An example of an exception to this general rule is when '5/2' is shown. A '3' displayed next to a horse's number indicates that the horse is 3-1. Win odds on the tote board are displayed based on $1.00 unless otherwise noted.
The remaining money is then paid back to the players who have winning tickets. The racetrack handles the money, keeps a percentage (called a “take-out”) and calculates the horses' odds based on the amount of money wagered on each horse. The 'longshots' have the least amount of money wagered on them and therefore have the highest odds.
The horse that customers have bet the most money on is called the 'favourite'. At the track, the odds will be posted on the tote board before the race they change up until post time, depending on how customers are betting on each horse in the race. These are the odds placed on the horses by the track’s handicapper when the race program is published, before the wagering starts. The odds listed in the race program are the “morning line” odds.
