Horse betting is the backbone of horse racing, providing the sport with a steady flow of income to maintain and sustain the different aspects of horse racing and attracting a mass crowd of bettors, thus keeping the popularity of the sport at a high level.
How Horse Betting Came to Be
When horse racing became popular and many attended the racing courses, some sharp minds figured out that a betting scheme can be applied in horse racing, placing bet money on the prediction of horse racing results and that is how horse betting came to be. However, it took a while for horse betting to form itself in the manner it is known today, a heavily regulated game which presents features different than regular betting such as poker or casino betting.
Features of Horse Betting
At first, horse betting was a loose thread in horse racing, with bookies deceiving the bettors and results being predetermined for the benefit of those in the know. It than alerted the authorities and the people who really loved the sport and wanted to prevent it form becoming completely corrupted, that the mischief in horse betting is too serious to ignore. Government authorities imposed an up to 20% intake for tax purposes and regulating bodies were established in order to maintain order and fairness in horse betting. The parimutuel system was than introduced and it’s still being used in horse racing betting as well as in other sports betting. parimutuel means “betting amongst ourselves” where every player bet against other players. Unlike casino betting where the casino will always win due to probability, in parimutuel betting the money stays in the pool and is divided among the winners, where every bettor has an almost equal chance of winning. The odds in parimutuel betting state the public’s support of a contender, when the lower the odds, the more bettors back the contender and the more it is believed to win the race. When more bettors back a certain contender its odds are being cut in order to adjust the payout, preventing a situation in which there is no money to pay the winners.
Succeeding in Horse Betting
Many have tried to come up with a magic formula that would allow them to win horse betting time after time, but most of them have failed. Horse racing consists of many factors and even with the aid of racing betting systems it isÂ quiet difficult to predict horse racing results. Handicapping was born out of these attempts, an art focusing on picking the likely winner of race by analyzing many factors that might affect the horse like the horses’ form, past performance, ability to cope with the course’s conditions as well as who is horses’ trainers and which jockey rides which horse. Up until now, most bettors have gained more excitement than money, which is something to teach us about the nature of horse racing.