Responsible gambling - Consumer Affairs Victoria

B2
Understanding the odds
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Responsible Gambling | Section B: Gambling as a social activity
Consumer Affairs Victoria | consumer.vic.gov.au
Horses are judged to have an even (50/50) chance of winning, better than even or less than even
chance.
If the horse is perceived to have an even chance of winning then the odds are expressed as evens,
for example 1/1. One way of thinking of this is if that horse were to run two races against the
same field, it would probably win one and lose one.
If the horse is perceived to have a less than 50/50 chance of winning then it is described as odds
against. Odds against are expressed with a higher number on the left than the right, for example
3/1, 6/1, 100/1 etc. Odds of 4/1 express the judgment that over 5 races against the same field of
horses, this horse would probably lose 4 and win 1 of them.
If the horse is perceived to have a greater than 50/50 chance of winning, this is described as odds
on. Odds on are expressed with a higher number on the right than the left, for example 2/3, 5/7,
3/10 etc. Odds of 1/2 express the judgment that over three races against the same horses, this
horse would probably lose 1 and win 2.
Sometimes odds are quoted as a decimal. It shows the winning amount that would be paid out to
a punter for a $1 bet. The amount paid includes the amount wagered. So to convert to a decimal
return, the fractional value is taken and then 1 added. So 4/1 would be quoted as 5.00 (4/1 = 4.00
+ 1 = 5.00) and 1/4 would be quoted as 1.25 (1/4 = 0.25 + 1 = 1.25). So at 4/1 the net gain would be $4
(that is, the $5 payout less the $1 stake), but at 1/4, the net gain would be $0.25. The fractional odds
express the payout excluding the stake and the decimal odds include the stake in the payout.
Exercise 1 – Types of bets
There are many kinds of bets that can be placed, for example –
Win: picking the runner that you think will come first in the race
Place: Pick a runner in a race and if it comes 1st, 2nd or 3rd, a dividend is paid out
Quinella: Pick the first and second place getters, in any order
Trifecta: Requires you to pick the 1st, 2nd and 3rd place-getters in the correct order
First four: picking the 1st, 2nd, 3rd and 4th place-getters in the correct order
Running Double: picking the winner of any two consecutive races at the one race meeting
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