Understanding Horse Racing and Slot Machine Odds

| July 20, 2018

Understanding the odds of winning

If you are a gambling man (or woman), chances are that you like to deal in odds and statistics. It is important for a gambler to understand this kind of math because it helps to predict outcomes and more im2portantly, generate consistent profits. One thing that many gamblers wonder is which game do they have better odds of winning at.

Whether you are more into horse-racing, or think that slot machines are the way to go, the purpose of this article is to understand the kind of odds that are at play and the math when you consider betting on horse races vs trying your luck against the slot machine.

Horse Racing Odds

If you are a novice horse-racing better, it is important that you get a thorough and firm understanding of horse-racing odds. Horse-racing is especially popular and profitable in New Zealand, but some of the best strategies for the betting world have come from places like the Kentucky Derby. Odds are given in a horse race based on how likely the horse is going to win the race.

Some horses are underdogs, which might instinctually mean for you to stay away from them. However, if an underdog wins a race, there is a much higher payout as well. For example, if you bet on a horse that is 10 to 1 against to win, that means you will make $10 for every one that you bet on that horse on the off chance they win. You can quickly see why horse racing odds are important for implementing any betting strategy.

How they come up with the odds for the horses is even more interesting. It is based on the pool of betters. To make a long story short, the more people that bet on one horse, the lower the ratio and the smaller the payout. So going against the crowd is a good way to profit, but only if you are right.

Betting on a horse race is easy as well, you can do it just about anywhere. You don’t have to be at a horse track to bet on a horse. Even online casinos like www.casinokiwi.co.nz in New Zealand have plenty of ways that you can put your money on a horse, displaying all the odds and automatically depositing or withdrawing your payments in a safe and easy to use atmosphere.

The Slot Odds

By now you are probably wondering if it is more likely for you to win betting on horses, or just playing the staple slot machine. Well slot machine odds are a whole different animal, pun intended. Calculating the probability of winning at slots is easy. You first have to find the number of all possible combinations. This is done simply by multiplying the number of symbols by the number of slots. So if there are 4 symbols and three slots, it would be 4x4x4, or 64 possibilities. You then take that number and times it by the likelihood of a winning combination, with the potential payoff. The resulting formula looks like this: (winning_combination x payoff) x (number of possible combinations. This usually results in a high number, but can also have a high payout, so many feel that horse racing and slot machines have a similar potential profit margin.

Category: Betting

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