What are short and long odds?

Why do bookmakers give short odds on horse racing?

If a horse has short odds, they would be classed as one of the favourites and have a greater chance of winning, therefore the bookmakers will shorten the odds as it is most likely that more people will bet on this particular horse and therefore there will be less of a payout e.g. 2/1.

What happens when you bet 8 horses in a horse race?

In races with 8 horses the winner will be among the top 4 betting choices 82% of the time. Horses that are the 5th choice will run better than expected 45.9% of the time, which puts them on a lot of superfecta tickets.

Do bookmakers ever lose money on horse racing?

On occasion, bookmakers will lose, but they don’t make a habit of it. A string of favourites winning at a horse racing meeting can put a dent in the bookies’ satchels.

Do online bookmakers lay bets on horses to lose?

Online bookmakers have been laying bets on horses to lose ever since horse racing began. As punters having a bet on a horse, we are actually involved with laying horses every time we have a bet. We are simply on the other end of the transaction.

Would the bookmaker accept a 3/1 bet?

To take our bet, the bookmaker is of the opinion that General Account will NOT win the race. If he thought the horse was going to win, he would not accept our bet, or at least he certainly would not wish to risk so much money, and would not agree to a bet at 3/1.

How do bookmakers make money from horse racing?

Breeders and trainers make money from enthusiastic owners, while bookmakers make money from undisciplined punters. There are also professional gamblers that make money from horse racing by outwitting bookmakers and betting against the crowd of habitual punters that lose regularly. How Do Racecourses Make Money From Horse Racing?

How do bookmakers use betting odds?

He will create an over-round by offering odds of less than evens. In this example, 4/5 or 1.80 So if he were to take bets of £100 each on both heads and tails, a total of £200 in bets, whatever the outcome, he would pay out only £180 meaning a £20 profit for the book That’s how bookmakers use betting odds!

How much do bookmakers pay out on horse racing betting?

You’ll also get paid out on the ‘place’ part of the bet too! However, bookmakers will typically only pay out 1/5 of the quoted odds on the ‘place’ portion of the bet for big races. The £5 ‘ place ‘ portion of your bet pays out £40.

When do bookmakers offer horse racing odds?

Some bookmakers will offer horse racing odds on all of the next day’s racing whilst others will only price up a few races – or even none at all. The very biggest races should be priced up by all bookmakers as soon as the final declarations are made.

How do horse racing bookmakers make odds?

The key principle of making a book is relatively simple. If a race has 12 runners then each of them has a chance to win. Of course, each has a different chance of winning. Some have big chances, others have little and these chances will be reflected in the odds the bookmaker offers.

How much do bookies make on a horse race?

Most bookies aim for a 10%-12% mark-up on a race. Once he has taken out 4%5% to pay for his taxes and costs, he has a net profit of between 7%-8%. He has to aim to achieve this profit over the eight or nine races of the program. His problem is that in racing, nothing is clearcut.

How do bookmakers make money from horse racing betting?

This commonly happens in big horse races. The process isn’t quite this risky in reality. The bookmaker doesn’t just wait to see which bets will be popular and then move the move the margins, instead they profile their customer base in attempt to predict which markets and lines will be more popular than others.

What are the odds of a horse racing bookie winning?

He may open betting with a nice, 112% book but then the betting starts and in many instances the betting on certain horses is such that although the bookie may finish betting with a percentage of, say, 109%, he in actual fact has a very small chance of winning on the race.

How to calculate horse betting odds?

When you choose numeric odds on a horse (i.e. 2/1 or 3.0), this is pretty straightforward to calculate. If you placed your bet at fractional odds (i.e. 2/1) you simply multiply your bet by your odds to calculate your profit.

Why can’t I bet on each way in horse racing?

If a horse race has two, three, or four runners, each-way betting is normally unavailable. This means bookmakers will only pay out on the winner of these types of races.

How much do bookmakers pay out on big horse racing odds?

However, bookmakers will typically only pay out 1/5 of the quoted odds on the ‘place’ portion of the bet for big races. The £5 ‘ place ‘ portion of your bet pays out £40.

Do bookies pay 5 or 6 places when betting?

And if they pay 6 places, you get paid even if your selection finishes 6th, and so on. As you can see, this can easily make the difference between a losing bet and a winning one. So if you bet each way, you should always check which bookies pay 5 places on the event before you place your bet.

What is the best time to bet on horse racing?

The best betting sites for horse racing offers best odds guaranteed at different times. Some offer best odds guarantee the day or night before racing. Other betting sites do not offer BOG until the day of the race, and then it can be from 7 am, 9 am, 10 am, or midday. What time can I get BOG from with bookies?

Which bookmakers have the best odds on horse racing?

William Hill, Betvictor, Betfred and a number of others bookmakers have best odds guaranteed on horse racing. For full details on the best possible deal read our page about which bookmakers have best odds guaranteed. Which betting sites show horse racing live?

When do the odds go up in horse racing?

It usually takes until the morning of the races for the odds to level out across all bookmakers – Getting in early, you can spot which bookmakers look to have their early odds out of line The amount of races priced up the day before by bookies varies from bookie to bookie, as do the times that the odds are released.

How has technology changed the horse racing betting market?

Captive audiences that had come for a day at the race used to mean that on-course bookmakers used to get away with offering reduced odds, but that has changed due to punters being able to use their mobile phones and internet to get better odds with either the online bookmakers or betting exchanges.

What percentage do bookies take in horse racing?

A racecourse bookie will price up all the runners, with an over-round of (for example) 120%. In an ideal situation, he would take bets on all runners, and have equal liabilities on each. If it was a 4 horse race and he priced the runners up at evens, 3/1, 3/1, and 4/1, his book percentage would be 50% + 25% + 25% + 20% = 120% (20% over-round).

Why do bookies lose money on horse betting?

There is always a rush of money for a particular horse and a bookie has to exercise care and judgement under pressure in determining how much money he will take at a certain price for any horse. Too much money can tip the scales in his carefully planned percentages and cause him to be betting to losing figures.

How do bookmakers make money on sports betting?

This is a balance of making a profit and ensuring punters are still attracted to bet on the outcome. Bookmakers start off by setting their margin (let’s say 5%) and they then set the odds for the various outcomes incorporating this commission.

Should you take the odds on offer when betting on horses?

There have to be occasions when, although the odds may not be ideal, you are so sure the horse in question will win that you bet. Let the odds on offer be the last thing you consider. If you take them as your first point of reference, the bookmaker is dictating your betting patterns. That is a situation that suits the bookmaking fraternity.