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The horse's displayed odds will dictate if we put money on the horse or not.
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We basically frame an imaginary market in our mind when checking the odds of a horse we plan to back in a race. If you can manage to get the best price on a regular basis then you'll be doing better than the average punter at the TAB who regularly accepts poor value odds. When placing a bet you should always be looking for value, and online bookmakers give you the luxury of comparing multiple markets to make sure you always receive the best odds available for your selection. See our Framing Your Own Market section to learn how you can create your own prices and back overlay horses at value odds Always Bet for Value The punter's long term profit will depend on how well the market is framed compared to each horse's chances of winning. Punters who frame their own markets will look to continually back horses such as My Dagger, Fall Road and Dashaway who are over their true assessed odds and considered an "Overlay" bet. My Dagger at $6.00, Fall Road at $10.00 and Dashaway at $15.00 are all above their true odds of $5.00 and therefore representing good value considering we have determined all horses have an equal chance of winning. The market above has Black Road at $2.00 and Down Under at $3.00 which is well below their true odds of $5.00 and they represent poor value. Bookmaker MarketĪfter adjusdting the market we can now assess which horse are under the odds and which ones are value. All horses would have an equal chance of winning and a bookmaker might fram a market such as the following. Framing a Betting Marketįor the purposes of this exercise we will frame a market for a mythical race where we have five competing horses of equal ability, equal weight, in a race run over their favourite distance, assuming it will be a truly run race. Horse Racing Info will explain below how a bookmaker might frame a market for a race. Over time the bookmaker's edge will work in his favour. Horses will either firm or ease depending on the amount of bets a bookie takes for each horse in a particular race. A bookmaker will try to ensure they have a big enough margin on every framed betting market to enable the bookie to come out in front over time.Ī bookmaker will adjust his market after taking bets on a race to gain an edge over the punter. Bookmakers require a profit to make a living and to make sure this can happen they frame their bookmaker percentages based on the probability that they will win more often than they lose.