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How do the odds at the Greyhound tracks compare to the horse tracks? — Ken from Antioch
I called the Naples/Fort Meyers greyhound track in Florida. The person I was directed to said that the takeout, or track cut, ranged from 19% for the simple win, place, and show bets, to 21% for pick-2 bets like the quinella, to 25% for more exotic bets like trifectas. This is very similar to the takeout in Florida for horse racing. From anecdotal information I have heard, the takeout is more or less the same everywhere between dog and horse racing. November 17, 2008
A small number of sports betters beat the games, in
the long run, by arduous study, use of computers, etc. Are
there bettors who use these methods to become long term
winners at beating the horse races?
Betting on the horses is one of my weakest areas
when it comes to gambling. I have heard that "bridge
jumper" bets (a bet on a huge favorite to show) can
sometimes be a good bet due to the guaranteed $2.20
minimum return on a $2 bet. However, I do not know of a way to
have a consistent edge nor do I know any person who is successful as
a professional racetrack bettor. Nonetheless, I don't deny that the
track can be beat. In the book
"Gambling Wizards", author Richard Munchkin tells the
story about one professional gambler's success at the
racetracks in Hong Kong, where the track cut is less than
in the United States. August 12,
2004
Hi Wiz, great site. I recently made a wager on all
others in the Kentucky Derby futures betting. My odds closed
at 5/2 I know that this is about $7.00for a $2.00 wager, but
in watching the odds, I believe that it was closer to 3/1.
Can you help me figure the actual payoff for $2.00? The
total pool was $577,889 and $125,353 was wagered on my bet.
Thank you for any help. - Donald Taylor from Watervliet,
USA
Thanks for the compliment. Let's let c equal the
track cut. If the odds closed at 5-2 then:
(577,889*(1-c)-125,353)/125,353 = 2.5
577,889*(1-c)-125,353=313,382.5
577,889*(1-c)=438,735.5
1-c=0.7592
c=0.2408
So the track cut was 24%. For a futures bet this is
not unusual. This illustrates why futures are a bad
bet. March 17,
2002
When wagering on a greyhound race, they give odds on
each dog such as "9-2, 7-2, 10-1" what do the numbers
represent? - Rick from Valley Center, USA
The 9-2 means that a $2 bet would win $9. So if
you bet $2 you would get back $11, $9 in winnings plus
the original $2. Likewise, the 7-2 bet would win $7 for a
$2 bet, and 10-1 means a $1 bet would win $10.
Jan. 14, 2001
I've had this argument with several friends and I
hope you can help. They say horse racing is a bad bet
because of the "takeout". It's true the track has a takeout
that varies from about 16% to 30%, depending on the type of
wager, but my contention is that there is no factually
correct way to determine a horses "true odds". If you figure
a horse has a 50% chance of winning, but the odds are 3-1,
isn't that a good bet, no matter what the takeout is ? I
know some handicappers that set their own odds and only bet
when they feel the odds are in their favor, and some do
well. - Kevin Hill from Van Nuys, California
A good bet is a good bet, regardless of whom
it is against. However, you can't ignore the high house
cut at the track. You also can never be sure of what the
true odds are at the track. If I thought a horse had a
50% chance of winning but paid 3:1 then I would doubt my
own judgement that the horse really had a 50% chance of
winning. Along the same lines, when choosing a mutual fund
you should consider both the historic rate of return
and commission charges.
July 30, 2000
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