The Horse race betting industry is growing rapidly because of its increasing popularity. The amount of money gambled in legal sports betting has crossed more than the ‘100 million’ mark in 2016. More than 46 million dollars is invested in betting all over the United States in just one year. Many gamblers regularly check odds to increase their profit margin and the chance of winning bets.
What are the odds in gambling?
We often predict something or someone to get a glimpse of the near future, which is a part of human psychology. There is no accurate value or unit for the measurement of this prediction.
The same goes for horse racing odds. The only difference is that you can measure the difference and put it together in proper numerical syntax. This may sound tricky and boring, but it’s not. Odds are related to the possibility of an event that may occur soon. The system of calculating the possibility of an outcome can also refer to as ‘Odds’.
Earlier, betting was considered a tough game for beginners and non-professionals. To overcome this problem, a group of people invented the system of ‘Odds’ in betting culture. Anyone who doesn’t have much idea about how to bet can refer to these statistics to make their decision related to betting.
Who sets the Betting Odds?
Now, let’s understand who and how the odds are made! Before the invention of software and computers, the process of setting the odds was manual. A group of experts or private organisations worked together cooperatively for making the statistics. A bettor was supposed to wait a long time for this stat to show up.
As technology advanced, the process of setting odds changed drastically. Now, many supercomputers work together hand-in-hand to deliver this data. They almost use the same set of mathematical calculations and algorithm to make a precise measurement of possibilities.
How to read odds in horse race betting?
For a different type of sports gambling, a non-identical version of odd is used. Every betting style has its method of declaring the winner. In horse racing odds, the way of reading data is quite different, but the overall meaning is similar.
For referring to the statistic, one must look for the ‘Tote board’ or ‘Electronic Board’. Names of the horse or rider participating in the race are mentioned on the board. Sometimes numbers are used instead of a name to ensure free and fair betting.
A value in the form of numbers is allotted to every single participant of the match. These values indicate the amount of profit a bettor could earn after wagering on that player.
The higher the value, the greater the return on investments and the lower the risk of losing a bet. This method of predicting the amount of outcome in a sports event is known as totalizator.
One can easily check the value from their mobile devices. Many websites and mobile apps help you to check the score over the internet without even being physically present in a sports match.
Although, you need to refresh the webpage frequently for a live and accurate result. Horse racing odds can be used to wage on the right player.