December 29th, 2015 at 5:18:21 AM permalink
I was told it is 17%, I am not sure.
December 29th, 2015 at 6:47:04 AM permalink
17% is about right, but it depends on the track, and on the bet, see wizard link
the next time Dame Fortune toys with your heart, your soul and your wallet, raise your glass and praise her thus: “Thanks for nothing, you cold-hearted, evil, damnable, nefarious, low-life, malicious monster from Hell!” She is, after all, stone deaf. ... Arnold Snyder
December 29th, 2015 at 9:54:57 AM permalink
"House edge" isn't the right term -- you don't bet horses against the track operator. The takeout from the pari-mutuel pools at horse tracks varies from about 15% to 25% depending on the kind of bet you make. Your theoretical edge is dependent on how good a handicapper you are.
"In my own case, when it seemed to me after a long illness that death was close at hand, I found no little solace in playing constantly at dice." -- Girolamo Cardano, 1563