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Racing odds represent the probability of a horse winning a race, expressed in numerical form. These odds are determined by various factors, including the horse's past performance, jockey skill, track conditions, and betting patterns. They serve as a guide for bettors, indicating potential payouts and the relative strength of each competitor. Lower odds suggest a higher likelihood of winning, while higher odds indicate an underdog. Understanding racing odds is crucial for making informed betting decisions and enhancing the excitement of the race.