Horse racing is popular in Singapore because both the results and the winnings are revealed quickly. Betting on horse racing events has been popular as far back as ancient Babylonian times thanks to the thrill of getting to watch horses racing and knowing whether the bettor wins or not.
Watching and betting on horse racing events is undoubtedly thrilling, but betting blindly without understanding the odds can keep bettors from maximizing their winnings. Understanding how the odds work can make horse betting Singapore more enjoyable and profitable.
The Types of Odds Formats
The typical odds used for horse racing odds are moneyline and fractional odds. American moneyline odds are arguably an easier-to-read format of betting odds. The moneyline format uses a “+” to signify the underdog and a “-“ to tell the favorite.
The moneyline tells bettors how much they can win when betting on it. Betting $100 on a selection with +150 odds gives the bettor a chance to win $150. Bettors will need to wager $200 when betting on a selection with -200 odds to win $100.
Fractional odds differ from the moneyline in that the bettor multiplies their bet with the numerator and divides it to the denominator. The outcome of a $100 bet on 8/2 odds can be calculated by multiplying 100 by 8 and dividing by 2, resulting in a $400 profit.
Bettors can also use fractional odds to see the number of failures versus the event’s chances of occurring. A race with 1/1 odds signifies that there will be one success for every one loss, resulting in a 50% probability.
Fluctuating Horse Racing Odds
The Singapore Pools horse racing odds fluctuate every time a bet is placed thanks to pari-mutuel wagering. Bettors bet against each other when wagering on races. The sportsbook profits by taking about 10-30% of the total betting pool, depending on the track and bet type.
Before anyone starts betting, sportsbooks have morning line odds placed on each horse by the handicapper. Bettors can see them in the program itself, the racing form, or at the online sportsbook. Many bettors do not rely on the morning line odds since the odds continuously change as more bets are placed.
The odds fluctuate for many sportsbooks. However, some continue to offer fixed-odds where the odds advertised remain the same even if many people placed their bets.
Horse Racing Odds on Exotic Bets
The standard bets that people can make are the Win, Place, and Show. In a Win, the bettor’s horse must finish first; in a Place, the bettor’s horse must finish either first or second; in a Show, the bettor’s horse must finish first, second, or third. The odds and payout on the three bets are simple enough to calculate since the odds are lower when the gambler has more chances of winning, but things get more challenging in exotic bets.
It’s harder to calculate how much a bettor can win in exotic bets than the standard ones. Exotic bets have too many variables for them to have exact odds.
Sportsbooks offer different odds for exotic bets like the Daily Doubles. The Daily Double is essentially a two-race parlay that combines the odds of two races. The probable double payoffs are displayed, allowing bettors to decide whether they’ll bet on a combination. If the two races have ten horses each, the gamblers can choose from 100 possible combinations, making it challenging to pick which outcome to bet on.
The Exacta is another difficult bet since the gambler must pick which horse will finish first and second in a race in the correct order. Gamblers looking for Singapore horse racing live events and have done their research on the horses participating can have more confidence with the odds that Exactas bring. Winning them, however, is more complex than the similar Place bet mainly because the two horses must finish in the exact order bet on.
The Trifecta and the Superfecta are other exotic bets that make calculating the odds and payout more difficult because of the number of combinations present in the bet. Betting on a Trifecta Box and a Superfecta Box can make calculating the odds and payout easier since they’re now more similar to a Place bet where the first three or four horses selected can finish in any order.
The bettor’s payout is only calculated once the house takes its cut from the pool. Once the house has taken its cut, the remaining money is divided among the bet winners. The payout is calculated by first subtracting the amount of remaining winning money in the pool, dividing the remaining pool by the amount bet on the winner, and then adding back the winning amount.
If the race has $100,000 in the winning bet pool, a 15% house cut reduces the total pool to $85,000. If the total bet on the winning horse is 42,500, then the total pool is divided by the amount bet on the winner and then added to the bettor’s winning bet. A $1 bet will lead to a $1 profit, totaling a $2 payout.
Understanding how Singapore horse racing odds work can be tricky when the bettor is exposed to different betting sites because they have different odds formats, especially exotic bets. Sticking to standard bets allows bettors to have an easier time reading the odds and calculating their payouts, as long as they can keep up with the fluctuating odds.
The basic rule of thumb is if the fractional odds of a horse have high numerators and a large gap with the denominator like a 50/1, then it is the underdog. If the odds provide a small profit like a 1/3, the horse is a favorite to win.
Once gamblers know how to read the odds and are confident with placing a wager, they need only look for trusted online gambling sites that offer live horse betting or a sportsbook Singapore to bet without the risk of getting scammed. CM2Bet is a reliable online platform for sports bettors and gamblers to play casino games or bet on sports through BET 368, CMDBET, and M8bet. Register now at CM2Bet.com and play with us.