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Odds on backing winners against punters

Odds on backing winners against punters

A new study regarding gambling success rates has found that only about 20% of bettors who back a winner will actually win the bet. According to Dr. Sally Gainsbury and Dr. Alex Russell from the Southern Cross University in Australia, only one in five punters actually get it right when backing a winner. The study researched over two and a half million bets wagered on Unibet back in 2010. 87% of those bets were on races, while only 11% were on sports.

The most common type of bet was the "to win" bet with 45% of the total wagers. Following are "exotic bets" which include quinellas, trifectas and exactas with 17%. Finally, "each-way" bets placed at 16%. Of the total 1.14 million "win" bets wagered, only 19% were accurate or winning wagers. And only 13% of all exotic wagers were hits.

According to Dr. Gainsbury, from the results it could be implied that "there are other motivations in the activity, including the competition of it; being able to pick a win, or the enjoyment from the risk and the thrill of it."

Sports betting has become very popular in Australia in recent years, but it still lags behind racing which is a $20 billion industry compared to the $3.3 billion turnover from sports betting.