Can someone explain this horse racing question for me?

[FlipsideRM]

Alright I was bored and messing around on heritages virtual horse racing. There are 9 horses racing and I placed a "show bet" on a horse that was 1.3/ 1 to win or so. I placed 23$ on it and my horse ended up winning. I check my account and It says I "won 23.69" back. Now I'm no astronaut but that means I just placed a 23 bet to get back .69 cents and if I lost I lose all 23$ lol. That's highway robbery, what are the odds I actually placed on? -20000? I tried contacting heritage about this thinking it was some mistake and they said its correct. Does anyone who knows abut horses agree with that? I realize to show is a rather easy bet for a horse that had good odds to win outright but 23 to win .69 cents seems absurd.
It's not a big deal, I'm just generally curious. Is this how all racetracks are?

[Optional]

Rough rule of thumb is 1/4 of win odds for the show, so at -333 for the Win you'd hope for at least -1333 for the Show but the weight of money decides it in the end.

You got paid -3333 btw.

[FlipsideRM]

Rough rule of thumb is 1/4 of win odds for the show, so at -333 for the Win you'd hope for at least -1333 for the Show but the weight of money decides it in the end.

You got paid -3333 btw.

No sorry, the win odds for the horse were a little above + $. Maybe I typed that wrong

[FlipsideRM]

So if my horse doesn't place top 3 out of 9 I lose everything and if I win my odds are -3333. Lol wow, never betting on horses again, that's crazy

[Optional]

No sorry, the win odds for the horse were a little above + $. Maybe I typed that wrong

The win odds are usually quoted in $ so $2.00 would be even money. $1.30 = -333

Are the win payouts quoted for a $1 bet or a $2 bet as well?

[Optional]

If it was shown at $2.30 for Win based on a $2 base bet, then the $1.03 payout for Show would be around expected I think.

Remember you are betting on a horse with a 86.96% implied probability of winning if this is the case.

[FlipsideRM]

The win odds are usually quoted in $ so $2.00 would be even money. $1.30 = -333

Are the win payouts quoted for a $1 bet or a $2 bet as well?

youre probably right. I didn't know wth I was doing just wanted to take the best odds horse to show. That payout just sounds unrealistic but I guess not

[The Giant]

So, it's official? You're not an astronaut?

[Optional]

youre probably right. I didn't know wth I was doing just wanted to take the best odds horse to show. That payout just sounds unrealistic but I guess not

If the other 8 horses only have a combined 13% probability of beating the fave, the odds that 3 of them do it individually in the one race might so be so high the 3% profit seems like good value to some bettors.

[DiggityDaggityDo]

Nice hit, Flipper.

[KonaZonie]

The minimum payout in horse racing is $2.10 for a straight bet so the least you should have been paid is $24.15 (10 cents profit for every $2 you bet). Not sure why you only got a $0.69 return. What was the show payoff? It would be easy enough to calculate:

For a $23 bet, (11.5 x payoff) - 23 = profit

[shaunovery]

Are you saying its virtual racing so the runners aren't real

[kfranz31]

you should have gotten atleast 1.10 back for a a total of 24.10...i never saw a track with nickel payouts..but that is the risk of show betting just all depends on the money bet on the horse some shows pay etter than place bets..not often but sometimes

[Optional]

Most of the world uses fractional or Decimal based on $1 units.

Is the fantasy software talking about worldwide tracks or US ones or made up name tracks?

[FlipsideRM]

In conclusion, stay away from the virtual racetrack

[FlipsideRM]

Nice hit, Flipper.

All in a day's work diggy

[gauchojake]

Flipper, your bad run has you betting on virtual horses

Unreal.

[LEOLEO]

classic guy....

Alright I was bored and messing around on heritages virtual horse racing. There are 9 horses racing and I placed a "show bet" on a horse that was 1.3/ 1 to win or so. I placed 23$ on it....


I DONT NEED TO READ ANYMORE

[trytrytry]

Rough rule of thumb is 1/4 of win odds for the show, so at -333 for the Win you'd hope for at least -1333 for the Show but the weight of money decides it in the end.

You got paid -3333 btw.

hey watch it here

[DrunkHorseplayer]

It's not unusual for a 6/5 shot at the track to pay $2.10 to show (-2000) but that's due to the mandatory minimum payout. If the show payouts at the track reflected the true amount of money bet, as is probably the case at Heritage's virtual track, you would see plenty of show payouts reflecting the aforementioned -3333.

[cankid]

thats bad news stay away

[Sledge187]

So, it's official? You're not an astronaut?

This made me laugh.

[sweethook]

looks to me that you would have got around .15 for each $2 on a win bet . so a show bet and the horse wins is around .0375 for each $2 so you should have got like .43 cents not .69 ...omg you were over paid sir.

[ChuckyTheGoat]

Virtual horses no good. Stick to Sigma Derby.

[Optional]

hey watch it here

Did I get it wrong?

[trytrytry]

Did I get it wrong?

Professional courtesy!! -3333

[Optional]

Professional courtesy!! -3333

I think something is whooshing over my head