How horse racing betting odds work? The thrill of watching horse racing is often hard to beat. To help you make the most of your day, whether at the track or watching on TV or online, here is a simple guide to understanding betting odds. Horse racing odds tell you the probability of an event occurring and how much you can expect to receive from a successful bet. With time and a little experience, betting at odds like 17/2 will become second nature to you. Betting terminology along with understanding the ty pes of bets are a good starting point. Calculating horse racing odds can be done using a simple mathematical formula that considers the amount wagered and the odds offered. There are different formats in which probabilities can be displayed, including frac tional, decimal, and American. Let us take a closer look at How horse racing betting odds work. Fractional Odds: Fractional odds were the first probability system used in horse racing betting dating back to th e 17th century. They are more cumbersome than decimal probabilities, but we were educated with fractional probabilities. They are part of horse racing history and are still primarily used today. You've no doubt seen odds in the form of, say, 2 - 1 or 7 - 2. Th ese are fractional probabilities. The 2 - 1 is self - explanatory, but it's surprising how many novice bettors get confused by odds like 15 - 8, 7 - 4, 100 - 30, 11 - 8, etc. The process to resolve this is simple. We already know that 2 - 1 odds simply mean taking the fi rst number which is 2 and then dividing it by the second number which is 1. In this example, the first number divided by the second number still gives us a total of two, so the odds are 2 - 1. Decimal Odds: You may have visited a betting site and seen odds of 3.0 and thought this meant 3 - 1. Many people think this or get confused by this betting terminology. In 2017, more and more online betting sites are switching to decimal odds. In many ways, they are a much simpler way to look at probabilities. It is no longer necessary to divide one figure by another as is the case with some of the more complex fractional probabilities. Decimal odds will be displayed as 3.00, 4.50, 2.75, etc. There is only one thing to remember with decimal odds and it is this. The figur e shown is the total sum of what you will return. This is different from real probabilities, let's explain. At fractional odds of, say, 2 - 1, if you place a £10 bet you will win £20 but return £30 as you also get your £10 bet back. All winning bets return t he stake and the same goes for decimal odds. So, if you see odds of, say, 3.0, then if you bet £10 you will return £30, but only £20 of that is actual winnings, the other £10 is your bet. Now we can see that the odds of 2 - 1 in fractional odds and 3.0 in de cimal odds are, in fact, the same thing. It is important to keep in mind how horse racing odds work. Odds can change before the race based on several factors, such as the number of bets placed on each horse and the condition of the track. Therefore, it is always a good idea to monitor the odds and place the bet accordingly. Additionally, it is essential to bet responsibly and only bet what you can afford to lose. For more information on bet types, how to place a bet, and horse racing betting terminology, visit Racing Factors.