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including turnover of all Composite Win bets merged in Win pool such as 3 Pick 1 # Totals do not include the investment of fixed odds pools. Horse racing odds work as a probability mechanism, which show you what the theoretical likelihood is of a horse winning ahead of the rest of the field. Each Way. Browse all the latest Horse Racing Betting Odds online & bet on your favourite competitions, including Cheltenham and Grand National at Ladbrokes™.