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Home • What's New • Advice & Strategy • Ask the Wizard • Gambling online • Play for Fun |
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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: 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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