Wagering Odds

The odds you see displayed on the infield tote board and on the many TV’s are set by the fans by means of pari-mutuel wagering.

There is a separate pool for each type of wager offered on a race. For the WIN pool there is a 17% takeout (in Illinois). The takeout is the money that is extracted after wagering has ceased and before payouts are calculated. The takeout is split between the State of Illinois, purses for the horsemen who race their horses and put on the show, and the track for providing a venue for the show. The remaining 83% is distributed to everyone holding winning tickets.

The more money wagered on a horse, the smaller the payout, and vice versa. Those potential payouts are stated in the odds you see posted. The more money wagered on a horse, the lower the odds. The lowest odds horse is called the favorite because he has the most money wagered on him.