171:
116:
30:
1383:
1403:
358:
prosper and that has continued to be the case to the present day. Pari-mutuel betting is currently legal in 32 US states. Due to new legislation horse race betting in the US could change significantly in the near future. The legal market handle on horse racing in the United States in 2018 was $ 11.26 billion while experts predict the illegal sports betting market could be anywhere from $ 100 billion to $ 150 billion annually.
1413:
1393:
426:
betting turnover in Great
Britain amounted to £4.3 billion. The majority of the money wagered on horse racing in the UK is with bookmakers, either in betting shops or online. In 2018, there were 8,500 betting shops in Great Britain. This figure is expected to decrease significantly in 2019 when government restrictions on Fixed Odds Betting Terminals (FOBTs) comes into force.
202:
bet sees the total bet being split in two, with half being placed on the win, and half on the place. Bettors receive a payout if the horse either wins, and/or is placed based on the place criteria as stated above. The full odds are paid if the horse wins, (plus the place portion), with a quarter or a
412:
Horse race betting in New South Wales (NSW) is conducted by bookmakers (at race meetings and via telephone) and
Tabcorp (tote betting at racecourses and through various retail outlets including the internet). In 2014 it was estimated that $ 300 million alone was bet on Australia's most famous race -
254:
In addition to straight wagers, "exotic" wagers offer bettors an opportunity to incorporate the placement of different horses in one or multiple races. The two broad types of exotic wagers are horizontal and vertical. Horizontal exotic wagers are bets on multiple horses in one particular race, while
396:
During the 2014–2015 racing season the Hong Kong Jockey Club gained per race about HK$ 138.8 million (US$ 17.86 million), which is more than any other track worldwide. The revenue the club generate from various wagers makes it the largest taxpayer for the government. Hong Kong Jockey Club broke its
186:
is different since the number of "payout places" varies depending on the size of the field that takes part in the race. For example, in a race with seven or less runners in the UK, only the first two finishers would be considered winning bets with most bookmakers. Three places are paid for eight or
425:
Horse race betting is wide and varied in the UK. Unlike in most other countries where betting exists, the pari-mutual market in the UK is small compared to fixed odds wagering, accounting for only about 5% of the total betting turnover. Between April 2017 and March 2018, off-course horse racing
357:
varies from state to state. By the late 19th century over 300 tracks were in operation in the country but those opposed to gambling caused the banning of bookmakers and horse racing at the beginning of the next century. In 1908 pari-mutuel (tote) betting was introduced, helping the industry to
370:, takes place at Churchill Downs and is known as ‘The Run For The Roses.’ The one mile two furlong contest dates back to 1875. $ 149.9 million was wagered on the race in 2019, beating the previous record amount of $ 139.2 set 12 months earlier. $ 24.6 million of that total was gambled online.
81:
where gamblers' money is pooled and shared proportionally among the winners once a deduction has been made from the pool. Parimutuel betting also provides purse money to participants and a considerable amount of tax revenue, with over $ 100 billion being wagered annually in 53 countries.
158:
wins if the horse finishes first, second or third. Since it is much easier to select a horse to finish first, second, or third than it is to select a horse just for first, the show payoffs will be much lower on average than win payoffs. If there are a small number of horses in the race,
250:
bet is merely a convenience for bettors and parimutuel clerks. For instance, if a $ 2 across-the-board bet (total outlay of $ 6) were staked on a horse which finished second, paying $ 4.20 to place and $ 3.00 to show, the bettor would receive $ 7.20 on what is essentially a $ 6 wager.
207:. This additional concession is offered because of the large number of runners in the race (maximum 40). Occasionally other handicap races with large fields (numbers of runners) receive the same treatment from various bookmakers, especially if they are sponsoring the race.
203:
fifth of the odds (depending on the race-type and the number of runners) if only the place section of the bet is successful. In the UK some bookmakers will pay for the first five (some independent firms have even paid the first six) for a place on the
837:
345:. Punters who lay the odds are in effect acting as a bookmaker. The odds of a horse are set by the market conditions of the betting exchange which is dictated to by the activity of the members.
409:. Most were men aged between 30 and 64 who had a typical yearly expenditure of $ 1,300 on race betting. Nationally, typical annual race-betting expenditure amounted to roughly $ 1.27 billion.
304:
is a bet on a single horse is to finish in a specific position, with multiple horses finishing ahead and/or behind it. In a sense, a win bet can be thought of as a specific type of
66:
on horses is, however, prohibited at some racetracks. For example, because of a law passed in 1951, betting is illegal in
Springdale Race Course, home of the nationally renowned
397:
own record during the 2016–2017 season with a turnover of HK$ 216.5 billion and paid the government HK$ 21.7 billion in duty and profits tax, an all-time high.
