Best Horse Betting Odds 2024 – Australia

Horse Racing Betting Odds in Australia

One of the biggest factors that is taken into account when placing bets, are the odds on a bet. In a nutshell, by way of a rudimentary explanation, odds represent the amount you can expect to receive if your bet wins. Not only do they allow you to calculate your potential winnings, but odds also give you an idea of which outcome is most likely. Ultimately, odds give you a better idea of which runner to back, and how much to stake. If this already seems a bit daunting to you, first try our How To Bet On Horses guide.

Better odds give you the opportunity to increase your potential returns. If you begin to understand odds, you can make informed decisions, and your chances of higher returns will improve in the long run. It is for these reasons that our team provides an odds comparison that will allow you to take advantage of the best horse betting odds on the market.

Most important reasons to compare odds

Betting odds are applied universally and all sports markets and subsequent events are accompanied by odds. Horse racing is no different and horse racing odds are needed for profits to be made. You will find Betting odds on horse racing events online or at an event in-person. Either way, if you do decide to bet on the horses, you should be able to understand odds. Moreover, you should take the time to find the best horse betting odds. This is particularly true when betting online. There are numerous bookies that offer horse racing betting odds, and it would be wise comparing these horse racing odds.

Odds can be likened with prices. Furthermore, odds will differ between different bookmakers. If you are able to find the best horse betting odds, you’ll put yourself in a better position to increase your profits. Moreover, it gives you a much clearer picture as to which runner is most likely to come out on top. Never mind the increased odds that come with better odds, the mere fact that it represents which outcome is most likely, should be enough for you to understand and compare odds.

Online vs. Offline: Chasing the best odds

If you’re a newcomer or still skeptical about the online betting world, it’s understandable that you question the legitimacy of online operators and their advertised odds. It’s most expected that people think they get the same deals at physical betting shops. In some cases, this might be true. However, our tried and tested results have shown us that you simply cannot beat online horse racing odds. You also have so many online bookies these days, that they’re all trying to offer potential customers the most enticing deal. The best horse betting odds are thus a few clicks away.

Another important aspect to take into account, is that online bookies provide a vast swathe of horse racing information for each meeting and race. This information comes in the form of a race card. An integral part of these race cards are the odds that are provided. There’s no need for you to calculate your own odds, as this is done for you via the bookies platform. You can sit back and compare, without having to worry about making a mistake with some or other calculation.

In our experience, we’d definitely opt for online horse racing odds. It is certainly fun going to live meetings and betting on horses in-person. We understand the attraction. Physical betting shops on the other hand, do not provide the flexibility that online betting possesses, nor the excitement of live betting. We realise most people don’t have the luxury of going to racing meetings in person, and thus we propose online betting. You’ll certainly be confronted with some great deals, some of which you’ll find impossible to forego.

The history of betting odds in horse racing

Horse racing in itself, dates back 400 years. People began betting on horse racing in the 1600s. The first of its kind unfolded at Newmarket in the UK. The monarch at the time had a great interest in horse racing. This interest in horse racing and subsequent betting spread throughout the general population. Bookies started to emerge and began facilitating these transactions. Odds were introduced and have been a standard feature since. Today, it is a favourite pastime and one the most lucrative betting markets around. As in Europe, Australia has adopted similar betting methods.

As the market for online betting continues to expand and becomes more and more accessible, so do the number of online bookmakers. All of these bookmakers claim to offer the best horse betting odds. It’s our job to wade through the available data and provide an expert comparison for you to utilize. Keep reading to find out more about different types of odds and which odds strategies might suit you.

Types of best horse betting odds

If you find yourself at a race track, you’re usually confronted with two types of odds – the fractional type of odds and the decimal type of odds. In Australia, as is the case in Europe and Asia (markets you’re most likely to be betting on online), mostly use these two types of odds. However, due to the reach of online bookies these days, we’re including American odds to our list. Knowing how American odds work will stand you in good stead if you find yourself betting on horse racing events within the USA.

Decimal odds explained: Decimal odds are very popular and are used by bookies all over. They’re pretty easy to understand and will give you an immediate insight into which runner is the favourite and which runners are less-favoured to win or place in an event. They’re displayed as a number and represent how much you stand to win for every $1 wagered. The number displayed represents your total return. You do not have to calculate your return excluding your stake. If a particular horse’ odds are 2.00 and you bet $10, you stand to win $20 (2 x $10). The $20 includes your initial stake of $10 and a profit of $10.

Fractional odds explained: Fractional odds are popular in northern Europe and are displayed with a hyphen or a slash. For example, 4-1 or 4/1. Bookmakers across the globe like to use fractional odds, but there’s no cause for concern. They aren’t as complex as they seem at face value. If you find horse racing odds that are displayed as 4-1, it means that for every $1 wagered, you stand to win $4. From this, you can see that the total return you will receive is $5 (The $4 profit and your initial stake of $1). For runners in events, you’ll find fractional odds displayed on the race card. You can quickly surmise which runner is the favourite and which is the underdog. Longer odds will accompany the underdog in any event.

American Odds explained: Commonly known as moneyline odds, these odds are accompanied by a minus sign for favourites, and a positive sign for underdogs. It’s best to use an example to explain American odds.

There are two runners in a race; A with -360 odds and B with +275 odds. B has a lower chance of winning and you need to risk $100 to realise a profit of $275. Your total return would be $375. If you bet on A, the favourite, you need to wager $360 to win $100. Your total payout would be $460.

