Betting on Horse Racing (The Horses)
And they are off!
Horse racing has been a popular sport over the years, as horses and their respective jockey’s race around the track in the attempt to get first place and win the glory. In fact, Horse Racing has been called the “Sport of Kings.”
It’s also one of the most popular sports to bet on. And with a better understanding of the sport and its respective betting process, wagering on horse racing can be as easy as… well, leading a horse to water.
Horse racing has been around for a very long time, as far back as the mid 1600’s. But the more traditional racetrack experience didn’t really establish itself until the mid to late 1800’s. Since then, the sport has enjoyed increased popularity over the decades as the “Average Joe” started playing the horses (instead of just the wealthy). It is a sport that truly everyone can enjoy.
In terms of betting, Horse Races can be bet in several venues, as it’s legal almost everywhere. Most tracks accept bets (even in the US), bookmakers or sports books accept bets for the various tracks, and even places like OTB (off-track betting) accept bets.
Betting in horse racing follows what’s called pari-mutuel betting. This means a horse’s odds are determined by the players, and how much is bet. All bets go into a pool, with the track/establishment taking a cut (sometimes called the Vigorish). The rest is paid out to the players in terms of who wins… if most people bet the #3 horse, the odds on that horse might be 2-1. If only a few people bet the 10 horse, the odds on that animal might be 100-1. Essentially, each bet’s odds are determined by how much is left in the pari-mutuel pool, and how many people bet that particular bet. Odds are almost always fractional in nature.
The fun part of horse racing is the astounding amount of bets one can place. You can bet “win”, “place”, or “show” (first, second, or third). You can bet a “daily double” (the winners of the first two races), you can bet a perfecta (first and second place), you can bet a triple (first, second, and third), etc etc – the amount of bets is staggering.
The fast paced world of horse racing can certainly lead to some entertaining results if the bettor places their wagers on the right horse. Plus, being there at the track, cheering on your horse, is really fun. Trust us – a day at the track is a day NOT wasted.
Good luck, and may your horse be a winner!
