How to calculate Horse Racing margins


Horse Racing Margin explainer





Horse Racing and bookmakers go hand in hand. You can’t have one without the other and todays racing punter has never had it so good with so many betting sites to choose from to place their racing bets. However, not all bookies are created equal, and a little closer inspection will show that some offer you far greater value on your racing bets than others.

What are we getting at? It all comes down to the margin, and what margin each bookmaker bets to for each race. The higher the margin the more profit the bookmaker has built in for himself, the lower the margin the more value the bookmaker is offering to the punter.

Example

Taking the 2.15 Chepstow race as an example, let’s compare the odds offered by bet365 and skybet to calculate what margins they have built into their books:

Horse Racing margin comparison 1


To calculate each bookies margin here we make the following calculation using the decimal odds:

bet365: 100/2.38 + 100/2.75 + 100/4.5 + 100/8.5 + 100/29 + 100/101 + 100/126 = 117.60%

Skybet: 100/2.25 + 100/2.75 + 100/4.5 + 100/8 + 100/29 + 100/101 + 100/101 = 120.96%

The above shows that bet365 have built in a lower margin here compared to skybet, and are therefore offering the better value odds to customers.

In this particular case bet365 are either equal to or better than the price offered by skybet for every single horse in the race. This will not always be the case but the bookmaker with the lower overall margin built into a race will, by definition, also be the one with the better odds on the majority of runners in that race.

Now let's take a look at the 3.45 race over at Kempton, and compare the prices offered by bet365, Ladbrokes and skybet:

Horse Racing margin comparison 4



To calculate each betting sites margin here we make the same calculation using the decimal odds:

bet365: 100/2.25 + 100/4.5 + 100/7 + 100/8.5 + 100/10 + 100/15 = 109.38%

Ladbrokes: 100/2.2 + 100/4.5 + 100/7.5 + 100/9 + 100/10 + 100/13 = 109.81%

skybet: 100/2 + 100/4.5 + 100/7 + 100/8.5 + 100/9.5 + 100/13 = 116.49%

As we can see, once again bet365 are betting to the lowest margin on this race and are therefore offering the best overall value to punters. However you will also notice that while 365 are betting to the lowest overall margin, Ladbrokes is not far behind, betting to just a 0.43% bigger margin than bet365, and are in fact offering better odds on horses 3 and 4. So it's important to remember that whilst the bookie with the lowest overall margin will usually by definition have the best odds, when it comes to fine margins like the case here, it pays to have accounts with a variety of betting sites and take the best price available on your selection on the day.

As for skybet, they are once again the worst value with a margin of 116.49%. To put that another way, with this margin skybet could expect to payout £100 for every £116.49 they take in bets on this race (if they balance their book properly and were to take an even amount on each runner), were as Ladbrokes for example would be looking to payout £100 for every £109.81 they lay on the race, therefore paying out more and thus offering better value to punters.

Doubles, trebles and accumulators

It's worth also considering the compounded effect of taking the better price and betting with the lower margin bookies when placing doubles and upwards. For example if you were to place a win double on horse 4 in the 2.15 Chepstow, and horse 1 in the 3.45 at Kempton, you would be getting cummulative odds of 19.13 from bet365 and only 16.00 from skybet (using the above example tables). If your bet were to win, and for a £10 stake, that would be a difference of £31.25 in returns. Now imagine if the bet had 3 selections or more, and these are type of bets you place daily or weekly, over time betting with the higher margin bookies could really dent your returns, so remember the formula and always make sure you are getting the best value on your bets!


You might also be interested in:

How to calculate Football Betting Margins

Betting Margins Explained

Top 20 Betting Offers

BetMGM
BetMGM
Bet £10, Get £40 in Free BetsClaim Offer

New customers only. 7 days to place qualifying bet of £10 at 1/1 (2.0) to receive 4 x £10 Free Bets: 1 x £10 football, 1 x £10 horse racing & 2 x £10 Bet Builders. Free Bets cannot be used on e-sports and non UK/IE horse racing. 7 day expiry. Exclusions apply. Stake not returned. 18+. T&Cs apply.

easyBet
easyBet
Bet £20 and Get £20Claim Offer

New Customers Only. Sign up with bonus code: EB20. Bet £20 and get £20 in Free Bets. Paid as £5 Free Bet on Soccer, £5 Free Bet on Horse Racing, £5 Free Bet on Multiples and a £5 Free Bet on any Market. Terms apply 18+ gambleaware.org.