How are betting odds on horse races being calculated

Nowadays, online bookies have computers that process algorithms and calculate accurate odds. There are various factors that come into play when calculating odds. Masses of data are streamlined via a database and used in conjunction with these algorithms. It’s important for bookmakers to have access to the latest information for their odds to be truly representative of current form and other internal and external conditions.

Although there are various factors at play, one fundamental aspect to take note of is how to calculate the expected value in betting. Being able to utilize this concept provides a punter with the strategic ability to calculate how much one can stand to win/lose on bets in the long run. It should certainly be the aim of any punter to place themselves in the position to identify the best possible value they can extract from their bets. You need to focus on the probability of an outcome and identify if a bookmaker’s probability is higher or lower than your estimated probability.

If your estimated value is higher than that of the bookmakers, you have a positive estimate. These are the odds that you should pursue and that would lead to long run success.

Horse racing odds betting strategies

Calculating the estimated value of an outcome is a great strategy for finding the best horse racing betting odds. Below, we will discuss two more odds betting strategies that punters make us of in conjunction with horse racing odds.

Arb betting strategy: Much like the investment market, arbitrage betting is a strategy where punters identify varying odds on different bookmaker sites. Bookmakers might not always agree with the possible outcome of certain events. Punters can use this discrepancy to their advantage. They place bets on two different outcomes via two different sites, ensuring a successful bet regardless of the actual outcome. Although arbitrage betting is frowned upon by bookmakers, it isn’t illegal.

Matched betting strategy: This strategy has come into play due to the abundance of bonus offers and promotional offers advertised by bookies. Punters cover their bets by using bonus offers, and ensure they do not lose their initial stake. This strategy has been debated a lot, and is not exactly tolerated by bookmakers. Furthermore, due to Australian law, bookmakers do not advertise bonus offers to a high degree anymore. Thus, making it quite difficult to take advantage of this strategy.

You’ll find that you can bet on several markets. However, there are a few that are more popular than others. Here, you’ll also be able to find the best horse betting odds.

The first, which is rather self-explanatory, is the win market (colloquially referred to as “on the nose”). You simply bet on a horse to win and if your chosen runner places first, your bet wins.

Another popular market to bet on is place bets. This means you are betting on a horse to place either 1st, 2nd, 3rd – could be more places depending on the number of runners. The odds for bets on this market will be a fraction of the price for the horse to win.

Each way betting is another fan favourite. Essentially, this market requires a punter to place two separate bets. One of the bets is for a horse to win and the other for the horse to place. Each way bets are recommended on longer odds as it gives you the opportunity to bet on a horse that will, most likely place, and might even win.

Odds Comparison FAQ

Below, you’ll find some general questions which, we ourselves, wanted answering from the outset. These types of questions seem to be at the tip of many newcomers’ tongues and should put your mind at ease. If you have further questions, you might find other articles on our website that will answer your questions. We have an entire collection that has been compiled for you!

Q1. Is your odds comparison service free of charge?

As you have most likely noted, we provide our services free of charge. You are able to visit whenever you choose, and compare the latest horse racing odds. We’ll have up-to-date bookmaker odds and the best horse betting odds summarized – just for you! Take a gander at these odds and find out which bookie best suits you.

Q2. Why should I not bet with my standard bookie?

As we’ve attempted to explain to our readers, it’s important to take some time to compare the allotment of horse racing odds you find on the internet. At first it may seem overwhelming, which might push you to stick with the first option available to you. However, we hope that our services provide some initial insight. Coupled with some of your own research, you might find that your standard bookie does not offer the greatest betting odds on horse racing. If you don’t do so, you might miss out on some fantastic offers.

Q3. Are there differences between online vs offline odds?

Yes, there is always the possibility that there are differences. Our own meticulous research has shown us that online odds are, on average, better. It is important to check online odds before you bet, as you might derive better value online than off.

Q4. Is it okay to open multiple accounts to find better odds? 

Yes, you might have to create several accounts if you are set on finding the best odds out there. There is nothing wrong with having multiple accounts but take it one at a time. Sign up with bookies, only if they offer decent odds. There’s no need to create accounts with bookies who do not offer favourable horse racing odds.

Q5. What is pari-mutuel betting? 

In short, pari-mutuel betting is a form of betting where you place wagers against other punters, instead of a bookie. All wagers are put into a pool. The pool is shared equally between those punters who picked the correct selection. There will be a fraction of the total amount taken by whoever offers the pari-mutuel betting service.

This type of betting is very popular in horse racing and greyhound racing. Just keep in mind that it is difficult to apply a strategy to pari-mutuel betting. This is because there are no fixed odds. Your potential payout depends on the number of people who placed wagers in the pool and how many successfully picked the winner.


Betting on horse racing has been a much-loved activity for centuries. If you’ve ever bet on a horse and watched the race unfold, you’ll know how much enjoyment it can be. Furthermore, at face value, having your horse place or win is such an exhilarating feeling. But, it is also important to understand the inner-workings of placing bets and know how to best maximize your bets.

Comparing odds and finding bookies which offer better odds, is one such way of maximizing potential value from bets. We hope that you have learnt something with regards to this and will continue to submerge yourself in the world of odds. If you aren’t big into figuring out odds, there are great comparison tools out there for you to use. We, at, are here to figure out the best options for you.

Finding the best horse betting odds can help you increase your potential profits and applying an odds betting strategy will give you a better chance of realizing this potential. You can use our site to compare odds across multiple bookmakers and can be rest-assured, you’ll be supplied with the most relevant and current odds available.

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