How many of us have stepped up to place our bets and wondered why is this racehorse 3 to 1 while this other racehorse is 7 to 1? Is it a machine or a person determining these racehorse odds? Knowing how oddsmakers create the odds can give bettors a slight edge on our racetrack in Kentucky.
What is an Oddsmaker?
An oddsmaker is a person hired by the horse racing racetrack who calculates and predicts the outcome of a horse race. An expert in mathematics, the oddsmaker uses a formula the total amount of money that has been bet on a race, the racehorse and the cut the track keeps. He makes an initial estimate of the money that will be placed on the thoroughbred horses before any bets are taken.
When bets are accepted, the odds begin to adjust accordingly. The odds continue to adjust until the oddsmakers establish the final odds, which occur when the race starts.
In other words, it pays to wait and place your bets just before the race starts. Bets on our racetrack in Kentucky are pari-mutuel, which means these bets are placed in a pool. The bets are then divided after the horse race is over.
Place Your Bets Today!
At Ellis Park Racing, our horse racetrack in Kentucky offers live horse racing and historical horse racing machine for maximum thrills. If live horse racing isn’t your thing, then we do have wiener dogs races this weekend! Come see which pup will become the champion of the racetrack.
Come down to Ellis Park Racing and raise the stakes!