Basic Horse-Betting Question

[Jeffmet3]

Hi,

When you bet on a horse, do you get the odds at when you place the bet, or when the race is run?

I thought it was when you place the bet, but my friend is positive that you get the last odds posted on the board before the race.

thanks, and sorry for the dumb question

[pagesteve]

In America all the money is pooled so you cannot opt to take a price. In the UK you can choose and some "bookies" even guarantee the best price.

[smbruin22]

not sure about all foreign tracks...

but all major tracks i know of, you get the odds at the running of the race NOT when you bet.....

something to be especially careful of when the betting pool isn't big

[Ortho]

In America you have a tote system, and I'm pretty sure that you can only get the odds (there may be an offshore exception to this, but I am sure that this is the case at the track) that they tell you after the race (which are usually pretty close to the last odds on the board), no matter when you bet.

Betfair has fixed-odds betting on US horseracing, but US players aren't allowed.

In the UK, you have your choice of accepting the price on the board at the time you make your wager, or taking the "starting price (SP)" which is supposed to be the average price that the horse was trading at when the race went off. You can also play the tote here.

[Post-Oak]

[ QUOTE ]
Hi,

When you bet on a horse, do you get the odds at when you place the bet, or when the race is run?

I thought it was when you place the bet, but my friend is positive that you get the last odds posted on the board before the race.

thanks, and sorry for the dumb question

[/ QUOTE ]

Cliff notes:

Your friend is right. You get the final odds.

Look up "pari-mutuel" (I think I spelled that right) and you will understand how it works.

[smbruin22]

technically, your friend may be wrong too (although it could be wording)..

you get the final odds when the race starts, but they aren't posted.. usually delay in terms of the system, so you don't see the odds till after the race. and tons of the $$$$$ goes in late, although usually there's a reasonable fit between the odds you bet at and what you ended up getting.

[playersare]

just want to add that if you don't like the odds anymore after your bet is placed, you can get your wager refunded before the race starts. it's a two way street.

[smbruin22]

[ QUOTE ]
just want to add that if you don't like the odds anymore after your bet is placed, you can get your wager refunded before the race starts. it's a two way street.

[/ QUOTE ]

i actually didn't know that, so thank you... but strikes me so much action is in the last 2 minutes to post, that you have very little idea of exactly where things stand.

if anyone's never been to the races, i highly recommend it very fun... and the greyhounds are fun too (the few times i've gone, found it very, very inefficient although on a small handle)