Betting odds shortening in price is at the discretion of the individual betting site.
There are numerous reasons why the odds are shortened and bookmakers may shorten the odds to ensure profitability on the outcome.
Some horse racing betting terms used for a selection shortening in price are “hot horse”, “steamer in the betting market” and “big gamble placed”.
Punters should always compare the bookmaker’s odds and place bets with the online bookies with the highest odds on offer.
In our Betting Odds Shortening guide, we explain what causes odds to shorten, examples and how to identify selection odds getting shorter.
What does shortening the odds mean?
To shorten the betting odds on something happening means to make it more likely to happen.
When the odds in the betting market are shortening, the bookmakers are reducing the odds due to the higher volume of money wagered.
Shortening the odds is the same thing as “shorten”, which is a reduction in odds.
What causes the odds the shorten?
The causes of betting odds shortening are:
- Plenty of bets are placed on the selection
- A lot of money wagered on the selection
- A non-runner causes the remaining selections to shorten
- New information coming to light
- Ground conditions making an outcome more likely
- A tipster has it as their NAP selection
The main causes for the odds to shorten are the weight of money wagered. Money is an indicator obtained from a volume on a betting exchange and is used to determine whether or not the odds are likely to lengthen or shorten. If the volume is weighted to backing then the price is likely to shorten. Conversely, if the volume is weighted to laying, then the price likely lengthens.
Examples of Odds Shortening
Here are several examples of odds shortening in the betting ring:
- A banker backed in from 4-6 odds into 2-5 odds
- A favourite backed in from 3-1 odds into 2-1 odds
- 2nd fave backed in from 15-2 odds into 6-1 odds
- A racehorse heavily backed in from 20-1 odds to 7-1 odds
- An outsider backed in from 33-1 odds to 25-1 odds
How do you know if a selection is shortening in the betting market?
Odds comparison websites like oddschecker.com show all the runner’s and riders’ latest odds.
Check out the image showing the betting market of a race and any blue squares mean the selection is shortening in price.
The above picture shows all online bookmakers’ odds with pink meaning the horse is drifting in the betting market and blue means the horse is shortening in odds.
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Summary
Racehorses can be said to be shortening which is where the odds are getting smaller in price.
Many punters jump on the backwagon when odds are shortening as they believe “money talks” and it can cause more bets to be wagered on runners that get backed in.
Bettors regularly search for the steamers who are being heavily backed and believe the money wagered speaks volumes and must to primed to win.
We strongly advise placing bets only with bookmakers offering BoG deals which allow you to take the early price and if your selection drifts in betting odds you get paid on the higher SP (starting price).
Betting Odds Guide
The odds of an event happening are the likelihood or probability of that result.
Check out all the betting odds used for football betting and for horse racing events in the UK.
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Check out our comprehensive guide to understanding sports betting odds.