The payout chart
Payouts below are the theoretical returns on a winning $2 win bet at each price. Profit is the odds applied to $2; the payout adds your $2 stake back.
| Odds | Profit | Total payout |
|---|---|---|
| 1/9 | $0.22 | $2.22 |
| 1/5 | $0.40 | $2.40 |
| 2/5 | $0.80 | $2.80 |
| 1/2 | $1.00 | $3.00 |
| 3/5 | $1.20 | $3.20 |
| 4/5 | $1.60 | $3.60 |
| 1/1 (even) | $2.00 | $4.00 |
| 6/5 | $2.40 | $4.40 |
| 7/5 | $2.80 | $4.80 |
| 3/2 | $3.00 | $5.00 |
| 8/5 | $3.20 | $5.20 |
| 9/5 | $3.60 | $5.60 |
| 2/1 | $4.00 | $6.00 |
| 5/2 | $5.00 | $7.00 |
| 3/1 | $6.00 | $8.00 |
| 7/2 | $7.00 | $9.00 |
| 4/1 | $8.00 | $10.00 |
| 9/2 | $9.00 | $11.00 |
| 5/1 | $10.00 | $12.00 |
| 6/1 | $12.00 | $14.00 |
| 8/1 | $16.00 | $18.00 |
| 10/1 | $20.00 | $22.00 |
| 15/1 | $30.00 | $32.00 |
| 20/1 | $40.00 | $42.00 |
| 30/1 | $60.00 | $62.00 |
| 50/1 | $100.00 | $102.00 |
| 99/1 | $198.00 | $200.00 |
The formula
Multiply your stake by the odds fraction to get the profit, then add the stake back. At 7/2, a $2 bet earns 2 x 7/2 = $7 profit, for a $9 total payout. The same arithmetic works for any stake: a $10 bet at 9/2 returns $10 x 9/2 = $45 profit plus the $10 back.
Odds displayed as a single number carry an implied /1: a horse at 5 is 5/1. Boards show prices like 8/5 or 9/2 because they display standard increments rather than the exact pool ratio at that moment.
Why the actual payout can differ
Two things separate the chart from the number printed on your ticket. First, pari-mutuel odds are not fixed: they move until the pool closes, and the payout uses the final odds, not the odds when you bet. Second, the official payoff is calculated from the final pool under the pari-mutuel rules of the state where the race runs, and it can differ from the raw fraction.
The chart is theoretical. Use the tote's posted result rather than treating an earlier display as a locked price. The chart tells you what a price means; the tote tells you what it paid.
Common questions
What does 9/2 pay on a $2 bet?
Eleven dollars total: nine dollars of profit plus your two-dollar stake. On a $1 bet it is $5.50 total.
Why do tracks quote payouts on a $2 base?
Two dollars was the traditional minimum win bet in US racing, so published payouts standardized on it. Many platforms now accept $1 or less; halve the chart for a $1 bet.
Do these payouts apply to place and show bets?
No. Win, place, and show are separate pools, and place and show payouts depend on how many horses share the pool. The chart applies to the win pool only.
Further reading