Horse Racing
Horse racing is an equestrian sport which has been practiced over the centuries; the chariot races of Roman times are an early example, as is the contest of the steeds of the god Odin and the giant Hrungnir in Norse mythology. It is often inextricably associated with gambling.The common nickname for horse racing is The Sport of Kings.
The competitive racing of horses is one of humankind's most ancient sports, having its origins among the prehistoric nomadic tribesmen of Central Asia who first domesticated the horse about 4500 BC.
For thousands of years, horse racing flourished as the sport of kings and the nobility. Modern racing, however, exists primarily because it is a major venue for legalized gambling.
Horse racing is the second most widely attended U.S. spectator sport, after baseball. In 1989, 56,194,565 people attended 8,004 days of racing, wagering $9.14 billion. Horse racing is also a major professional sport in Canada, Great Britain, Ireland, Western Europe, Australia, New zealand, South Africa, and South America.
By far the most popular form of the sport is the racing of mounted THOROUGHBRED horses over flat courses at distances from three-quarters of a mile to two miles. Other major forms of horse racing are harness racing, steeplechase racing, and QUARTER HORSE racing.
Betting
At many horse races, there is a gambling station, where gamblers can stake money on a horse. Where gambling is allowed, most tracks offer Parimutuel betting here gamblers' money is pooled and shared proportionally among the winners once a deduction is made from the pool. In some countries, such as UK, Ireland and Australia, an alternative and more popular facility is provided by Bookmakers who effectively make a market in odds.
Wagering on the outcome of horse races has been an integral part of the appeal of the sport since prehistory and today is the sole reason horse racing has survived as a major professional sport.
All betting at American tracks today is done under the pari-mutuel wagering system, which was developed by a Frenchman named Pierre Oller in the late 19th century. Under this system, a fixed percentage (14 percent-25 percent) of the total amount wagered is taken out for track operating expenses, racing purses, and state and local taxes. The remaining sum is divided by the number of individual wagers to determine the payoff, or return on each bet. The projected payoff, or "odds," are continuously calculated by the track's computers and posted on the track odds board during the betting period before each race. Odds of "2-1," for example, mean that the bettor will receive $2 profit for every $1 wagered if his or her horse wins.
At all tracks, bettors may wager on a horse to win (finish first), place (finish first or second), or show (finish first, second, or third). Other popular wagers are the daily double (picking the winners of two consecutive races), exactas (picking the first and second horses in order), quinellas (picking the first and second horses in either order), and the pick six (picking the winners of six consecutive races).
