From the course: Everyday Statistics, with Eddie Davila

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Horse racing statistics

Horse racing statistics

From the course: Everyday Statistics, with Eddie Davila

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Horse racing statistics

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- [Narrator] Horse racing is a rather incredible sport. Horse and man work together to win a race. While few will ever get to feel the strength and speed of a horse during a race, many folks love to watch the races, and to make things a bit more interesting, they might throw a wager on the race. If you've ever ventured to bet on a race, you already know just how important statistics are to the sport. Each horse has advertised odds. Statistics help us understand which horses are favorites and which are long shots, which might have big payouts and which ones will only have minimal payouts. One horse might be listed at five to one, another might be listed at 40 to one, and still another might be listed at one to four. So what do those odds mean, and how are they calculated? Let's assume you make a $2 bet. The five to one horse will pay you $12 if it wins. You get back your $2 plus you win five times your $2 bet, $10. The 40 to one horse will pay you $82 if it wins. You get back your $2…

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