Following is how payoff calculations are done on win, place, and show bets.
- The total amount bet for a particular type of bet (show for example) is taken.
- The track deducts its takeout, 17% for example.
- Subtract wagers that won. This is the total dividend.
- For place bets divide the amount in step 2 by 2, for show bets divide by 3. For win bets leave as is. This will be the dividend per winning horse.
- For each winning horse divide the dividend by the amount bet on that horse
- Multiply the ratio from step 5 by $2.
- Round the amount from step 6 DOWN to the nearest dime.
- Add $2, because the original bet is returned.
- If the bet was for other than $2 then multiply by (bet/2) to get the return of the ticket.
Example 1
The total amount bet on win bets on race 3 at the Aqueduct track is $80,000. The track cut is 15% on win, place, and show bets. $10,000 is bet on horse 6 to win, which it does. How much does a $20 winning ticket return (including the original wager)?
- Total amount bet on win bets is $82,000
- Subtract 15% for the track leaving 85%*$82,000 = $69,700
- Subtract winning wagers, which go back to the winners, leaving $69,700-$10,000 = $59,700
- There is only one winning horse for win bets, so ignore step 4.
- Divide winnings by amount bet for a ratio of $59,700/$10,000 = 5.97.
- The winnings on a $2 bet are $2.00 * 5.97 = $11.94.
- Round the winnings down to $11.90.
- Add $2, because winning wagers are returned, for a return of $11.90+$2.00 = $13.90.
- The bet was for $20 so the return is $13.90*($20/2) = $139.00
Example 2
The total amount bet on place bets on race 5 at the Colonial Downs track is $60,000. The track cut is 18% on win, place, and show bets. The first and second place horses are 3 and 9. $5000 is bet on horse 3 to place and $8000 on horse 9 to place. How much does a winning $10 ticket on horse 3 pay?
- Total amount bet is $60,000
- After the track cut $60,000*82% = $49,200 is left.
- Subtract the winning wagers for a total dividend of $49,200 - $13,000 = $36,200.
- Divide by 2 for the dividend on each horse of $36,200/2 = $18,100
- For each horse divide the dividend by the amount bet. For horse 3 this is $18,100/$5000 = 3.62.
- The winnings for a $2 ticket are $2*3.62 = $7.24
- Round the winnings down to the nearest time for $7.20
- Add $2 for $9.20
- Multiply by (10/2) for $9.20*5 = $46.00
Example 3
The total amount bet on show bets on race 7 at the Arlington Park track is $70,000. The track cut is 17% on win, place, and show bets. The first, second, and third place horses are 2, 4, and 6. $8000 is bet on horse 2 to show, $10000 on horse 4 to show, and $5000 on horse 6 to show. How much does a winning $5 show ticket on horse 6 pay?
- Total amount bet is $70,000
- After the track cut $70,000*83% = $58,100 is left.
- Subtract the winning wagers for a total dividend of $58,100 - $8000 - $10000 - $5000 = $35,100
- Divide by 3 for the dividend per horse: $35,100/3 = $11,700
- Divide $11,700 by $5000 for the payoff odds: $11,700/$5000 = 2.34
- The winnings for a $2 ticket are $2*2.34 = $4.68
- Round down to the time for $4.60
- Add $2 for the original wager for a return of $6.60 per $2 bet.
- Multiply by (5/2) for the value of a $5 ticket: $6.60*(5/2) = $16.50