How to Calculate Payoffs on Your Race Bets

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By eHow Contributing Writer

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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.

Difficulty: Easy

Instructions

Things You'll Need:

Cash

Step 1

Buy a daily racing paper.
Step 2

Analyze and study the race or races in which you are interested.
Step 3

Go to the race track or off-track betting establishment you wish to bet in.
Step 4

Place your bet after careful evaluation
Step 5

Know that the track takes out a percentage of the dollars bet before any payouts are made.
Step 6

Keep track of your ticket.
Step 7

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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