Horse racing systems might be as old as the sport itself. It’s not for nothing that racing horses has long been known as “the sport of kings” for it takes lots of money to own horses – and to bet enjoyably on them. Certain it’s possible to put down very modest amounts in today’s races, but that would be like going to a five-star restaurant just to have a glass of water. Following all, well-liked though the pastime is, it can be worth a hundred and fifteen billion dollars worldwide, a sum unlikely to consist entirely of small wagers!
Hence, along with this noble equestrian sport has come different racing systems designed to enhance one’s odds. Inside the United States, betting on horse races is governed by the individual states in which the racetrack is located. Cross state lines, nevertheless, and there’s remarkably little oversight, as interstate commerce is really a federal responsibility and apparently not one that preoccupies Washington too much (right after all, they hardly bother with illegal immigration). Thus firms have sprung up to simulcast betting across state lines except via wider statutes on gambling in general.
Therefore the numerous racing tips, born from the social phenomenon of parimutuel gambling (from the French for “mutual” gambling) in which all bets are pooled together, with a house take removed immediately prior to calculating payoff shares. In a typical example, seventeen percent is withheld and eighty-three percent returned inside the form of winnings. As with all games of chance, the mathematics of probability is intimately involved, with nuances exploited by those with an understanding with the details. Modern technology aims to make it even less difficult, and software exists which purport to help handicap a race with the least amount of user input achievable. Interestingly, such computer-assisted handicaps don’t dampen the excitement of a bet!
