Horse Racing

Horse racing is the second most widely attended U.S. spectator sport, after baseball.  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/Odds

All bets are placed based on the numbers assigned to a horse by the track. These numbers are printed beside the name of the horse on the race program.  Some tracks allow different minimum amounts on each bet type. Throughout the USA, $1 bets tends to be the minimum on most bets.  The odds are computed based on the sales on the bet less a government and handling tax.

Off-track betting (OTB) is growing in popularity throughout the United States. OTB facilities offer an alternative to wagering at racetracks. As with betting done at tracks, states receive a portion of the pari-mutuel handle, or take.

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.

Types of races

Races are classified as stakes, handicap, allowance, or claiming events.

Stakes races derive their name from the stake, or entry fee, owners must pay. These fees, to which the track adds a purse, or contribution, constitute the total amount from which prize money is paid to the first, second, third, and fourth finishers.

Handicap races are events in which horses are assigned specific weights based upon their race records. The horse considered superior is assigned the highest weight, with the less-acclaimed horses receiving proportionately lighter handicaps.

Allowance races judge entries on their past performances.

Claming events are those in which owners put their horses up for sale when they nominate them for the race. Other members will have the opportunity to Claim these horses at the price that is specified for each race.