If you're used to betting with fixed odds, the fluctuating numbers in horse racing might seem confusing at first. In the pari-mutuel betting system, the odds you see before the race — called approximate odds — can change right up until the gates open. The odds that are locked in once the race begins are your final odds, and they determine your payout. Here's how it works and why it matters at MyWinners.
What are approximate odds in horse racing?
What are approximate odds in horse racing?
Approximate odds are the projected payouts based on how the betting pools stand at a given moment. These odds update in real-time as money comes in on each horse, but they’re not guaranteed.
They’re displayed before post time
Calculated from current pool distribution
Can shift dramatically with late wagers
Serve as a guide — not a guarantee
At MyWinners, you’ll see approximate odds on the race card as bets roll in from across the network.
What are final odds in horse racing?
What are final odds in horse racing?
Final odds are locked in at post time (when the race officially starts). These odds are calculated from the total pool after all bets are in, minus the takeout, and they determine your payout.
You won’t know the final odds until after betting closes, which is why payouts can sometimes be lower (or higher) than expected.
Example:
Approximate odds pre-race: 5-1
Final odds: 3-1
Your $2 Win bet now pays $8 instead of $12
Why do final and approximate odds differ?
Why do final and approximate odds differ?
Late money: Big bets close to post time can dramatically move odds
Low liquidity pools: Smaller tracks are more sensitive to last-minute bets
Public sentiment: As buzz builds around a horse, bettors jump in late
Computer-assisted wagering (CAW) groups often submit bets in the final seconds
These shifts are part of the dynamic, pool-based nature of pari-mutuel wagering.
What should bettors do about changing odds?
What should bettors do about changing odds?
Expect some fluctuation — especially with favourites
If a horse seems underbet, it may offer overlay value
Track movement before post time to spot trends
At MyWinners, odds are updated in real-time until the race starts
Remember: You’re betting into a shared pool, not locking fixed odds
💡 Did You Know? In high-profile races like the Kentucky Derby, over 25% of total betting volume can come in during the final minute before post time — drastically affecting odds for both favourites and longshots.
Frequently Asked Questions
Are my horse’s odds locked in when I place the bet?
Are my horse’s odds locked in when I place the bet?
No — in pari-mutuel betting, odds are only final at post time, not when you place your wager.
Why did I get paid less than I expected?
Why did I get paid less than I expected?
Because the final odds were lower than the approximate odds you saw when placing the bet. It’s a normal part of pool betting.
Can final odds be higher than approximate odds?
Can final odds be higher than approximate odds?
Yes — if late money goes to other horses, your pick’s odds may improve, resulting in a bigger payout.
Where can I see final odds on MyWinners?
Where can I see final odds on MyWinners?
Final odds are shown in your bet history and race results section after the race has gone official.
How can I use odds movement to my advantage?
How can I use odds movement to my advantage?
Watch for horses whose odds seem higher than their actual chance of winning — known as overlays — especially in large fields or exotic bets.