Betway
Betway
£30 Free Bet if First Acca losesClaim Offer

Min Stake: £5. Maximum Free Bet: £30. First bet on a Football, Racing, Tennis, Cricket or Basketball multiple with 3+ selections. Overall odds: 3.00 (2/1) or higher. Free Bets available upon settlement of the qualifying bet. 100 Free Spins on More Unusual Suspects (£0.10 per spin) credited on settlement of qualifying Acca bet. No wagering requirements on free spin winnings. Offer valid 7 days from account opening. 18+ GambleAware.org. Full Terms apply

Bresbet
Bresbet
Bet £10 Get a £10 Free BetClaim Offer

T&Cs apply. 18+ New customers only. You must place a single win-only bet of £10 or more with odds of evens (2.00) or greater to qualify. Money back as £10 in free bets. Free bet is credited the day after the qualifying bet has settled. Must use code B10G10 when creating an account.

Tote
Tote
Bet £10 Get £40 in BonusesClaim Offer

New customers online only. Eligibility restrictions apply. Only valid with code B10G40 on registration. £10 min qualifying bet at 1/1 (2.0) odds or greater across sports or racing (if EW then min £10 Win + £10 Place). Receive £20 Tote Credit, £10 Free Sports Bet and 50 Free Spins on Big Bass Bonanza within 48 hours of qualifying bet settlement. 7-day expiry on free bets & Tote Credit. Your first bet will be your qualifying bet. One per customer. UK & ROI customers only. 18+. Full T&Cs apply. Gambleaware.org.Full T&Cs apply.

Betfred
Betfred
Bet £10 and get £50 in Free BetsClaim Offer

New customers only. Register with BETFRED50. Deposit £10+ via Debit Card and place first bet £10+ at Evens (2.0)+ on Sports within 7 days to get 3 x £10 in Sports Free Bets & 2 x £10 in Acca Free Bets within 10 hours of settlement. 7-day expiry. Eligibility & payment exclusions apply. Full T&Cs apply.

TalkSportBET
TalkSportBET
Bet £10 Get £30 in Free BetsClaim Offer

18+ New customers only. Opt in via mobile or app and bet £10 on any sports market (odds of 2.00+) within 7 days of registration. Get 3x£10 Free Bets on selected sports markets, which expire in 7 days. T&Cs apply. GambleAware.org | Please gamble responsibly

Spreadex
Spreadex
Bet £10 Get £60 in Free BetsClaim Offer

Place a £10 fixed odds bet at minimum odds of 1/2 and get 3 x £10 free fixed odds bets, 3 x £5 Total Goals football spread bets and 3 x £5 Winning Favourites spread bets and a £1 racing Race Index spread bet.18+ www.gambleaware.org.

Copybet
Copybet
Bet £20, Get £60 in Free BetsClaim Offer

Full T&Cs apply. New UK customers only. The qualifying bet should be either a Single or Acca (2+ selections) bet, start at £20, have 1.9 or greater odds and must be settled within 7 days of opt-in. 3 Free bets include: 1 x £20 Free bet Racing (Horse Racing or Greyhound Racing); 1 x £20 Free Bet Live Football; 1 x £20 Free Bet Live. Max payout – £500. 7-day expiry. To unlock the offer, complete the first deposit via the banking app (Open banking). 18+. BeGambleAware.com

SportingIndex
SportingIndex
Bet £10 Get £20Claim Offer

New customers place a £10 fixed odds bet at minimum odds of 1/2. Get 2 x £10 free bets. 18+ begambleaware

Bzeebet
Bzeebet
Bet £10, Get a £10 Free BetClaim Offer

18+. New Customers Only. Max 1 x £10 Free Bet. Qualifying bets at Odds of 1/1 or greater. Paid as Bonus Token Min 4/5 Odds Req. Skrill, Neteller, Paypal not eligible. T&Cs Apply. Please gamble responsibly.

