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How does pari-mutuel betting at U.S. tracks work?

The pari-mutuel system of betting, in use at all tracks and by all bookmakers and off-track betting establishments in the United States, is very different from other sports. The biggest difference between the pari-mutuel system and betting on other sports is that under the pari-mutuel system you do not lock in your odds when you bet. The odds keep changing as money comes in on the various horses. The odds are calculated by dividing the amount bet on all other horses by the amount bet on the horse whose odds are being calculated. Those odds keep changing until the race goes off, and everyone who bets on a particular horse gets the final odds based on a calculation after betting closes. Those final odds may be significantly higher or lower than the odds posted when you made your bet.

This system often causes a good deal of confusion for new bettors who expect to get paid at the odds posted when they bet. You can get a good approximation of the final odds if you wait until about 10 minutes before the time the race is scheduled to start (called "post time") to make your bets. Once there is a large amount of money in the betting pool, the fluctuations are less drastic and the proportions bet on each horse tend not to change too drastically. If you bet with an off-shore bookmaker, however, don't wait too long. (See Question 2.)

Bets and payouts and U.S. tracks are based on a $2 bet.. There are a few exceptions to the $2 base bet on some exotic bets at some tracks, but those exceptions won't apply at any of the tracks at which the Triple Crown is run. The posted odds tell you your profit, but you must add the $2.00 bet to that profit to get the actual payout. For example, if you bet $2 on a horse called "Upset" and the final odds are 2-1, you can expect your profit to be about $4.00 (two times the $2.00 bet). The horse's payout, however, would be $6.00. which represents the $4.00 profit plus the original $2.00 you bet that is returned to you when you win. The payout may be a little more than $6.00 because the pool may provide an extra 20 cents or more per $2.00, and the odds are quoted to the nearest whole numbers below the actual payout. Don't be surprised if your 2-1 winner pays you $6.20 instead of an even $6.00 for every $2.00 bet.

You can calculate the amount you should get paid on your entire bet by dividing the horse's payout by 2 to get the payout for every $1.00 bet, and then multiplying by the amount you bet.

• How does pari-mutuel betting at U. S. tracks work?
• What is the tote?
• What is the Morning Line?
• What should I know about placing bets at the track or with a legal off-track betting system?
• What should I know about placing bets with Offshore Bookmakers or my Local Shop?
• What is an entry?
• What are the various types of bets that can be made?
• How much does the track pay itself from the betting pool?
• How much should I bet?
• Which horses should I bet?