How Do You Calculate Odds And Payoffs?
Do you know how to read the toteboard? You would be surprised how many people don’t understand it at all. The most basic information there are the win odds quoted on each horse. Those don’t tell you what the horse will pay, but the amount of profit you will get and the amount you have to bet to get it. 6-5 means you will get $6 profit for every $5 wagered. 20-1 means you get $20 profit for every $1 wagered (i.e. bet $2 and get $42 back). Since most tracks have a $2 minimum bet, below is a handy chart look up the payoff for a $2 bet at various odds. Remember, your actual payoff may differ from this chart as the odds on the toteboard are rounded off, so 2-1 odds on the toteboard may actually be 1.9-1 or 2.2-1. Payoffs use the actual odds and are rounded down to the nearest nickle or dime depending on the rules at that track. This rounding is called breakage which can be a complex topic for beginners. Those who want to know more should read this article
