64→ Racing
Dividend → probability
Racing has no fixed odds: the pool is shared among the winners. So the dividend tells you how much money was on the winner. Type it in and see what chance the public gave it.
Win dividends are quoted per peso.
A dividend of $5.30 per peso means that, after the 28% levy, every peso on the winner got back $5.30. So the winner had about 13.5% of the pool.
Out of every $100 bet in this pool
levy (maximum by law)bet on the winner: about $13.52the rest, shared among the winners
Sources: Ley 13.253 of Buenos Aires province, article 4 (levy at most 28%); Reglamento General de Apuestas of the San Isidro racecourse (2022), article 3 (minimum and rounding).
Show the formula
Net pool = pool × (1 − levy); the levy is at most 28%
Dividend per peso = net pool ÷ pesos on the winner, rounded down to $0.05, at least $1.10
So the share on the winner is between (1 − levy) ÷ (dividend + 0.05) and (1 − levy) ÷ dividend
Win board: public probability of a runner = (1 ÷ its dividend) ÷ sum of all (1 ÷ dividend)
The maths in reverse
share of the pool ≈ (1 − levy) ÷ dividend
Example: a winner paying $5.30 per peso: 72% ÷ 5.30 = 13.6%. With rounding the share lies between 13.46% and 13.58%; the calculator shows the middle, 13.5%.
How a dividend is built
- The poolEach bet (win, exacta, trifecta…) has its own pool with all the money played on it.
- The levyThe levy comes off first: at racecourses in Buenos Aires province, at most 28%.
- The share-outWhat is left is divided by the pesos bet on the result. It is rounded down in steps of $0.05.
- The floorNo dividend pays less than $1.10 per peso, even if nearly the whole pool was on the winner.
Examples
| Dividend | Per peso | The public gave it |
|---|---|---|
| Win $5.30 | $5.30 | 13.5% |
| Exacta $22,700 (base $2,000) | $11.35 | 6.33% |
| Minimum $1.10 | $1.10 | 62.6% or more |
At the maximum levy of 28%. For exactas and trifectas the ticket base is in the programme.
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Questions
Wasn't the levy 30%?
That was the original rate of 1977. The law in force in the province (Ley 13.253, article 4) sets a maximum of 28%, and the San Isidro boards match that number.
Why is the result a range and not one number?
Because the dividend is rounded down in steps of $0.05. Several different splits give the same dividend; the range covers them all.
Does it work for place and show?
No. In those pools the money is shared among two or three runners at once, so a single dividend is not enough to get back to the probability.