As a beginner entering the world of horse racing betting, the process might look complicated at the beginning due to the difference between horse racing and a sport. However, once you learn all the basics, you’ll be able to create your own betting strategy and optimize the process to your preference.
If you place bet in horse racing, the first and most important thing to learn is how the odds work and how to calculate them. It is very difficult to create your bankroll management strategy without knowing how to calculate horse racing odds.
Fortunately, there are different tools to help you speed up the process and get familiar with the entire process of horse racing betting right from the start.
So, if you are a beginner and don’t know much about odds and how to calculate them, here are a few tools that can help you calculate horse racing odds.
Horse Racing Odds Calculator
Even though the odds in horse racing are quite straightforward, using a betting calculator as a beginner can be very beneficial for your betting success. The odds in horse racing represent the probability of a certain outcome happening in a horse race. As a bettor, your job is to calculate the risk and reward from the betting process and choose how much money you want to wager on a specific bet.
A betting calculator comes in handy when you are betting on multiple races or have different types of odds on a single bet. These can be hard to calculate by hand, which is why it is necessary to use a betting calculator.
Most betting calculators for horse racing are designed in a way that has different types of odds already set in the system. So, you can calculate your winnings by putting the amount of money you wagered, selecting the type of bet (classic or exotic bets), and imputing the odds.
Betting calculators not only simplify the process but also save you valuable time that can be used for analyzing horse races and making a betting prediction.
There are plenty of free betting calculators online, like this one over here.
Odds Converter
Just like in any sport, horse racing has different types of odds that are popular in certain regions of the world. As a beginner in horse racing betting, you might be confused if your preferred betting website doesn’t have the odd type you are used to.
However, betting odds can be converted into whatever you prefer with the help of an online odd converter.
Types of Odds
The most common type of odds in horse racing is fractional odds. These are usually displayed in this format: 15/1
The math behind fractional odds is simple. For example, if you have an odds of 8/1 for every $1 you stake, you’ll receive $8 back plus your stake. Sometimes the odds will be the other way around, for example, 1/8, and in this case, the horse in question is a hot favorite to win the race.
Decimal odds are typically displayed like this: 5.25. Even though they might look complicated, calculating your winnings is actually pretty simple. All you need to do is multiply your stake with the odd. So, if you want to bet $100 on a 5.25 odd bet, you should expect a total return of $525.
Moneyline odds, on the other hand, are displayed as a round number with a positive or negative symbol on the front, for example, +500. However, calculating non-round numbers can be difficult, which is why it is recommended for beginners to use betting calculators.
No matter the type of odds that are displayed at your favorite bookie, you can use a betting converter to convert the odds to your preference. With a betting calculator, all you need to do is select which types of odds you want to convert and input the numbers.
The odds will be calculated instantly and you’ll get the format you understand and prefer.