Author:
Jamie Clark
Last Updated on:
24/05/2023
Best Horse Betting Odds 2023 – US
Horse Racing Betting Odds in the US
At the most basic level, horse racing odds allow you to calculate the likely outcome of an event and the amount of money you stand to win. With this information, you can pick your horse and decide how much to stake.
Taking things a step further, finding the best odds can give you a chance to improve your profit. Once you really start comparing odds, you can choose bets with value, which gives you better profit prediction over the long term.
The Most Important Reasons To Compare Odds
If you aren’t convinced of the reasons to compare odds, then think of getting the best horse betting odds like finding an expensive item that you’ve wanted to buy, but it’s on sale for 30% off. You wouldn’t buy it at full price somewhere else. Just like you wouldn’t hold back from going all-in if you knew you had the best poker hand at the table.
Just like prices, odds really can differ from one bookmaker to another. Not only do bookmakers calculate and publish different odds, but many also have specials and bet boosts. That could make one bet stand out particularly on one site.
Checking out different betting odds on horse races is similar to bargain hunting for the lowest price tag. , But, in this case, it wins you more. Finding the best horse betting odds means that when you win, your bet will pay out more than if you had placed a wager at the first sportsbook you found.
Online vs. Offline: Chasing The Best Odds
While it’s fun to place a bet at the tracks or to visit and bookmakers to place a bet, it isn’t the route to finding the best odds. When you place a bet online, you have lots of different bookmakers’ offers at your fingertips. In this case, that choice is a key to bigger wins.
Comparing horse racing betting odds means you can get the best deal possible. Visiting multiple websites or using this odds comparison tool online will help you quickly identify the best odds. If you head to the track, you’ll be accepting whatever odds you are offered there.
Once you know how to read odds, you can take them in at a glance from any website, and you’ll immediately know how much you stand to win. That’s why online betting gives you better value. You can use a tool to find the best odds, instead of accepting the only offer in front of you.
The History Of Betting Odds In Horse Racing
Horse racing has been a sport that is popular to bet on, almost since the first races. The first organized races were run at Newmarket in the UK in the 1600s. The king himself, King James I, owned several racehorses. Owning and betting on horses was a popular pastime for the upper levels of society.
Other racecourses opened around the country, and the popularity of the sport spread to the masses. That meant spectators now took part in betting, and bookmakers stepped in and facilitated the placing of wagers on different horses. In this form of betting, the horse racing odds are set by the bookies.
By the time horse racing betting spread to the U.S., parimutuel betting was popular. That means that odds are set by the betting public and not by the bookmakers. Perhaps that is why horse racing betting remains legal in many U.S. states, as the racetrack doesn’t have a stake in the outcome for the events.
Horse racing odds can be displayed in three different formats. Most online betting sites will have a default way of displaying their odds but will give customers the option to change how the odds are shown.
At a British sportsbook, you will most likely see fractional odds. As the name suggests, these odds are presented as a fraction. For example, 9/1, which means for every dollar that you bet, you win $9. In fractional betting, an evens bet is represented as 1/1. That is a bet that pays double the original stake if you guess the outcome correctly.
Decimal odds are used in most of Europe and are becoming more common. Odds will be displayed using a decimal point. For example, odds 9.0 can be used to calculate your winnings. If you bet $10 multiply that by 9.0, then take away your stake and you’ll have your winnings, $80. A decimal evens bet is shown as 2.00.
Moneyline or American odds are shown with a plus or a minus sign in front of them and are used in North America. The plus sign shows how much would be won if you wager $100, whereas the minus sign shows how much bet is needed to win $100. For example, +900 would mean a profit of $900 if you bet $100. An evens bet is displayed as +100.
How Are Odds Being Calculated
Algorithms and computers are used to calculate odds, but there is so much more to the process. Sports odds take into account a number of factors.Once the data is compiled, the bookmakers’ software generates a price or the odds.
During that process, a small margin is added to ensure some profit for the sportsbook, no matter who wins.
Horse racing odds rely on information from experts. Having access to more information helps bookmaker’s differentiate themselves from the competition. The best bookmakers get the best horse betting odds by having accurate and up to date information. Details about a horse’s form and training from gallops watchers, form experts, and private handicappers all help to shape the odds.
If it is a high profile race, the sportsbook may also be influenced by how the public is likely to bet, who the jockey is, and the horse’s race record.
Spotting value when you compare horse racing odds
The key to looking at odds is to calculate the expected value. That shows you which bets are profitable or not in the long run. The focus is on the probability of an outcome, and whether the bookmaker’s probability is lower than your estimate. This represents a positive expected value or +EV.
Odds Betting Strategies: 3 Approaches to compare horse racing odds
Once you start looking at odds, you may also want to employ a more strategic approach to your betting.
Long term betting strategies that take into account positive expected value are popular in all sports, horse racing included. That involves sorting bets into ones that have a positive expected value, and only choosing those bets, leaving aside personal preferences or favorites.
One strategy is expected value, it is a statistical approach that works in the long term. You need to compare the bookmaker’s implied probability (odds) with your own calculations. For example, if a horse is +350, the bookmaker’s implied probability is 22.2%. However, if by your calculations, the horse has a better chance, then you have positive expected value.
Arbing or arbitrage betting is another odds strategy. This is an activity where bettors place simultaneous wagers on all possible outcomes of an event. This works when there are odds that guarantee a profit no matter what the outcome of the event is. This works well on binary bets, and when different sportsbooks disagree on the odds.
Finally, matched betting is a form of arbing that sportsbooks aren’t particularly keen on. It involves wagers with bookmaker bonuses, such as free bets, to cover some of the possibilities, which minimizes the amount of real money being lost.
