The odds for each horse in a race are determined primarily by a combination of factors, including the horse's past performance, the quality of the competition, the conditions of the track, and expert analyses. Bookmakers and betting exchanges assess these elements to formulate initial odds, which represent the implied probabilities of each horse winning. As bets are placed, the dynamic nature of the betting market comes into play; if a significant amount of money is wagered on a particular horse, the odds for that horse may decrease, indicating a higher probability of winning, while the odds for less popular horses might increase. This fluctuation reflects not only the betting patterns among participants but also changes in sentiment, such as additional insights about the horses' condition or jockey changes leading up to the race. Consequently, the odds can shift right up until the start of the race, driven by ongoing betting activity, expert opinions, and news, aiming to balance the book for the bookmakers and accurately reflect the perceived chances of each horse winning.
At a horse race, each horse has odds that it will win. How are these odds/probabilities determined? Why can they change right up until the start of the race? write in paragraph form
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