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Horse racing betting odds

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Are you looking to place wagers with the best horse racing betting odds? Then, look no further. Betting on horse racing events is quite popular among punters, with many sportsbooks offering competitive odds to their customers. In this article, we will tell you everything you need to know about horse racing betting odds.

Sportsbooks with the best horse racing betting odds

On browsing the internet, you will come across hundreds of sportsbooks that offer betting opportunities on horse racing. However, not every one of them should be trusted. Fortunately, when you sign up at the following sites, you will access the most competitive horse racing betting odds on the market.

  • DraftKings Sportsbook – Founded in 2012, DraftKings is a popular betting destination for punters from across the world. The website is designed to allow you to place bets quickly and in a hassle-free way. Some of the main offerings on this platform include betting on horse races, daily fantasy sports as well as the NFL and NBA.
  • Twinspires Sportsbook – Owned by Churchill Downs Inc, TwinSpires is a popular brand in the betting world. Particularly, punters who love placing bets on horse races will instantly recognize this platform. With its valuable promotions that rival its competitors, alongside an overall great user experience, TwinSpires is among the best.
  • BetAmerica Sportsbook – BetAmerica is one of the newest sportsbooks owned and operated by Churchill Downs Inc. Just like its sister site TwinSpires, BetAmerica features a fully-fledged horse race betting section, as well as an online casino. The platform launched in the U.S. market in 2019, and it currently operates in several states.
  • BetRivers Sportsbook – With a reputation for quick payouts and attractive bonuses, BetRivers is another top online sportsbook. The site is operated by Rush Street Interactive and comes with plenty of horse racing betting opportunities and also niche sports. Additionally, punters can play on the go, thanks to an intuitive BetRivers app.
  • FanDuel Sportsbook – Founded in 2009, FanDuel is a prominent brand across the world thanks to its fantasy sports offering. However, that’s not all as the site also contains a large selection of sports you can bet on, including international leagues and horse racing odds. Furthermore, new customers can access a lucrative welcome bonus that comes in the form of risk-free bets.
  • BetMGM Sportsbook – BetMGM Sportsbook is owned by MGM Resorts International, one of the biggest gambling companies worldwide. It provides coverage of the major horse races in the US including the Belmont Stakes and Kentucky Derby. Additionally, it also comes with race replays, streaming videos, and horse racing content that’s updated regularly.
  • Tipico Sportsbook – A top-rated sportsbook, Tipico made its US debut in 2020 when it launched in New Jersey. The site allows punters to place a vast range of horse racing bets such as trifecta bets and show parlays. Furthermore, Tipico helps new members kick-start their gameplay by providing a generous risk-free bet bonus.
  • Caesars Sportsbook – The Ceasars brand is undoubtedly one of the biggest in the sports betting sphere. Available in numerous US states, the sportsbook incorporates a horse racing section that features events from over 200 tracks. Apart from that, Caesars comes with competitive racehorse betting odds, race replays, and handicapping tips.
  • PointsBet Sportsbook – Through a collaboration with Meadowlands Racetrack, PointsBet launched in the US market in 2019. The site is known for its unique and highly rewarding sports betting feature referred to as “PointsBetting.” Apart from that, it provides lots of betting opportunities on a wide range of international horse races.

Horse racing betting odds explained

In simple terms, horse racing betting odds are mathematical depictions of how likely a horse can win a specific race. They reflect the chances that a particular horse has of emerging victorious in a race, and the amount to expect if your wager is successful. Normally, the lower the chance of winning, the larger the payout will be.

Odds vary greatly from horse to horse, track to track, and from one occasion to the other. For newbies in horse racing betting at the best US Sportsbooks, learning and understanding the odds is the first and most important thing to do. Once you’ve done that, you’ll be able to use them as a helpful guide in predicting the final outcome of an event.

Betting odds for horse racing – bet types

There are several types of bets that you can place on horse races. The following are the most common types.

  • Pari-mutual horse racing betting odds – A pari-mutual betting system is used in most horse racing events, whether it is on track or online. It involves players betting against each other instead of against the “house”. Unlike sports betting odds, pari-mutual betting odds usually change as it gets nearer to the race.
    Traditional horse racing betting odds – Most leading sports betting apps display USA horse race betting odds in a traditional format. This is where the odds come in the form of fractions (4-1 or 9-2), denoting the potential profit versus the stake. For instance, if you bet $5 at odds of 4-1, and you win, you’ll get $25 ($5 × 4 + original stake).
  • Boxing horse racing betting odds – A box bet means that you pick the horses you want, but cover all the finishing options or positions. For example, a box Trifecta involves picking three horses but putting six bets in total. This is because the outcome may be in six different combinations, that is, 123, 132, 213, 231, 312, and 321.
  • Straight bet – A straight bet refers to any bet placed where there’s only one combination. It is one of the easiest kinds of wagers you can place on horse races. Straight bets come in different types including win and place bets. We are going to discuss these subtypes shortly.
  • Show parlay bet – An exciting way to wager on horse races with friends is through a show parlay bet. It involves each person placing a bet and pooling the money. If you win, you can parlay your payout on the next race, something that can add up your winnings very fast.
  • Win- A win is the simplest wager you can place on a horse racing event. With a winning bet, you predict which horse will win the race and if that horse wins, you collect your payout. Usually, the odds given for each horse are displayed on the tote board.
  • Place bet – With a place bet, you predict that a particular horse will finish in the first or second position. If it does finish in any of those positions, you’ll win the amount shown on the tote board. Note that the amount remains the same, whether the horse wins or finishes in second place.
  • Trifecta bet – A trifecta bet requires one to select the horses that’ll finish in the first three positions, in order. It is a significantly difficult bet to predict and can be quite expensive if you use it on several horse races. However, a Trifecta pays out much more than a straight bet.

How horse racing betting odds are decided

Let’s now look at how horse race betting odds are set. Unlike other sports odds which are fixed, horse racing odds are determined by the bettors. When you visit an online gambling site in the US, you’ll see odds displayed for each horse, commonly known as the morning line odds. These are just there to guide you, so they don’t have any impact on the final outcome.

When bettors start placing their wagers, the odds will also change, either increasing or decreasing. The more wagers placed on a horse race, the lower the final odds will be. This fluctuation of odds will continue throughout as long as betting takes place. In fact, it’s very common to see a horse starting as an underdog, and ending up winning, once a large bet is placed on it.

Handicap horse race betting odds explained

Handicapping in horse racing involves allocating a weight to each horse, in order to equalize the chances of winning. It is premised on the idea that a horse’s weight may ultimately affect its galloping speed. Thus, a superior horse will get a heavier weight, while an inferior horse will be allocated less weight.

Normally, the goal of the handicapper is to enable all participating horses to finish the race in a straight line. And to players, the aim is to predict which horse is better, as opposed to the handicapper’s choice.

FAQ

Are horse racing betting odds easy to understand?

Yes, horse race betting odds are easy to understand. If you are a newbie in horse racing betting, they may pose quite a challenge. However, when you take some time to learn and understand how such odds work, it will be a breeze thereafter.

What are the odds in horse race betting?

Odds in horse racing betting are simply mathematical figures that depict how a horse will finish a race. They express the probability of a horse emerging the winner, and the size of a payout if a bet becomes successful.

Are horse racing betting odds better than dog racing?

Yes, horse racing betting odds are better than dog racing. Horse racing odds are usually more competitive and lucrative that dog racing odds. In addition, they are not fixed but they fluctuate, which means you have an opportunity to adjust your bets as the race progresses.