353:
In the United States, the states with the largest pools are
California, New York, Kentucky, Florida, Maryland and Illinois in no particular order. Betting on
255:
vertical exotic wagers involve predicting results across multiple races. Both have specific options for which bets are available and are detailed below.
792:
393:
at US$ 2 million while the United States only generated $ 250,000. Betting on horse racing is ingrained in local culture and is seen as an investment.
317:
is an exotic wager placed on the winner of two consecutive races. Picking the winner of three, four, five or six straight races is referred to as a
264:, the bettor selects the first and second place horses in the exact order. Picking the first three finishers in exact order is called a
150:, sometimes called a "straight" bet, means staking money on the horse, and if it comes in first place, the bet is a winner. In a bet to
110:
767:
858:
1255:
561:
381:
generates the largest horse racing revenue in the world and is home to some of the largest horse betting circles including the
684:
657:
495:
101:
in odds. This allows the gambler to 'lock in' odds on a horse at a particular time (known as 'taking the price' in the UK).
1260:
289:(allowing the first two finishers to come in any order and still win), is the basic box, but boxing can be applied to the
187:
more runners, whilst a handicap race with 16 runners or more will see the first four places being classed as "placed". (A
700:
341:
In addition to traditional betting with a bookmaker, punters (bettors) are able to both back and lay money on an online
279:
Boxing is a tactic that increases the odds of winning an exotic wager by removing the need to choose the exact order. A
1265:
896:
354:
170:
721:
405:
A government survey in 2015 found that nearly one million
Australians (5.6% of Australian adults) gambled on dog or
406:
859:"Annual turnover of off course horse race betting in Great Britain from April 2008 to March 2018 (in million GBP)"
167:
bets may not be offered (or if bets have already been made, they are cancelled and the wagered amounts refunded).
622:
511:
742:
559:
1416:
1221:
838:"Proof Australia is a nation of punters, with a record $ 26 billion spent on race and sports betting this year"
1242:
914:
17:
1270:
198:(E/W) bet is used everywhere but North America, and has a different meaning depending on the location. An
1133:
1038:
535:
562:"Improving Security in the United States Pari-Mutuel Wagering System: Status Report and Recommendations"
1396:
983:
450:
1138:
1075:
597:
483:
1447:
1319:
1293:
120:
560:
NTRA Wagering
Technology Working Group in conjunction with Giuliani Partners LLC (August 2003).
1091:
889:
816:
71:
485:
1442:
1288:
1150:
1106:
819:. Australian Institute of Family Studies.Australian Gambling Research Centre 2001-10-31. 2019
382:
67:
484:
Paul M. Anderson; Ian S. Blackshaw; Robert C.R. Siekmann; Janwillem Soek (28 October 2011).
1368:
1160:
1128:
1096:
978:
465:
1402:
1033:
8:
1216:
1186:
1170:
1070:
445:
1307:
1250:
1237:
1211:
1206:
1201:
1191:
1165:
1155:
1145:
1065:
1028:
1006:
440:
78:
62:. Gamblers can stake money on the final placement of the horses taking part in a race.
366:
Run on the first
Saturday in May the most famous horse race in the United States, the
1437:
1386:
1196:
1123:
1118:
1111:
1101:
988:
882:
680:
653:
491:
115:
572:
1363:
998:
955:
536:"Britain is the spiritual home of horseracing as we know it across the world today"
455:
342:
933:
674:
647:
389:
12.7 million in gambling turnover per race 6 times larger than its closest rival
1332:
1023:
367:
281:
204:
59:
37:
1431:
1337:
1011:
940:
722:"Record Kentucky derby numbers show why US sports betting needs to be online"
414:
131:
55:
1406:
1342:
1018:
313:
154:, you are betting on your horse to finish either first or second. A bet to
98:
51:
29:
1327:
460:
175:
1358:
272:
246:). Each portion is treated by the totalizator as a separate bet, so an
378:
94:
90:
191:
bet in the North
American sense does not exist in these locations.)
945:
905:
435:
266:
63:
649:
Against the Odds: A Comprehensive Guide to
Betting on Horseracing
86:
950:
928:
390:
276:
refers to the specific finishing order of the top four horses.
260:
124:
874:
386:
571:. National Thoroughbred Racing Association. Archived from
93:– an alternative and more popular facility is provided by
385:
founded in 1884. In 2009, Hong Kong generated an average
490:. Springer Science & Business Media. pp. 186–.
