When you mention the words “horse race”, the first thing that comes to one’s mind would be betting slips. It is normal because horse racing is already almost synonymous to betting, poker and gambling. This is due to the fact that horse racing is one of the most common and legal types of sports gambling in the world along with poker on the internet.
In most horse racing tracks, the gambling system employed is called pari-mutuel, a French term which means mutual stake. In this system, all the money bet by all the gamblers are placed in a pool and at the end of the race, the total money in the pot less the commission or percentage that automatically goes to the track, is split amongst all the winning bettors.
There are three ways by which you can make money on horse races: you can bet to win, bet to place and bet to show. By making a bet to win place, you place all your money on a particular horse and bet that in that particular run, that horse will place first. If your horse only reaches second, you will not win anything. If you make a bet to place on a particular thoroughbred, if the horse finishes in either first or second place. A bet that is for “show” means that if the horse finishes in the first three places, you will collect something.
If you want to make a lot of money on your bet, you should bet to win. Since there are fewer chances for a horse to come out on top, the returns on your bet would be greater. A bet to show can be considered as safe bets thus, the winnings are generally smaller.
Another kind of bet is termed “each way”. Generally, this means that your total bet is split “each way” and by so doing, you have bet half the amount to win, and the other half to place. How winnings are given out would depend on the country you are in. The rules for paying off winners in Each Way bets in the United States differ from how winners are paid in Europe, Britain and the rest of the world. In the UK, for each way bets, bookmakers cut the odds for each bet. Full odds are given if the horse places first, but only a portion of it is given for horses that place second, third and otherwise.
There are other betting jargons and betting arrangements in horse racing such as the superfecta, box, triple and sweep, to name a few. To know more about these, ask a bookmaker or a worker at the horse track to explain these concepts to you.