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Trend 5: Enhanced Live Betting Features BlueBet BlueBet is one of the leading online bookmakers in australia horse racing betting australia Bookmakers use mathematical formulas to establish odds for sporting events. For instance, a horse with odds of 9/1 stands a 10% chance of winning its race; these odds can then be seen displayed on a screen in decimal format; they may be changed into American or European odds formats however if needed; their formula remains the same.