Horse racing has been a favoured discipline in the UK and the surrounding area for centuries, and its popularity quickly expanded to include betting as well. As opposed to the old times when punters could only place bets by going to the racecourse, nowadays they can place wagers online and use practical calculators in the process.
How to Use a Betting Calculator
Horse race betting calculators are incredibly useful when it comes to wagering online, as they help users estimate the amount of money they could win through a series of simple steps. Luckily for today’s players, there are many such tools available, and finding one is quite easy. And if you don’t want to waste your time searching on your own, you can just visit Irishluck since this site has the best horse racing betting calculator that you can use for free. In order to get started with an online calculator, first you need to enter the bet type that you’re planning to opt for, and you need to specify whether you are looking to calculate an each-way bet or not.
Next, you should enter the number of selections, i.e the number of horses you want to track. After that, it is also useful to choose if you want to show rule 4 or not. This option is used in horse race betting in order to adjust the winnings when the contestants are withdrawn before the race. Then it is time to enter the specific outcome that you’re betting on, and the particular odds for such a result. Finally, you should enter the stake type that you’re looking to play, as well as the amount of money you’re putting in. Once all the data is there, the tool will calculate and present the values for the total outlay, return, and profit. Different tools may come with a slightly different setup, but the core is always the same and you should have no trouble calculating the data that interests you.
The Types of Odds in Horse Racing
In order to make the most out of your betting experience and to be able to use the calculators properly, you also need to have a good understanding of the odds used in horse racing. To put it simply, odds are the system used to show the prices and payouts at a horse track. For instance, the numbers presented as 2-6 or 4-8 tell you what you and how much you will get back in case the horse that you’ve placed a bet on wins. In this setup, the first number stands for the value that you could potentially win, and the second one refers to the amount that you bet. Therefore, if you see the odds listed as 2-1, you can expect to get $2 for every $1 that you invest.
All the sportsbooks that you will come across online will present the odds in one of the two following formats:
Decimal
The decimal format has been introduced to the industry relatively recently, and when it comes to Europe, it is a dominant one. It displays the odds in the format of 4.00, and the stake is already factored in, as opposed to the fractional odds. In order to calculate the potential return, you simply need to multiply the odd by the wager.
Fractional
Fractional odds are more traditional and more commonly used in different parts of the world than decimal ones. The values are displayed as 3/1, and when speaking about them, we say “three to one”. In order to read the odds properly, you need to understand that if you win, you will receive $3 for every $1 you wager, plus the original bet.
How to Read the Odds
In order to successfully read the odds and strategise about their use, you will need to understand the following concepts:
The Morning Line
Before the actual betting can even begin, the punters can take a look at the so-called “morning line” odds, which are the odds that the track’s handicapper placed on each of the horses in the race. Such odds can be published in the racing form, in the program itself, or on the internet, available at your favourite sportsbook. In today’s betting, such lines are rarely something you should actually go by since they change drastically as more and more bets continue being placed, but you can use them as a reference that can help you create a solid strategy.
Changing the Odds
As mentioned above, the odds will continually change as punters keep placing new bets on each of the horses involved. In order to stay on top of the changes, you need to either check the tote board, or your preferred online bookie. It is important to note that the changes will keep happening until post-time.
Favourites
Whenever a race is organised, there will be a horse that is considered the event’s favourite. And as the name says, this is the horse that is most likely to win the race. However, sometimes there is more than one horse with the same winning odds, and when that happens, the contestants are marked as JF, which stands for the joint favourite.
Probability
If we take fractional odds as an example, we can see how they can easily be turned into probability percentages. For instance, if you bet on a race with 1/1 odds, it means that every failure comes with one success, which is also known as a 50% probability. Moreover, a 2/1 fraction states that every two failures come with a single chance of success, which translates to a 33% probability. Following the same formula, we can see that a 3/2 odd means having a 40% chance, while 2/3 comes with a 60% probability.
The Main Types of Bets
Let’s take a look at some of the most commonly used types of bets in the horse racing world:
The Straight Bets
Straight bets are known as the easiest ones to understand, and therefore they are most commonly used with new players. However, they are quite appreciated by professionals, too. The best and most popular examples of straight bets are:
- The Win Bet is placed when you expect a particular horse to finish first.
- The Place Bet is used when you expect a horse to finish either first or second.
- The Show Bet is placed when you expect a horse to finish the race in the first, second, or third position.
- Across the Board combines all the above-mentioned categories. Basically, if the horse you wagered on finishes first, you collect the winnings on the win, place and show. If it finishes second, you benefit from the place and show. And if it ends up being the third, you only collect the perks of the show bet.
The Each-Way Bet
This type of bet consists of two parts – the win bet and the place bet. The win bet refers to your prediction that the horse will come in first, while the place bet means that you expect the horse to finish the race in a particular position that you’ve pre-selected. When it comes to practical use, it is important to know that both parts of the bet are valued equally.
Exotic Bets
The category of exotic wagers combines a number of selections into a single bet, and as such, they usually require higher investments than the others. On the other hand, they normally come with higher returns. So let’s take a look at some interesting examples:
- The Forecast Bet happens when you bet on two horses to finish first and second in the exact order.
- The Reverse Forecast Bet works on a similar principle, but the two horses can finish in any given order, as long as they are the first two.
- The Tricast Bet is a more detailed option where you bet on three particular horses to finish as the first, second, and third, in a pre-defined order.
The Benefits of Horse Racing Betting
Horse racing is a social discipline, and being a dedicated fan means getting to meet plenty of like-minded individuals, especially if you decide to watch the events at the racecourses. However, if you choose to stick to betting online or in physical sportsbooks, you will still encounter an incredible source of entertainment. Moreover, there is a specific kind of adrenaline rush that comes from placing bets on your favourites, and wagering on racing events can add tons of excitement to your everyday life. And finally, if you strategise well and you have some luck on your side, you can even win some cash in the process.
Betting on horse racing is an incredible source of fun, and if you want to make the whole experience much simpler, you will adore the use of wagering calculators. The use of these convenient tools will help you see the potential results of your wagers in a matter of seconds, which gives you more time and energy to enjoy the thrill of the game.
