I work in professional horse racing and set the odds for horses!
Horse racing
Horse racing is an equestrian performance sport, typically involving two or more horses ridden by jockeys (or sometimes driven without riders) over a set distance for competition. It is one of the most ancient of all sports, as its basic premise – to identify which of two or more horses is the fastest over a set course or distance – has been unchanged since at least classical antiquity.
Horse races vary widely in format and many countries have developed their own particular traditions around the sport. Variations include restricting
bet are usually a fraction (commonly , , or ) of the win odds. The trade-off being that one has a greater chance of making one's bet in trade for getting less payoff for doing so. Examples are domestic football knockout competitions (e.g. FA Cup) where the quoted place terms may be .
In horse racing in the United Kingdom, the "place" is set strictly by the Jockey Club and will depend on the size of the field (that is, how many horses are running)