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A horse will pay approximately double the odds for a $2 minimum bet. Say the odds are 2:1. That means you should get 2 dollars for every one dollar bet (minus some profit for the track, but this is just for estimating), so the payout will be $6 ($4 + the original $2 bet) for the win. So if you bet $100 on a horse that's 2:1, you'd win $300 ($200+$100 bet).
Example - The 1st race at Pimlico on Saturday
3 Uncorked (Castellano, Jr., A.) 121 LA b 2 2 6-4 6-3 3-1/2 1-Nose 7.90 <-Odds
Uncorked won the race and paid 17.80 to win. The odds were 7.90:1. 7.90 x 2 = 15.80 + $2 original bet = $17.80.
Note, this works for Win bets only. To estimate the Place, Show or exotics (Exacta, Triple, etc.), you need access to the bet pools for the race and those are displayed at the track during post time.
BTW, I am not a gambler. I just worked at a few race tracks (including the Preakness for 2 years) and currently work in the gambling industry (legal of course).
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