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It's important to note that there's a huge difference between horse betting in the UK and the US. In the UK, usually bookies set all the odds. You make your bet with a particular bookie with their set of odds, and you're locked in. The bookmaker makes a profit via the overround, which works identically to other sorts of sports betting. The US, for complicated historical reasons, instead uses a parimutuel system. No matter where you are (on track, off track, online), your bet goes to the track running the race and goes into a pool specific to that type of bet (for instance, 'win' bets are placed in with all other 'win' bets). The track takes a percentage of the entire pool (for example, 15%). Once a winner is decided, the money from the losing betters is distributed to the winning betters in proportion to how much they bet. This is calculated down to 'how much you win per $2' and that's what's displayed on the board. Other places that are not the US may use this system, including (rarely) some places in the UK. You'll see the 'live odds' for horses in the US on the various boards, but these are only 'win' odds. Place and show bets are more complicated (since, of course, there can be multiple winners for them, whereas win bets only ever have one winning horse), and exotic bets (everything not win, place, or show) are their own bugbear. E4C85D38 fucked around with this message at 09:28 on Jun 23, 2017 |
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Jun 23, 2017 09:24
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| # ¿ May 3, 2024 04:30 |
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