One curious thing that some bettors notice is that at the horse racing track, the horse racing odds can sometimes add up to greater than 100 percent. This is confusing for a lot of people, because typically the probabilities of variations on an individual event add up to one. For example, if there are five different kinds of weather possible, the various chances of each occurring, such as 1/5 for rain, all add up to one, or 100 percent.

In horse racing odds, though, it is possible you could have four horses in a race with the following odds: 1-2,1-3,1-4, and 1-5. These translate into winning chances of 50 percent for horse one, 33 percent for horse two, 25 percent for horse three, and 18 percent for horse four, for a total of 125 percent. The reason for the extra 25 percent is not too complex.

The track and/or the bookmaker pad the odds of the horses to help ensure that they make money, as well as to cover their expenses. If the odds added up to less than 100 percent, players could cover the board and guarantee their winnings. Unfortunately for the bettor, most of those who issue horse racing odds err on the side of caution and overcharge bettors.

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