# Deciphering The Odds

## 125th Preakness

May 20, 2000

Newcomers to the track often are confused by the odds board. What does it mean when a horse's odds are 4-5 or 4-1? The math is complex, but the bottom line is simple. Odds dictate what a \$2 bet on the winner will be worth. The table below translates odds into payoffs, beginning with the lowest odds (1-9) and ending with the highest (99-1). These are minimum payoffs. Prices can be slightly higher -- up to the next odds level -- but not lower. For example, a horse listed at 5-2 could pay \$7.00. \$7.20, \$7.40, \$7.60 or \$7.80. The odds stop at 99-1, so the payoff for a winner begins at \$200 and can go much higher depending on several variables.

1-9 = \$2.20

1-5 = \$2.40

2-5 = \$2.80

1-2 = \$3.00

3-5 = \$3.20

4-5 = \$3.60

1-1 = \$4.00

6-5 = \$4.40

7-5 = \$4.60

3-2 = \$5.00

8-5 = \$5.20

9-5 = \$5.60

2-1 = \$6

5-2 = \$7

3-1 = \$8

7-2 = \$9

4-1 = \$10

9-2 = \$11

5-1 = \$12

6-1 = \$14

7-1 = \$16

8-1 = \$18

9-1 = \$20

10-1 = \$22

11-1 = \$24

12-1 = \$26

13-1 = \$28

14-1 = \$30

15-1 = \$32

16-1 = \$34

17-1 = \$36

18-1 = \$38

19-1 = \$40

20-1 = \$42

21-1 = \$44

22-1 = \$46

23-1 = \$48

24-1 = \$50

25-1 = \$52

30-1 = \$62

35-1 = \$72

40-1 = \$82

45-1 = \$92

50-1 = \$102

60-1 = \$122

75-1 = \$175

99-1 = \$200

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