People who gamble their money in competitions like boxing matches or horse racing know that they cannot bet their cash indiscriminately. You see, gambling in events like these do not purely depend on luck. You cannot trust your money to pure luck when you have other factors to consider. One thing that people who bet on the track always do is consult the horse racing betting odds. These figures help them decide where to place their money on. They bet their money depending on the chances shown by the horse racing betting odds. But where do a horses odds come from?
What factors affect horse racing betting odds?
1) Reputation – the reputation of the horses and their jockeys obviously affects the horse racing betting odds. When you think about it that is the factor on which they base the horse racing betting odds before it can be affected by other factors.
The reputation of a horse and its rider sets the horse racing betting odds. This is because of the fact that the reputation provides people with the initial impulse to bet or not to bet. The reputation of a horse and its rider is earned through countless races. Thus, a reputable competitor gets good odds of winning a race. The horse race betting odds are affected by the reputation mainly because of the fact that it is, in fact, an amalgamation of the results of the horse’s previous races. Thus, if the horse is a virtual unknown, then it would be hard to set the horse race betting odds.
2) Condition – before the actual race, many “experts” study the condition of the competitors. This will help determine the actual horse race betting odds in the day of the race. By “condition” we refer to the various characteristics of the horse and of the rider before the actual race. This includes the physical condition of the horse, which tells you about its potential performance in the race. It also includes the emotional condition or “fighting spirit” of the horse which will tell you how far a horse will go to achieve its potential.
Today, the condition of the horse is so important that various experts make use of different equipment in order to observe it properly. Some people may see this as an extravagant expense, but people who are in on the business know that a lot more money depends on the condition of the horses.
3) House – it is often the case that the “house” or the track actually places a bet on the horses. Because of this, the horse race betting odds become adjusted. Many people base their bets on the decision made by the track. This is often the case when a gambler wants to win a specific quantity of cash. If, for example, he or she bets on the “underdog” of the race, he or she could win a huge amount of cash.
Of course, most people just go with the house since the house is actually able to observe the competitors better. This way, they have a larger chance of winning although their winnings would be comparably smaller.
What’s important about horse racing betting odds is the fact that those figures are information. Those figures help the undecided commit their cash to something. Without the horse race betting odds, a person would have no way to figure out which horse to bet on.