70:(TD Bank) Carolina Cup and Colonial Cup Steeplechase in
595:
134:
racing, the three most common ways to bet money are to
701:"TIF Reports: Horse Racing and'Legal'sports Betting"
477:
119:
Gamblers awaiting the result of a horse race at the
765:
569:National Thoroughbred Racing Association Web Site
311:Vertical bets are spread over different races. A
1429:
793:"Hong Kong Jockey Club has record-breaking year"
676:Betting on Horse Racing: No Experience Necessary
645:
623:"Read This. Win So Much Money at the Racetrack"
890:
226:bet, where equal bets on a horse are made to
77:Where gambling is allowed, most tracks offer
768:"Hong Kong Horse Racing Is Serious Business"
672:
182:In Europe, Australia, and Asia, betting to
897:
883:
790:
784:
759:
735:
666:
639:
598:"How to Bet on Horse Races for Beginners"
111:Glossary of bets offered by UK bookmakers
614:
589:
169:
114:
28:
840:. Dailytelegraph.com.au.NSW. 2014-10-25
258:In the most basic horizontal wager, an
58:in the early 1600s during the reign of
14:
1430:
620:
596:McKay, Brett & Kate (2012-05-03).
878:
1392:
512:"Betting on Horses: A Brief History"
336:
85:In some countries – notably the UK,
1412:
724:. Legalsportsreport.com. 2019-03-21
553:
24:
540:Great British Racing International
54:. Modern horse betting started in
25:
1459:
703:. Racingthinktank.com. 2019-02-01
646:David-Lee Priest (October 2008).
420:
361:
355:horse racing in the United States
1411:
1401:
1391:
1382:
1381:
766:Balfour, Fredrick (2016-02-22).
348:
104:
851:
830:
809:
743:"Hong Kong's hardcore gamblers"
714:
693:
528:
504:
487:Sports Betting: Law and Policy
13:
1:
817:"Racing betting in Australia"
471:
904:
400:
373:
210:The rough equivalent of the
7:
621:Levith, Will (2013-04-03).
429:
10:
1464:
516:www.americasbestracing.net
108:
1377:
1351:
1318:
1302:
1281:
1230:
1179:
1084:
1058:
1051:
997:
984:Mathematics of bookmaking
971:
964:
921:
912:
791:Mok, Danny (2017-09-01).
451:Mathematics of bookmaking
407:horse racing in Australia
797:South China Morning Post
214:in North America is the
50:commonly occurs at many
121:Hippodrome de Vincennes
44:Betting on horse racing
34:Betting on the Favorite
179:
127:
72:Camden, South Carolina
40:
383:Hong Kong Jockey Club
178:betting post, c. 1835
173:
118:
68:Toronto-Dominion Bank
32:
1369:Video game addiction
979:Gambling mathematics
915:Gambling terminology
673:Tony Warren (2009).
652:. Raceform Limited.
602:The Art of Manliness
466:Alan Woods (gambler)
446:Parimutuel gambling
1029:Due Column betting
1007:Advantage gambling
441:Getting out stakes
180:
128:
79:parimutuel betting
41:
1425:
1424:
1314:
1313:
1047:
1046:
1034:Labouchère system
989:Poker probability
686:978-1-4490-2800-8
659:978-1-905153-94-7
497:978-90-6704-799-9
337:Betting exchanges
285:, which boxes an
16:(Redirected from
1455:
1415:
1414:
1405:
1395:
1394:
1385:
1384:
1364:Problem gambling
1056:
1055:
969:
968:
956:Riverboat casino
899:
892:
885:
876:
875:
870:
869:
867:
866:
855:
849:
848:
846:
845:
834:
828:
827:
825:
824:
813:
807:
806:
804:
803:
788:
782:
781:
779:
778:
763:
757:
756:
754:
753:
739:
733:
732:
730:
729:
718:
712:
711:
709:
708:
697:
691:
690:
670:
664:
663:
643:
637:
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634:
633:
618:
612:
611:
609:
608:
593:
587:
586:
584:
583:
577:
566:
557:
551:
550:
548:
546:
532:
526:
525:
523:
522:
508:
502:
501:
481:
456:Zeljko Ranogajec
343:betting exchange
248:across-the-board
216:across the board
97:who effectively
21:
1463:
1462:
1458:
1457:
1456:
1454:
1453:
1452:
1428:
1427:
1426:
1421:
1373:
1347:
1310:
1298:
1277:
1271:Atlantic Canada
1226:
1175:
1080:
1043:
993:
960:
917:
908:
903:
873:
864:
862:
857:
856:
852:
843:
841:
836:
835:
831:
822:
820:
815:
814:
810:
801:
799:
789:
785:
776:
774:
764:
760:
751:
749:
741:
740:
736:
727:
725:
720:
719:
715:
706:
704:
699:
698:
694:
687:
679:. AuthorHouse.