The Most Popular Markets In Horse Racing
There are several markets where you can check for the best horse betting odds.
One is the win market, also known as “on the nose,” where you simply pick a horse to win.
You’ll find plenty of horse racing odds for the popular each way market, too. If your horse places, usually by finishing in the top 3 or 4, then you get a fraction of the odds, typically ¼. If your horse wins, you get the place money and the win money.
Forecast and tricast markets allow you to pick the first, second, and third finishers. Or opt for a distance special, where you predict the winning distance as well as picking a horse to win, or you can just pick the distance without naming a horse.
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Odds Comparison FAQ
Is The Odds Search Tool Free To Use?
Yes. The odds comparison tool on this site is free and easy to use. Bookmark the page so that you can find it next time you want to place a bet. Enter the event or market in the search box to narrow down your selection. Once you’ve found what you are looking for, the list will appear showing the best odds at the top and the bookmakers that provide them.
Should I Have More Than One Sportsbook Account?
If you want to find the best odds, you will end up having accounts with different bookmakers. For anyone who wants to use an arbing strategy, you need to have accounts with different sportsbooks to place your bets on the different outcomes.
Don’t sign up for every bookie all at once. Only start an account when you find the odds that you want. This way, you’ll benefit from the different free bet bonuses and can employ a matched betting strategy.
I’m New To Betting How Do I Start Comparing Odds To Improve My Chances?
Using this comparison tool to check horse racing odds is a good way to get familiar with what the best odds look like. While you are becoming more experienced in horse racing betting, you might want to try an arbing or matched betting strategy. This should allow for some profit without you needing to know too much about the horses and the races.
Once you have a better understanding of odds and implied probability, you can take a long term approach using positive expected value.
I’ve Found Bookmakers With Different Odds. How Do I Benefit?
There are several ways to benefit from bookmakers with different odds. You can simply choose the best horse betting odds you find to maximize your profit from a winning bet. Alternatively, if you’ve found different odds, you can use this for your arb strategy.That’s where the difference between the bookmakers’ odds guarantees you a profit, no matter what the outcome, because you have bet on all possibilities.
What Other Tools Can Help Me With My Odds Strategy?
When you are working on a positive expected value or +EV strategy, you’ll want to know all of the figures. Looking up the different odds in this comparison tool is the first step. You can also use a bet calculator to work out what your profit would be, and if you want help with probability, there are odds converter calculators, too.
Betting On The Two Types of Horse Racing
There are two main types of horse racing, so when you are working on your strategy or checking the horse racing odds, you need to know which kind you are betting on. They are divided into National Hunt or jumps racing and flat racing. In the U.S., National Hunt racing is known as steeplechasing.
Flat races are typically shorter, which means these horses are speedier and smaller. Jumps racing, which, as the name suggests, includes hurdles, is over slightly longer distances. Typically the horses are taller and leaner.
An Informed Decision
The other difference is the amount of time the horse races for, as flat racers usually retire after 2 or 3 years to stud. Jump racers go on for much longer, often hitting their peak at 7 or 8 and running races into their teens.
For National Hunt or jumps racing then, there is more of a track record to analyze. This can create more interesting rivalries over the years, too. For bettors, more information is useful in making decisions, which is why National Hunt racing is so popular. Trainers are often more willing to talk about a horse’s performance as it won’t affect their value as breeding stock like a flat racer.
Other Factors
This might make you think that jumps racing is the best option, but the obstacles that the horses face can make the races more unpredictable. Small fences called hurdles are easy to clear, but chases, which are races over larger solid fences, are trickier. You’ll need to look at a horse’s previous jumping performances but may still need to include aspects of stamina and skill.
You can switch between both types of racing. The majority of flat races are run during the summer. Whereas the jumps races mostly take place between October and April. This affects the going or track condition of the race. Flat racing usually has dry turf, which means firm or good to firm and fast races. Jumps racing is harder to predict due to the weather and can tend to be soft, which is slower but suits certain horses.
The majority of racetracks in the UK and Ireland have a turf surface, whereas, in the US, it is common to find dirt and synthetic surfaces, as well as turf. Dirt surfaces tend to be the fastest, turf is most affected by the weather, and the condition or going of synthetic is often described as all-weather going.
Famous Races
Newmarket, where the history of horse racing began, is famous for its flat horse racing. Other flat racing courses include Goodwood, Ascot, and Epsom. One of the most famous races is the Kentucky Derby, which forms part of the Triple Crown of Thoroughbred Racing. Thanks to the summer weather, and the money associated with this kind of racing, there are famous glamorous events such as Ladies Day at Royal Ascot.
While it might be fashionable and fun to attend the flat races, the National Hunt courses and events attract plenty of attention too, especially when it comes to betting. Famous courses include Newbury, Cheltenham, where the Cheltenham Festival takes place, and Aintree, which hosts the Grand National.
Conclusion
Placing a bet and seeing your horse cross the line first is a lot of fun, and provides a great feeling. However, what if there was a way to capitalize on the winning feeling by getting the best value out of your betting. Fortunately, now you know that there is, and it is possible through odds comparison.
Not only can you find the best sportsbook to get the most value out of your wager, but you can also use the information from an odds comparison tool to inform your betting strategies. This could mean finding odds with positive expected value for your long term strategy. Alternatively, you might use the information from the odds search tool to benefit from the different odds that bookies provide covering all outcomes in arb betting.
There isn’t one golden rule for betting, but it is safe to say that the more information you have, the better your decisions will be, and the more profit you’ll make in the long run. Odds comparison is the starting point for smarter betting.
