Betting on horse racing or horse betting[1] commonly occurs at many horse races. Modern horse betting started in Great Britain in the early 1600s during the reign of King James I.[2][3] Gamblers can stake money on the final placement of the horses taking part in a race. Gambling 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 Toronto-Dominion Bank (TD Bank) Carolina Cup and Colonial Cup Steeplechase in Camden, South Carolina.
Where gambling is allowed, most tracks offer parimutuel betting 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.[4][5][6]
In some countries – notably the UK, Ireland, and Australia – an alternative and more popular facility is provided by bookmakers who effectively make a market 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).
- ^ Paul M. Anderson; Ian S. Blackshaw; Robert C.R. Siekmann; Janwillem Soek (28 October 2011). Sports Betting: Law and Policy. Springer Science & Business Media. pp. 186–. ISBN 978-90-6704-799-9.
- ^ "Betting on Horses: A Brief History". www.americasbestracing.net. Retrieved 2023-02-25.
- ^ "Britain is the spiritual home of horseracing as we know it across the world today". Great British Racing International. Retrieved 25 February 2023.
- ^ NTRA Wagering Technology Working Group in conjunction with Giuliani Partners LLC (August 2003). "Improving Security in the United States Pari-Mutuel Wagering System: Status Report and Recommendations" (PDF). National Thoroughbred Racing Association Web Site. National Thoroughbred Racing Association. Archived from the original (PDF) on 2008-02-28. Retrieved 2008-02-17.
- ^ McKay, Brett & Kate (2012-05-03). "How to Bet on Horse Races for Beginners". The Art of Manliness. Retrieved 2018-03-07.
- ^ Levith, Will (2013-04-03). "Read This. Win So Much Money at the Racetrack". Thrillist. Retrieved 2018-03-07.