Preakness 2012 Betting Guide: How To Bet On The Horses

Ever want to get in the action of betting on horse races? Well, have no fear as SB Nation has put together a nice betting guide together back before the Kentucky Derby to explain how beginners can jump in the fun of gambling on horse races that is also useful before the 2012 Preakness Stakes on Saturday.

A great place to start would be understanding what those numbers by the horses' names are. Those are the odds that the horse will win. Here is a chart breaking them down.

Odds

Win %

Odds

Win %

1/10

90.91%

4/1

20.00%

1/5

83.33%

9/2

18.19%

2/5

71.42%

5/1

16.67%

1/2

66.67%

6/1

14.29%

3/5

62.50%

7/1

12.50%

4/5

55.56%

8/1

11.11%

Even

50.00%

9/1

10.00%

6/5

45.45%

10/1

9.09%

7/5

41.67%

11/1

8.33%

3/2

40.00%

12/1

7.69%

8/5

38.46%

15/1

6.25%

9/5

35.71%

20/1

4.76%

2/1

33.33%

25/1

3.85%

5/2

28.57%

30/1

3.23%

3/1

25.00%

50/1

1.96%

7/2

22.22%

99/1

1.00%


Once you've picked out a horse with the odds you like, it's time to make a bet. Here are the basic bets you can make.

WIN: A bet on a horse to win (if you don't know this you probably shouldn't be betting)
PLACE: A bet on a horse to finish either 1st or 2nd.
SHOW: A bet on a horse to finish 1st, 2nd or 3rd.

The betting guide explains the more complex bets you can make, however you may want to stick to these ones to start.

Say you are lucky enough to win, what now? Well it's then time to figure out your payoff.

To figure you how much you'll get paid if you hit your win bet, simply divide the numerator of the odds by the denominator, multiply that number by the amount bet, and then add the amount bet.

A $2 win bet on a horse at 4/1 odds:
4 x 2 + 2 = $10

A $10 win bet on a horse at 7/2 odds:
3.5 x 10 + 10: $45

As for figuring out place and show bets, they are tougher to calculate since they aren't released by the tracks. For starters, a beginning gambler will want to stick to picking a horse to win only.

Now you are ready to join in on the fun of wagering on horse racing!

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