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Types of Horse Race Sports Betting
Making a bet on a horse race is an important element in the popularity of
horse racing.
There are four main types of betting on a horse race:
Simple betting between individuals;
Sweepstakes betting, in which large entry fees, or stakes, are
pooled and awarded to the winners;
Bookmaking betting, in which speculators offer odds against each
horse and accept bets against their predictions; and
Pari-mutuel betting, which is the most widespread system and that
used at the major American tracks.
Pari-mutuel Betting
The designation pari-mutuel is a French phrase translated as betting among
ourselves. Under the pari-mutuel system, the betting odds on a given horse are
derived from a comparison between the total amount wagered on the horse and the
total wagered on all the horses in the race.
The odds are automatically computed by a device called a totalizator, which
posts them on a lighted tote board clearly visible to spectators. Odds are
recomputed at approximately one-minute intervals until post time, when all bets
must be placed and the pari-mutuel machines are locked. Winning tickets are
cashed after the race’s results have been declared official, by which time
computers have determined the payoffs.
Pari-mutuel bettors can wager that a horse will win (finish first), place
(finish first or second), or show (finish first, second, or third). In the event
that two or more horses are entered by the same owner or trainer, they are
coupled in the wagering as an entry. In this situation a bet on one of these
horses is a bet on all of them. In some races with many competitors, horses with
less chance of winning are sometimes grouped into single betting interests known
as fields.
Combination wagering involves more than one horse. Such combinations include:
The daily double, in which the bettor must predict the winners of two
consecutive races (usually the first two of the day), purchasing the ticket in
advance of both.
The pick-6 (or pick-3) , in which bettors must select the winners of 6 (or 3)
consecutive races.
A quinella, where the bettor must predict the first two finishers in a single
race without regard to the order in which they finish.
An exacta (also called perfecta), where the bettor must specify the exact order
in which the first two horses in a race will finish.
Such involved wagering almost always yields higher payoffs than straight
win-place-show betting.
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