How do odds work in horse racing?
Odds in horse racing aim to tell punters how much they stand to win relative to their bet. In general, the bigger the number, the more money profit you can make. Of course, the bigger the number also means your risk is greater – that’s the balance that horse racing betting fans make all the time.
In this guide we’ll show you how odds in horse racing work and what they show. You’ll learn about the three types of odds in racing, as well as a few of the bets you can place.
Here at Paddy Power we aim to help bettors maximise their knowledge before placing any wager. If you want to learn more, check out our horse racing tips and betting guides!
Types of Horse Racing Odds
Before we look at the types of bet you can place on horse racing, it’s worth us looking at the types of odds available. You can choose between three odds types in Paddy’s sportsbook. Here’s some detail on each one:
Fractional Odds – These are the most common types of horse racing odds and go back centuries. Fractional odds show how much profit you stand to win relative to your stake. Odds of 4/1, for example, means you’ll earn £4 profit for every £1 placed on a winning bet. If you bet £2 you’ll win £8 profit + your £2 stake back = £10 total.
Decimal Odds – These are more popular since online betting became a thing. Decimal odds show you your total return from a £1 stake. For example, you bet £10 on a horse at odds of 5.00. You’ll get £50 in return, of which £40 is profit.
American Odds – These are a little more complicated and most UK and Irish punters steer clear of American odds. They work like an index. Positive American odds show how much profit you make from a £100 bet. Negative American odds show how much you need to stake in order to win £100 profit. So, +300 odds earns you £3 profit from a £1 bet. However, -500 odds earns £1 for every £5 you wager.
Horse racing odds explained
Now we know about the odds types available in horse racing, it’s time to look at the bet options available to players. The most common is the single bet where you back a horse to win. If it wins, you’re paid out at the odds you locked in. If it loses, you lose your bet.
Here are other horse racing bet types that you may not be familiar with:
What Are SP Odds?
SP odds stand for Start Price and effective are a single bet but with a slight difference. That is, you won’t know the odds until the race begins. Punters like to bet on the SP instead of the current odds, in the hope that the horse’s price will widen before the race begins. In doing so, the bettor locks in a better price.
What Are Each Way Odds?
Each way odds are where you split your bet into two and back a horse to win and to place. Half your stake goes on each outcome. If it wins, both bets pay out. If it places, only the second half of the bet pays out, usually at 1/4 or 1/5 of the win bet.
As you can see from our example here, a £10 EW bet on Marty The Party pays out 1/5 odds at three places.
What Are Doubles?
Doubles in horse racing is a bet option where you back two selections in different races. They are a short-form accumulator, in which both selections must win in order to win the bet. The beauty of double bets is they increase your profit potential because the wager relies on both horses winning. Other bets similar to doubles are trebles, four-folds and five-folds.
Above is a double bet from the Curragh. Marty The Party and Mayfair both need to win their races for you to win the double!
What Are Trixies and Patents?
Trixies and patents are horse racing bets that are structured to squeeze as much profit from your selections. The idea is that you can create multiple doubles and trebles in the same bet, and secure multiple wins when your horses win.
A trixie is formed of three doubles and a treble, covering three selections, as shown:
- Horse A + Horse B
- Horse A + Horse C
- Horse B + Horse C
- Horse A + Horse B + Horse C
A patent bet, meanwhile, is bigger than a trixie and consists of three singles, three doubles and a treble:
- Horse A
- Horse B
- Horse C
- Horse A + Horse B
- Horse A + Horse C
- Horse B + Horse C
- Horse A + Horse B + Horse C
Here’s a patent in action. You can use the Paddy Power bet slip to access the patent option and place your single stake in the box. Remember, there are seven bets in a patent, so your £1 stake results in a £7 overall bet.