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Winner's Guide to Wagering |
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Odds & Ends: Understanding The Wagering Process In greyhound and horse racing, wagering is conducted under the pari-mutuel system, a term that comes from the French phrase “among ourselves.” The constantly changing odds for each race are set by the betting public, meaning that unlike certain casino games, patrons wager against one another and not against “the house.” In fact, the house (in this case Hinsdale Park) has no stake or interest in the actual outcome of the race. Its profit is derived from a small percentage extracted from each wager, similar to a stockbroker’s commission. Every dollar bet at the racetrack, minus the small percentage of “takeout” that gets split between the track and state government, is returned right back to the members of the betting public who hold winning tickets after each race. Think of the betting process as one of risk vs. reward: Bet on “favorites” who have a solid shot of winning based on their published race records and you’ll cash more tickets—but the return on investment will be lower, because many other handicappers will have also backed the same winners (ie the total amount bet on the race must be distributed equally amongst a large number of people). Conversely, when you wager on “longshots”—finishers whose records indicate they have a remote, outside chance of winning—you’ll cash fewer tickets but the return on investment will be much greater, because only a small fraction of the public will share equally in the total amount of money bet on the race. It is important to remember that the odds for each runner are not meant to represent an entrant’s actual chances of winning the race. The betting public speaks with money, and the odds for each race simply stand for the betting public’s opinion of who will win. Over many years, documented pari-mutuel analysis shows that favorites (entrants with the most money bet on them) win at a amazingly consistent 33 percent of the time. That figure is one of the few universal betting standards. However, some bettors turn that same statistic upside down to show that favorites lose at an equally consistent 66 percent! So do you jump on the “smart money” bandwagon or bet “bombs away” hoping to make a really big score? Just like playing the stock market, wagering strategy is a function of whether you want a small, steady return on your investment or are willing to withstand a fair amount of losing before you attain a more occasional, but potentially explosive, bang for your buck. Translating Win Odds Into Dollar Values The odds as listed on the tote board or on television monitors show how much an entrant will pay to win based on every dollar wagered. For example, a minimum $2.00 bet on a runner who wins at 3-1 odds will pay $8.00: Three dollars won for each dollar bet ($2.00 x 3 = $6.00), plus when you win you always get back the original cost of your bet ($6.00 winnings + the original $2.00 bet = $8.00). Some win odds are listed as fractions and should be read as such: 7-2 odds equals $7.00 won for every $2.00 invested, which is the same as saying the odds were three and one-half to one; 9-5 odds equals $9.00 won for every $5.00 invested, which is the same as saying the odds were one and four-fifths to one. The chart below is a quick reference for common odds and their returns until you become familiar with calculating payoffs: Win Payoffs Based On $2.00 Wagers Odds Payoff Odds Payoff Odds Payoff 1-9 $2.20 3-2 $5.00 5-1 $12.00 1-5 $2.40 8-5 $5.20 6-1 $14.00 2-5 $2.80 9-5 $5.60 7-1 $16.00 1-2 $3.00 2-1 $6.00 8-1 $18.00 3-5 $3.20 5-2 $7.00 9-1 $20.00 4-5 $3.60 3-1 $8.00 10-1 $22.00 1 (or “even”) $4.00 7-2 $9.00 12-1 $26.00 6-5 $4.40 4-1 $10.00 15-1 $32.00 7-5 $4.80 9-2 $11.00 20-1 $42.00 Betting To Place And Show Betting to place allows you to cash a ticket if your choice runs first OR second. A show bet means you win if your selection runs first, second OR third. Although the actual odds to place and show are not shown on the tote board or television monitors, you can use the win odds as a very rough estimate of what these backup bets will pay. In general, place payoffs average half of the win price. Show payoffs return about one third of the win odds. Getting Exotic Linking the outcomes of two or more finishers or two or more races in a single bet is called an “exotic wager.” Keeping in mind the basic theory of risk vs. reward, it is far more difficult to predict what will happen to two or more entrants in a single race or to pick the winners of consecutive races. But if you do, the return on investment can escalate