WIN, PLACE, SHOW — HOW TO BET ON HORSES
WIN (W) bets demand a horse finishes in 1st location.
PLACE (P) stakes require that a horse finishes in 1st or 2nd place.
SHOW (S) bets require that a horse finishes in 1st, 2nd, or 3rd place.
I’m likely to use the diagram (of the finish of a race) below to answer some common questions about the Win, Place, Show bets. The Win chances are above each horse in parenthesis.
How do you figure out the payout to get a Win Bet?
Win payouts are based on a $2 wager. Multiply the chances times $2 and then add back the wager.
By way of example, #8 is (7-1), so 7 x $2 = $14, Add $2 = $16 payout.
To compute prices for chances aside from X-1, simply convert the (fractional) chances to some decimal equivalent and perform the exact same calculation.
By way of example, chances of (8-5) equals 1.6 x $2 = $3.20, Add $2 $5.20 payout.
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