In the event that you are not familiar enough with gambling but at the same time thinking of horse betting racing then first of all it is strongly recommended to learn some information about the odds. The horse betting odds are mathematical expressing of probability that a chosen event will occur. For example, chance that this particular horse will win the race. This is very important to describe the approximate probability of this event to take place as well as to calculate bettors winning prize. Actually your payout is dependent on the odds and your stake.
There are several kinds of the odds. So called odds against are used when a probability of the event to occur is less than 50/50. In this case in the event that the chosen event takes place you get your stake back plus additional money according to the value of odds against it. Such probabilities can be identified by fractions where the first digit is bigger than the second (3/2, 15/7 and so on). If the chances are 50/50 then it is called evens. In this case when the event occurs you can expect to acquire your stake back multiplied by two. And in case the event’s chance to take place is higher than 50/50 it is described as odds on. It suggests that you will receive your stake back with your stake multiplied by the odds on it added. These probabilities can be identified by fractions where the first digit is smaller than the second (2/5, 9/15 and so on).