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You Bet Your Life #60-35 Frankie Avalon and Harry Ruby ('Smile', Jun 8, 1961)

Payoffs use the actual odds and are rounded down to the nearest nickel or dime, depending on the rules at that track. This rounding is called breakage.

If you want to calculate the exact win odds on a horse, you will need to use a couple of other figures from the tote board:.

Before the track pays off the winners, they deduct the "take," which is generally between 14 and 20 percent and is different in every state.

This money goes to pay state and local taxes, payment for the horsemen, expenses at the track, and the track's profit.

To calculate the exact odds on your horse, just subtract the take from the total pool, then subtract the amount bet on your horse to give you the amount of cash to be paid out.

Divide that figure by the amount bet on your horse to get the exact odds. Few bettors use fractional odds for betting sports other than horse racing , because the conversions to understand return are difficult.

To calculate winnings on fractional odds, multiply your bet by the top number numerator , then divide the result by the bottom denominator.

Odds correlate to the probability of a team winning, which is the implied probability. A favorite has about a To calculate implied probability, use the following formulas:.

As a responsible bettor, it is important to understand proper bankroll management. Your payout includes your potential winnings, plus whatever you bet originally.

What should be my winnings? I hope that helps. Thanks for the comment. Unfortunately, the win bet payout table you saw was specifically for horse racing.

Regarding the Super Bowl odds, which you can find here operate a little differently. It explains football wagering a lot better than I could.

A word to the wise, a win bet in horse racing has the upside of paying a lot more than a close NFL game does. Hello Kyle, I am still not clear on the odds betting.

The odds for the Super Bowl is

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