How to Calculate Payoffs on Your Race Bets

By eHow Sports & Fitness Editor

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This eHow assumes parimutuel betting, which means that odds are set by the amount bet on the horse. The more money bet on the horse by everyone betting, the lower the odds and the less you get back for every dollar you bet.

Instructions

Difficulty: Easy

Things You’ll Need:

  • Cash

Step1
Buy a daily racing paper.
Step2
Analyze and study the race or races in which you are interested.
Step3
Go to the race track or off-track betting establishment you wish to bet in.
Step4
Place your bet after careful evaluation
Step5
Know that the track takes out a percentage of the dollars bet before any payouts are made.
Step6
Keep track of your ticket.
Step7
Collect your winnings once the race is finished.

Tips & Warnings

  • In order to calculate payouts, the track subtracts between 15 and 18 percent of the total dollars bet to win, divides the remainder by the number of dollars bet on the winning horse, multiplies that number by $2 and rounds down to a multiple of 20 cents.
  • Gambling can be addictive. If you think you have a problem, get help immediately.

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eHow Article:  How to Calculate Payoffs on Your Race Bets

eHow Sports & Fitness Editor

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