671:
667:
660:
644:
640:
631:
629:
619:
615:
606:
604:
594:
590:
581:
579:
575:
564:
558:
554:
544:
542:
534:
533:
529:
520:
518:
510:
509:
505:
498:
482:
478:
474:
432:
423:
403:
376:
364:
351:
339:
113:
107:
23:
22:
15:
12:
11:
5:
1461:
1451:
1450:
1448:Sports betting
1445:
1440:
1423:
1422:
1420:
1419:
1409:
1399:
1389:
1378:
1375:
1374:
1372:
1371:
1366:
1361:
1355:
1353:
1349:
1348:
1346:
1345:
1340:
1335:
1333:Game of chance
1330:
1324:
1322:
1316:
1315:
1312:
1311:
1306:
1304:
1300:
1299:
1297:
1296:
1291:
1285:
1283:
1279:
1278:
1276:
1275:
1274:
1273:
1268:
1266:Western Canada
1263:
1258:
1253:
1245:
1240:
1234:
1232:
1228:
1227:
1225:
1224:
1222:United Kingdom
1219:
1214:
1209:
1204:
1199:
1194:
1189:
1183:
1181:
1177:
1176:
1174:
1173:
1168:
1163:
1158:
1153:
1148:
1143:
1142:
1141:
1131:
1126:
1121:
1116:
1115:
1114:
1109:
1099:
1094:
1088:
1086:
1082:
1081:
1079:
1078:
1073:
1068:
1062:
1060:
1053:
1049:
1048:
1045:
1044:
1042:
1041:
1036:
1031:
1026:
1024:Asian handicap
1021:
1016:
1015:
1014:
1003:
1001:
995:
994:
992:
991:
986:
981:
975:
973:
966:
962:
961:
959:
958:
953:
948:
943:
938:
937:
936:
925:
923:
919:
918:
913:
910:
909:
902:
901:
894:
887:
879:
872:
871:
850:
829:
808:
783:
758:
734:
713:
692:
685:
665:
658:
638:
613:
588:
552:
527:
503:
496:
475:
473:
470:
469:
468:
463:
458:
453:
448:
443:
438:
431:
428:
422:
421:United Kingdom
419:
402:
399:
375:
372:
368:Kentucky Derby
363:
362:Kentucky Derby
360:
350:
347:
338:
335:
333:respectively.
220:win/place/show
205:Grand National
132:North American
109:Main article:
106:
103:
9:
6:
4:
3:
2:
1460:
1449:
1446:
1444:
1441:
1439:
1436:
1435:
1433:
1418:
1410:
1408:
1404:
1400:
1398:
1390:
1388:
1380:
1379:
1376:
1370:
1367:
1365:
1362:
1360:
1357:
1356:
1354:
1350:
1344:
1341:
1339:
1338:Game of skill
1336:
1334:
1331:
1329:
1326:
1325:
1323:
1321:
1317:
1309:
1305:
1303:South America
1301:
1295:
1292:
1290:
1287:
1286:
1284:
1280:
1272:
1269:
1267:
1264:
1262:
1259:
1257:
1254:
1252:
1249:
1248:
1246:
1244:
1243:United States
1241:
1239:
1236:
1235:
1233:
1231:North America
1229:
1223:
1220:
1218:
1215:
1213:
1210:
1208:
1205:
1203:
1200:
1198:
1195:
1193:
1190:
1188:
1185:
1184:
1182:
1178:
1172:
1169:
1167:
1164:
1162:
1159:
1157:
1154:
1152:
1149:
1147:
1144:
1140:
1137:
1136:
1135:
1132:
1130:
1127:
1125:
1122:
1120:
1117:
1113:
1110:
1108:
1105:
1104:
1103:
1100:
1098:
1095:
1093:
1090:
1089:
1087:
1083:
1077:
1074:
1072:
1069:
1067:
1064:
1063:
1061:
1057:
1054:
1050:
1040:
1037:
1035:
1032:
1030:
1027:
1025:
1022:
1020:
1017:
1013:
1012:Card counting
1010:
1009:
1008:
1005:
1004:
1002:
1000:
996:
990:
987:
985:
982:
980:
977:
976:
974:
970:
967:
963:
957:
954:
952:
949:
947:
944:
942:
941:Online casino
939:
935:
932:
931:
930:
927:
926:
924:
920:
916:
911:
907:
900:
895:
893:
888:
886:
881:
880:
877:
860:
854:
839:
833:
818:
812:
798:
794:
787:
773:
772:Bloomberg.com
769:
762:
748:
744:
738:
723:
717:
702:
696:
688:
682:
678:
677:
669:
661:
655:
651:
650:
642:
628:
624:
617:
603:
599:
592:
578:on 2008-02-28
574:
570:
563:
556:
541:
537:
531:
517:
513:
507:
499:
493:
489:
488:
480:
476:
467:
464:
462:
