Any betting experts?

Racing
1

So for setting up betting for FF (which, I may as well warn you now, will not be happening anytime soon), what are the types of bets and how to they work?

Obviously there’s win/place/show, but then there’s exacta, trifecta, etc, and others that I’m sure I’ve forgotten/never knew about.

Also, how does the money paid out reflect the odds?  Does a 100-1 longshot pay $100 for every $2 bet, or $200?  Since I think $2 is the minimum bet at most tracks, right?

For FF, I will probably make the minimum bet either $50 or $100, and require that bets be in increments of either $50 or $100 (depending on what the min. bet is).  Maximum bet will probably be something like $10,000, maybe more, maybe less.

So…any gambling experts out there?  :wink:

2

100-1 would pay $100 for ever $1 increment. So yeah, $200 for a $2 bet. That’s all I know. Hehehe…

3

well i know everything ther is to know about betting lol.

If a horse is 2/1 you get 6 dollars for every two dollars bet

4

That doesn’t make sense…you bet $2, the horse pays at 2/1 odds and you get 3x the amount you bet??

And for someone who knows “everything”, you only answered one question.  :stuck_out_tongue:  :wink:

5

I’m right about that one

Shanthi. I only ever bet like that at the races, so yeah… :smiley:

6

this is so confusing! im

hoping to learn something here so when i get to be eighteen, i can be an expert! im going to

win lots of money! so yeah…just letting you know i’ll be listening! (since my knowledge

about this subject is almost non-existant)

7

well, the 2/1 payout being $4 on a $2 bet sounds right from my limitted experience… 'cause you earn $2 for every $1 you bet.  But that obviously is only for a Win bet, I dunno how they mod that to get the payounts if you bet on that horse to Place/Show…

8

It’s the same for a place or show. So if a horse is paying $3.65 for the win and $1.55 for the place or show and you do a $5.00 bet each-way [so your betting a win and place/show], you would recieve $18.25 for the win part of your bet [ie. 5 x 3.65] and $7.75 for the place/show part of your bet [ie. 5 x 1.55]. I’m sure that’s how it works.

I normally have a bet on the bigger races and that’s how I bet and get paid.

To get a payout for a place your horse can run 1st, 2nd or 3rd. However, if there is a field less then 8 or 10, can’t quite remember, then there is no 3rd dividend.

9

Yeah, but my questioin is how you come up with the $3.65 and the $1.55…specifically the $1.55, since theoretically the $3.65 would be for a, what, 3.65-1 horse?  (Not that I’ve ever seen those odds, but whatever :wink:)  Does a 10-1 horse pay $10 to win and then $5 to place/show?  Thought place and show were 2 separate bets anyway?  And then how would you come up with the $ for the exacta/trifecta bets?  :wink:

10

Yeah I dunno how odds work.

Hehehe. But yeah, I think that place odds are worked out separatly. I’ve noticed that a 5-1

horse can be at higher place odds then a 7-1 horse. So I don’t know how they get off on

that.

Oh, sorry, in Australia we have the bookmakers which use fractions and then the

betting companies which use decimals. They just like to confuse you. So I think with the

whack odds thats where like 7-4 and 11-3 and all that stuff comes in.

11

well 2/1 pays 6 dollars because you get 4 dollars for 2/1 and the two dollars you bet trust me.  Exacta pools are different from win place show pool.  Exacta is usually around  the win price times the place price for the second horse.  Ill copy and paste an example to show everything.

12

Doc Wild Bravo J 120              3.60 2.80 2.40
3 Port Henry Piermarini T 120        6.00 4.60
7 Warplane Decarlo C P 120                  3.60
Times in 5ths: :224 :46 1:11  1:24
Times in 100ths: :22.97

:46.12 1:11.14  1:24.01

Claimed:  Despite by  McPherson Alexander F. (McPherson AllisonA.), 
Unplaced horses listed in order of finish.
Also ran: Tax Deferred, Despite,

Tour the Line and Chairman Cella
Winning Trainer: Lake Scott A - Owner: Leo Gaspari Racing

Stable, Inc.   
$1  Exacta  (2-3)  Paid $15.40
$1  Trifecta  (2-3-7)  Paid $60.30

The horse that won was 3/5 a heavy favorite.

If a horse was 1/2 it would pay 3 dollars to win.  1 dollar winning for every two dollars bet.  when your horse wins you get 3 dollars.

This is correct, I make my living in college by betting so betting, is what  I know

13

So how do you get the $3.60 from the 3/5 odds?  Since $2 * (3/5) is $1.20, not $3.60.

What I’ll probably do, if/when I can figure out how to write a script to generate odds, is set it up so that place bets pay ~75% of the win bet amount, and show bets pay ~50% of that.  Not sure how to work win bets for a horse that places, though…maybe just have it be 75% of win bets and 50% of show bets?  I dunno.  Main part at the moment is coming up with the odds and then the payouts.

14

I still don’t understand how

Dan’s system works. Surely they don’t gift you extra money? I know for a fact that it

doesn’t work that way in Australia.

Maybe the whole system is different over there, but

for win/place/show you get a place showout. So if your horse comes top three and you do a

place bet then you get money, aswell as the win bet if it wins.

15

Well it was between 3/5 and 4/5 since they dont have a 3.5/5 they use the lower one. 

I know where we are confused. 

In your system you are not collecting money before they take the bet.  So yes if I took 5 dollars to win on ahorse I would win 10 true.  But if I gave you the the 5 dollars first I would get back 15

Hope this clears this up.

16

No, I’m even more lost. So

what your saying is they take your money, then happily give it back along with your winnings?

I don’t get it. I give my $10 or whatever to a man, the race is run and he gives me

back $30 at odds of 3/1. Sounds much easier to understand to me.

Perhaps we should

just stick to the basic simplicity that everyone else seems to be able to get their heads

around?

17

Wouldn’t 3.5/5 become 7/10

odds?

18

Yeah I guess. But, how does

7/10 work? To me it looks like you place a $10 bet and get $7 back if he wins. Work

that one out…

19

if a horse is 7/10 you get back around 3.60 dollars for every two dollars bet.  So ten to win on him would be 3.60 x 5. 

It’s really not that complicated.

If a horse is even money 1/1 you double whatever you bet.  if you bet 10 he pays 4 dollars to win.  Four x five is 20 dollars.

It is hard to explain gambling.  lol

20

Just stop now, Jason is lost

for the first time in his life… :wink: