The Practice Of Betting In Horse Races

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There is a common practice of betting involved in the sport of horse racing. In order to facilitate this practice, there is a gambling station generally present at most of the horse races. It is primarily at this station that the focused practice of betting goes on and the different gamblers stake their money on the different horses. However, at some of the tracks of horse racing, the practice of gambling or betting is completely banned.

One of the racing tracks where the practice of betting is considered illegal, as per one of the laws of 1951, is the Colonial Cup Steeplechase. This racing track is located in South Carolina. The racing tracks where the gambling is generally allowed provide for a particular form of betting which is termed as Parimutuel betting. In this form of betting, the money which is received from all the gamblers is pooled together and the total money collected is later shared proportionately amongst the different winners. However, before the money is actually shared between the winners, a deduction is also made from this pool of collected money. This form of money allows the different participants to get the purse money and at the same time, they can also earn some amount of tax revenue through this form of betting.

Different types of bets with respect to the sport of horse racing have been identified. The different types of bets are a bet to show, a bet to place, a bet to win, and others. When an individual stakes his money on a particular horse and that particular horse stands out a winner in the race, then this type of bet is termed as the bet to win. In the case of the bet to place, an individual puts a stake in the form of money on a particular horse and if such a horse gains a first or second place in the race, then a winner is declared. The third form of bet is the bet to show, wherein the horse on which the stake has been put either comes first, second or third, that is the stake is not only placed on a horse such that it should show up in the first position but in any of the first three positions.

When an individual is choosing the type of bet, he must also realize that the payoffs that he will be able to generate as a result of the bet to show will be definitely much lesser than the ones he can generate from a bet to win. This is because it is much easier to select a horse that will show up on any of the first three positions than to actually select a particular horse that will exclusively show up on the first position in the race. Thus, by choosing the bet to show, one is trying to play very safe in the whole process while since the risks involved in bet to win are on the higher side, therefore even the payouts involved are also greater.

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