what is the houseedge of race betting
December 29th, 2015 at 5:18:21 AM
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I was told it is 17%, I am not sure.
December 29th, 2015 at 6:47:04 AM
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17% is about right, but it depends on the track, and on the bet, see wizard link
https://wizardofodds.com/games/racetrack-betting/
https://wizardofodds.com/games/racetrack-betting/
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
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"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
