5 to get 20%.
It may look complicated but once you get into the swing of things, betting on the horses will become second nature and you’ll quickly be able to ascertain what odds will equal decent payouts. Betting on a favourite may result in lower odds, and if you opt for a long shot and your predication is correct not only will the odds be increased, but your payout amount will be too. We make sure the bookies we recommend to fellow Australians offer great odds, as they can mean the difference between a marginal and a massive win.
With horse racing betting odds, once you have calculated your chances of winning, calculating your returns is just as easy. A 2/1 bet is easy to start with, 2+1 =3. Then divide the total (3) by the right hand number (1) which = 3. So multiply your $2 by 3 and you have a total returns of 6$ including your $2 stake. Similarly if you have a 5/2 then you add 5+2 =7. Then divide the total (7) by 2 and you get 3.5. Multiply your $2 bet by 3.5 and have a total return of $7.
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Best Bets Horse Racing Tips
With online betting, the horse racing betting odds shown are not exactly what you will take home. With online horse betting, the bookmakers always build in a profit margin when framing prices for a race. If you want to calculate the exact win odds on a horse, a useful tip is to account for this by multiplying the actual price by 0.95, so 33.3 x 0.95 = 31.6%. If you haven’t got a calculator to hand just take off 2%.
Now that you understand more about horse racing betting odds, you can get started. If you want to know where to find the best online betting sites. Look no further. For your convenience we have created a comprehensive list of Australia’s best online horse betting sites right here.