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Thursday, December 1, 2022

Rules and Chances of Winning in Horse Race Betting

To bet on a winning horse, you must carefully calculate to be certain how likely the horse will win. Studying the odds gives you an idea of the likelihood of a horse winning and the return you can expect. 

Depending on the track, horse, or season, odds can significantly vary. The total money wagered may also determine the odds. Before you place bets on horses, it is important to understand the rules and the winning chances of your bet. 

Sports betting in Pennsylvania 

Pennsylvania sports betting is legal, and there are about 12 licensed operators to date. You can place sports bets live at casinos, satellite locations, or racetracks. Sports betting on mobile devices is now available from any place within the state. 

It became possible after sports betting was included, which expanded the omnibus gambling legislation of 2017. About six months later, the Supreme Court struck down the PASPA, and PA was quick to open the first sportsbook in 2018. Legal sports betting started in 2019. 

Horse race betting rules

Horse racetracks have minimum and maximum bets, and you cannot bend this rule. Some operators allow you to place minimum bets of $1, but the maximum can be as much as $10,000. You cannot modify or change a bet once it is confirmed. 

If you place bets outside the official time, they will be received but will be counted as no bet or void. Before placing bets, choose the best horse racing tracks because they could have a better return on your bets. If you place bets that exceed the maximum limit, what will count is the amount up to the limit. The excess will be counted as void or no bet. 

How likely are you to win in horse race betting?

If you are betting on horse racing online, you have an advantage because you can stream sports online as you wait for your betting results. Your chances of winning are determined by the price of your preferred horse. Let’s say your bet is $5. Your winning chances can range from 19% to 24%, but you need to understand the conditions. Let’s say a horse has 5-1 odds. 

It means its return is $5 for each $1 you bet. If you place a bet of $2 on that horse, your win will be 5x1x2, which is $10+ your $2 bet to total $12. Using the same 5-1 odds to calculate chances of winning, take the 5+1 (return of $5 for each $1 you bet) to get 6 and then divide by 100. Your chances of winning will be 17%, while the chances of losing will be 100-17 = 83%. 

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