Question about payoffs

[Jeremy]

I was at Northfield yesterday and there was a dead heat in the 5th race.  I was wondering why a horse that was 28-1 would pay $17.40 for $2 instead of $28.  Also $2.60 for the 4/5 horse seemed short as well, almost like they took their takeout twice.

[The Skipper]

I'm not fully awake yet so this could be wrong or make no sense or both   

I believe what happens is each person who bet each horse has their bet cut in half, which also affects the amount bet which is why you're not getting half of the original odds. It was explained to me that way in the 60's and other states or things may have changed. They take the takeout off the top before anything is paid to anybody.

[tonyb147]

Payout is correct. If you want the full explanation let me know. It's easy math, just need to know the process used.

[Jeremy]

Payout is correct. If you want the full explanation let me know. It's easy math, just need to know the process used.

Thanks.  I looked back at other races and saw that it is never exactly half.  They had a bingo card Friday night and one of the things I needed was a horse that paid over $25 to win, otherwise I wouldn't have even paid attention.

[tonyb147]

Let’s use round numbers for simplicity.
There is $1000 in the win pool of an 8 horse field. The $1000 breaks down like this:
#1 – 500
#2 – 120
#3 – 100
#4 – 80
#5 – 80
#6 – 60
#7 – 40
#8 – 20

To calculate win odds, first the take-out must be deducted from the win pool. At 20%, this leaves $800 to pay to the winner.  Win odds are then calculate this way:
#1: $800 total pool minus $500 winning dollars leaves $300 worth of losing dollars to pay the winners.  This is 300/500 or 0.6, so for every $1 bet $0.60 is paid, for odds of 3/5.
The rest are calculated like this:

#1: 800-500 = 300  300/500 = 0.6 or 3/5 odds
#2: 800-120 = 680  680/120 = 5.7 or 5/1 odds
#3: 800-100 = 700  700/100 = 7.0 or 7/1 odds
#4: 800-80 = 720  720/80 = 9.0 or 9/1 odds
#5: 800-80 = 720  720/80 = 9.0 or 9/1 odds
#6: 800-60 = 740  740/60 = 12.3 or 12/1 odds
#7: 800-40 = 760  760/40 = 19.0 or 19/1 odds
#8: 800-20 = 780  780/20= 39.0 or 39/1 odds

When there is a dead heat to win, the winning tickets for both winning horses are removed to determine how much is left in the pool. In this example let’s say the #1 and #7 finished in a dead heat to win.

#1: 800-(500+40) = 260  130/500 = 0.26 or 1/5 odds ($2.52 to win for $2 ticket)
#7: 800-(500+40) = 260  130/40 = 3.25 or 3/1 odds ($8.50 to win for $2 ticket)

Even though the #7 was 19/1, there was only $130 worth of losing tickets to pay the $40 worth of winning tickets. (There were $260 worth of losing tickets, but this gets split evenly between the two winning horses, or $130 each)

Using the same example, if there would have been a dead heat to win with the #6 and the #7, the payout out the #7 wouldn’t have been reduced as much as it was in the example with the #1 (Big favorite) because all the tickets on the #1 are losers, leaving a lot more money to be paid to the winners.

#6: 800-(60+40) = 700  350/60 = 5.83 or 5/1 odds ($13.66 to win for $2 ticket)
#7: 800-(60+40) = 700  350/40 = 8.75 or 8/1 odds ($19.50 to win for $2 ticket)

I think........ 

[The Skipper]

Let’s use round numbers for simplicity.
There is $1000 in the win pool of an 8 horse field. The $1000 breaks down like this:
#1 – 500
#2 – 120
#3 – 100
#4 – 80
#5 – 80
#6 – 60
#7 – 40
#8 – 20

To calculate win odds, first the take-out must be deducted from the win pool. At 20%, this leaves $800 to pay to the winner.  Win odds are then calculate this way:
#1: $800 total pool minus $500 winning dollars leaves $300 worth of losing dollars to pay the winners.  This is 300/500 or 0.6, so for every $1 bet $0.60 is paid, for odds of 3/5.
The rest are calculated like this:

#1: 800-500 = 300  300/500 = 0.6 or 3/5 odds
#2: 800-120 = 680  680/120 = 5.7 or 5/1 odds
#3: 800-100 = 700  700/100 = 7.0 or 7/1 odds
#4: 800-80 = 720  720/80 = 9.0 or 9/1 odds
#5: 800-80 = 720  720/80 = 9.0 or 9/1 odds
#6: 800-60 = 740  740/60 = 12.3 or 12/1 odds
#7: 800-40 = 760  760/40 = 19.0 or 19/1 odds
#8: 800-20 = 780  780/20= 39.0 or 39/1 odds

When there is a dead heat to win, the winning tickets for both winning horses are removed to determine how much is left in the pool. In this example let’s say the #1 and #7 finished in a dead heat to win.

#1: 800-(500+40) = 260  130/500 = 0.26 or 1/5 odds ($2.52 to win for $2 ticket)
#7: 800-(500+40) = 260  130/40 = 3.25 or 3/1 odds ($8.50 to win for $2 ticket)

Even though the #7 was 19/1, there was only $130 worth of losing tickets to pay the $40 worth of winning tickets. (There were $260 worth of losing tickets, but this gets split evenly between the two winning horses, or $130 each)

Using the same example, if there would have been a dead heat to win with the #6 and the #7, the payout out the #7 wouldn’t have been reduced as much as it was in the example with the #1 (Big favorite) because all the tickets on the #1 are losers, leaving a lot more money to be paid to the winners.

#6: 800-(60+40) = 700  350/60 = 5.83 or 5/1 odds ($13.66 to win for $2 ticket)
#7: 800-(60+40) = 700  350/40 = 8.75 or 8/1 odds ($19.50 to win for $2 ticket)

I think........ 

  I got a headache now.

Remember this was posted by a guy who saved 8 dollars on airfare, but spent $125.00 for
the cab ride. 

[CyberChamp]

I got a headache now.

Remember this was posted by a guy who saved 8 dollars on airfare, but spent $125.00 for
the cab ride.