459:
457:
454:
452:
449:
447:
444:
442:
439:
437:
434:
433:
427:
418:
416:
415:Melbourne Cup
410:
408:
398:
394:
392:
388:
384:
380:
371:
369:
359:
356:
349:United States
346:
344:
334:
332:
328:
324:
320:
316:
315:
309:
307:
303:
298:
296:
292:
288:
284:
283:
277:
275:
274:
269:
268:
263:
262:
256:
252:
249:
245:
241:
237:
233:
229:
225:
221:
217:
213:
208:
206:
201:
197:
192:
190:
185:
177:
172:
168:
166:
162:
157:
153:
149:
145:
141:
137:
133:
126:
122:
117:
112:
105:Types of bets
102:
100:
99:make a market
96:
92:
88:
83:
80:
75:
73:
69:
65:
61:
57:
56:Great Britain
53:
49:
48:horse betting
45:
39:
35:
31:
27:
19:
18:Horse betting
1443:Horse racing
1343:List of bets
1076:South Africa
1019:Dice control
863:. Retrieved
853:
842:. Retrieved
832:
821:. Retrieved
811:
800:. Retrieved
796:
786:
775:. Retrieved
771:
761:
750:. Retrieved
746:
737:
726:. Retrieved
716:
705:. Retrieved
695:
675:
668:
648:
641:
630:. Retrieved
626:
616:
605:. Retrieved
601:
591:
580:. Retrieved
573:the original
568:
555:
543:. Retrieved
539:
530:
519:. Retrieved
515:
506:
486:
479:
424:
411:
404:
395:
377:
365:
352:
340:
330:
326:
322:
318:
314:daily double
312:
310:
305:
301:
299:
294:
290:
286:
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1328:Casino game
1294:New Zealand
1134:Philippines
972:Mathematics
545:25 February
461:Bill Benter
176:Epsom Derby
146:. A bet to
52:horse races
1432:Categories
1407:Wiktionary
1359:Gaming law
1092:Bangladesh
1039:Martingale
999:Strategies
865:2019-03-06
844:2019-03-30
823:2019-03-30
802:2018-03-07
777:2018-03-07
752:2018-03-07
728:2019-03-30
707:2019-03-30
632:2018-03-07
607:2018-03-07
582:2008-02-17
521:2023-02-25
472:References
295:superfecta
273:superfecta
95:bookmakers
36:, an 1870
1289:Australia
1151:Singapore
1107:Hong Kong
1052:By region
627:Thrillist
401:Australia
379:Hong Kong
374:Hong Kong
297:as well.
238:(or just
224:win/place
194:The term
142:, and to
91:Australia
38:engraving
1438:Wagering
1387:Category
1161:Thailand
1129:Pakistan
1097:Cambodia
946:Cardroom
906:Gambling
747:CNNMoney
436:Gambling
430:See also
291:trifecta
282:quinella
267:trifecta
212:each-way
200:each-way
196:each-way
64:Gambling
1397:Commons
1282:Oceania
1256:Ontario
1247:Canada
1217:Ukraine
1187:Estonia
1171:Vietnam
1071:Nigeria
965:Science
87:Ireland
1352:Issues
1308:Brazil
1251:Quebec
1238:Mexico
1212:Turkey
1207:Russia
1202:Norway
1192:France
1180:Europe
1166:Turkey
1156:Taiwan
1146:Russia
1139:Manila
1066:Angola
1059:Africa
951:Racino
929:Casino
922:Venues
861:. 2018
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391:France
331:pick-6
327:pick-5
323:pick-4
319:pick-3
287:exacta
270:and a
261:exacta
234:, and
89:, and
1320:Games
1197:Italy
1124:Japan
1119:India
1112:Macau
1102:China
576:(PDF)
565:(PDF)
308:bet.
306:wheel
302:wheel
244:place
232:place
222:) or
184:place
165:place
152:place
140:place
138:, to
125:Paris
1085:Asia
934:List
681:ISBN
654:ISBN
547:2023
492:ISBN
413:the
387:US$
329:and
293:and
242:and
236:show
189:show
174:The
161:show
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240:win
228:win
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