When you go to dog or horse tracks, you will see bets listed with certain odds. Although you may already be familiar with odds, such as the odds of winning the lottery, these odds are a little different. The odds you see are used to calculate your monetary winnings. As an example, 11-2 odds means you would receive $11 for every $2 invested. In addition, you get your original bet back.
Step 1
Divide the first number of the odds by the second number to convert the odds to decimal format. As an example, 11-2 odds would convert to 5.5.
Step 2
Add one to this figure, since you will be receiving your original bet back as well. In the example, the number becomes 6.5.
Step 3
Multiply this number by your original bet to calculate total winnings. In the example, if you had bet $200, you would receive $1,300.
Step 4
Subtract your original bet to calculate the actual amount gained. In the example, you would have walked home with $1,100 more money than when you started.