... In case you don't know, it's a pari-mutuel betting, so the odds may become higher or lower, depending on how many people(or rather how much money, to be precise) will be placed on this range and on other ranges.
Yes. I understand that payout odds are determined by the pooled amount shared amongst all winning bets. Basically, gamblers compete against each other, not against the house. However, I haven't done any further research into how odds are exactly calculated.