AllBritishSport
AllBritishSport
Bet £10, Get a £10 Free BetClaim Offer

New Customers Only. £10 in real money. Bets placed on sports at odds of 2.00 or more. Bets must be placed within 24 hours of registration. £10 free bets must be wagered on sports. UK residents. Full terms apply. Gambling can be addictive, play responsibly. 18+

QuickBet
QuickBet
Bet £10 Get a £10 Free BetClaim Offer

#AD | Welcome bonus for new players only | Maximum bonus is 100% up to £100 | Min. deposit is £10 | No max cash out | Wagering is 40x bonus | Maximum bet with an active bonus is £5 | Eligibility is restricted for suspected abuse | Skrill & Neteller deposits excluded for welcome bonus | Cashback when offered, applies to deposits where no bonus is included | Cashback is cash with no restrictions | T&C's apply |Free bet: Min odds: 2.0 - Free bet value will be deducted from free bet winnings | 18+ | BeGambleAware.org | Gambling is addictive, please gamble responsibly!

10bet
10bet
100% Welcome Bonus up to £50Claim Offer

New bettors; Code SPORT; Wager deposit & bonus 8x; Max qualifying bet stake=initial bonus; Valid 60 days; Min odds, payment method exclusions apply; New customers only. T&C apply; 18+ Please gamble responsibly.

Bet442
Bet442
Bet £20 Get £20 in Free betsClaim Offer

18+. New Customers Only. Min deposit £20. Maximum one £10 Free Bet & two £5 Bet Builder Free Bets. Qualifying bet must be placed at odds of Evens (2.00) or greater. Paid as bonus tokens: Token 1 Min odds Req: 4/5 (1.80). Token 2 & 3 are valid for Bet Builder products only and are subject to min odds of 2/1 (3.00). T&Cs Apply. Please gamble responsibly.

Monster
Monster
Bet £20, Get a £40 Free BetClaim Offer

New Players Only. Free bet - one-time stake of £40, min odds 1.5, stake not returned. 1X wager the winnings. Wager from real balance first. Wager calculated on bonus bets only. Max conversion: £200. Valid for 7 Days from receipt. Limited to 1 sport & 5 casino brand/s within the network. Withdrawal requests void all active/pending bonuses. Excluded Skrill and Neteller deposits. Progress Play network Full Terms Apply.

32Red
32Red
150% Casino Bonus up to £150!Claim Offer

18+. BeGambleAware.org. New customers only. Min. £10 deposit, debit card only. Up to 50x wagering, game contributions vary, max. stake applies, 7 day expiry. See full terms. #AD

PariMatch
PariMatch
Bet £10 Get £30 in BonusesClaim Offer

18+ New Customers Only. Opt in and bet £10 on football (odds 2.00+) within 7 days. Get 4x£5 Free Bets for set markets and a £10 Slot Bonus for Big Bass Splash, 30x wagering, to withdraw max £250. Rewards expire in 20 days. Full T&Cs apply. gambleaware.org | Please gamble responsibly

William Hill
William Hill
Deposit & Bet £10 to get £60 Free BetClaim Offer

18+. Play Safe. New customers only, using promo code T60. Valid from 13/04/2022. Online play. Get £60 Bonus split between Vegas & Sports in the following manner – (i) Deposit £10 to unlock £20 Vegas Free Bet on Selected Games (72hr expiry, wagering reqs apply); then (ii) bet £10+ (odds 1/2+) with cash (excl. £10 deposit) or Vegas winnings (after wager reqs met). Once settled, receive £40 Sports Free Bets excluding Virtual Markets (4x £10, 7 days expiry). Full T&Cs apply. #ad

Midnite
Midnite
Bet £10 Get £20 in Free BetsClaim Offer

New UK Customers. Register using code BETGETSPORTS. Must bet £10 in total on 4+ legs, min odds 4.0. £20 awarded as 4 X £5 free bets once settled, AND 50 Free Spins to use on Big Bass Splash (valued at 10p per spin). Free bet T&Cs Apply. 18+. BeGambleAware.org