Horse Racing Book Percentages

Every day the bookmakers price up races, and with those figures they create a percentage on the race, with each bookmaker price equating to a percentage. 

This is really the essence of bookmaking, and all punters should understand what the bookmakers do and how it relates to us as punters.

These percentages then add up to a total for all the runners in a race, and depending on its competitiveness varies between around 105% and 140%.

The figure above 100% is the over round so in the cases above 5% and 40%, 

The 5% to 40% is the bookmaker's potential profit on whoever wins the race if they were to take bets in exactly those proportions. 

Bookmakers then adjust their prices to increase or maintain their percentages as horses are supported. 

Odds On Prices And Percentages

Odds Against Prices And Percentages

The above are the mechanics of bookmaking but what is of more interest to me is the nuances and differences between bookmakers on the daily meetings. 

So on an average day when there are 3 race meetings you can see or work out yourself the race with the smallest % and the biggest %, you can also check the meeting with the smallest and biggest %..

You can very quickly see which meeting the bookmakers are confident about and which meeting the bookmakers are less confident about. 

I tend to target just the 1 meeting and investigate that meeting where to me it looks like the bookies are scrambling around and unsure of their prices. 

This is where mistakes can be made and we can take advantage.

As an example let's say bet365 and Ladbrokes differ greatly with their % on the 1st race but are exactly the same or very similar on all the other races. 

Very quickly you start to see trends and which bookmakers are more risk-averse with their horse racing prices.

Which bookmakers set the movements and which bookmakers are followers, which bookies react with bigger cuts and which bookies are prepared to hold prices. 

Odds compilers are creatures of habit like all of us and despite computer programmes doing plenty of the grunt work you do start to see a house style.

The Racing Post currently features nine bookmakers and checking today's races sees the biggest % at 129% and the smallest at 108%.

The biggest % difference on one individual race is at 13%.( the RP has disappointingly removed this % feature - a real shame).

By checking the opening shows of bookmakers and noting that % you can also get a feel for what the bookies think when a horse is withdrawn, especially when that horse is a fav. 

If a race for example had an opening show of 107% then the fav is withdrawn and the % leaps to 120% before the off you can be fairly certain that the new fav is going to get beaten.

Percentages have with the advent of exchanges lost some of their sexiness but they give a snapshot of what the bookies think about a race, and in our constant struggle to beat the bookies they are a much-needed help.

To read more about how bookmakers operate please visit the understanding bookmakers article.