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This money goes to pay state and local taxes, payment for the horsemen, expenses at the track, and the track’s profit. If you give Conor McGregor a 50% chance of beating George St-Pierre, but the Implied Probability in the odds is 30%, then your bet has value. […]

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Even money odds in the decimal format are displayed as 2.0. If the odds are less than 2.0, it means you’re looking at a big favorite. The morning line odds are usually reflective of the relative strengths of each horse, but the oddsmaker is not handicapping the race. The oddsmaker’s goal is to accurately gauge public sentiment to set the line and provide bettors an idea of what to expect once betting opens. All you have to do is multiply your bet by the whole number to find your net profit. […]