astronomically. Listed below are some common exotic wagers offered at Hinsdale Park and its OTB simulcasts. To see which exotic wagers are offered in which races, consult the heading at the top of each page in your official track program. Perfecta (also Exacta): Pick the one-two finishers in a given race. Your selections must finish in the exact order you specified. A “box” allows you to reverse this order of finish but also doubles the cost of the bet. A “wheel” means you play a single entrant in either the first or second spot with all the others in the race. A “partial wheel” allows you to select two or more other finishers of your choosing to finish first or second with your single. Quinella: Pick the one-two finishers in a given race in either order. Unlike the perfecta, this does NOT double the cost of the bet, but the payoffs are usually half of what a perfecta would pay (in pari-mutuel betting, just as in everyday life, insurance comes at a price!) Trifecta: Takes the perfecta one step further by stipulating that you select the top three finishers in order. Again, a more difficult task with a potentially greater payoff. Boxes, wheels and part-wheels are allowed. Superfecta: The first four finishers in order. Boxes, wheels and part-wheels permitted. Daily Double: Pick the winners of consecutive races on a single ticket. A wheel in the daily double involves picking a single runner in either the first or second race of the sequence and combining it with all others in the remaining race. A part-wheel narrows your selections to just the one single and as many others as you like in the remaining race. Pick Three (or Pick Four, Pick Six, etc...): Pick the winners of three or more consecutive races. You may use as many finishers in each leg of the sequence as you like, but each additional entrant increases the cost of the ticket exponentially. MULTIPLE WAGERS $2.00 Quiniela Box: A box includes every combination of the runners selected. You collect when any two runners in the box finish first or second, in either order in the Race. A quiniela Box based on a $2.00 wager costs $6.00 for a minimum 3 runner combination.
$1.00 Trifecta Box: Boxing allows the bettor to select three or more runners in all possible combinations. A three runner Trifecta Box based on a $1.00 wager costs $6.00. It returns half the $2.00 Trifecta payout. If the selections you boxed finished first, second and third in any order, you win.
$1.00 Trifecta Wheel: You must select the runner that you feel has the best chance of finishing first, second or third, and tell the clerk to wheel that runner in the position you have chosen with all the others. If your runner finishes in the position you selected, regardless of any other finisher, you collect one-half of the $2.00 trifecta price. You may also wheel your runner in the second or third position. That runner must finish in the exact position specified. The finish of all others does not matter. $1.00 Trifecta Key: With Trifecta Key Wheeling you must state in which position you think your key runner will finish: 1st, 2nd, or 3rd. Your runner must finish in the position your select.
$1.00 Superfecta Box: You must select four (or more) runners you think have the best chance of finishing first, second, third and fourth. Like the $1.00 Trifecta Box, the $1.00 Superfecta Box pays one-half the $2.00 Superfecta price. Minimum 4 runner box for 24 bets costs $24.00.
$1.00 Superfecta Key: With Superfecta Key Wheeling you must state which position you think your runner will finish: 1st, 2nd, 3rd, or 4th. Your runner must finish in the position you select.
Common Questions & Helpful Hints How do I place a bet? Approach any teller and call out your bet in this order: Name of track, race number, dollar amount, type of bet, number(s) of entrant(s). Have your money and selections ready and be sure to check your ticket for accuracy before leaving the window. Wager early—the lines get longer as race time approaches. If you are new to wagering or have any questions, our clerks are there to help—just ask! What is the minimum allowable bet? The minimum bet on a single runner is $2.00. However, when using multiple entrants in exotic wheels, part-wheels and boxes, you may make a minimum base wager of $1.00 (because it gets multiplied by how many finishers you use). On the other end of the scale, the sky is the limit—there is no maximum on the amount you can bet in pari-mutuel wagering. Where can I get more information about the betting process and Hinsdale Park? Inquire at any Hinsdale Park mutuel window or in our executive offices. We’re always available to help newcomers learn about the sport!
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