BN- Horse Racing History and Gambling
Horse racing is a sport with a long history. Some records indicate that horse racing arose in ancient Greece, Babylon, Syria, and Egypt.
Depending on each country, the style of racing, the distances and events diverge. There are three major types of racing: flat racing, steeple chasing (racing over jumps), and harness racing.
In the United States, horse racing started in 1665 at Newmarket course in Salisbury, New York. By 1890 there were 314 tracks operating in the United States. After 18 years, the parimutuel betting was introduced and these change the racing industry forever. However horse racing truly succeeded until World War II and it did not redeem popularity in the United States until horses began to win the Triple Crown. The Triple Crown event is a series of three races, comprising of the Kentucky Derby, the Preakness Stakes, and the Belmont Stakes, which today are one of the most famous events in the United States.
At Ireland horse racing has a rich history, as point to pointing was held there and even today, though jump horsing is more popular than racing on the flat.
On the other hand, in France the race with the largest international following is the Prix de l’Arc de Triomphe held at Longchamp Racecourse. This is the richest race in Europe and the second richest race in the world after the Japan Cup. It is run on the 1st Sunday in October. The Grand Prix de Paris is also held at Longchamp but is run in mid-July.
As well in Italy, the Palio di Siena is the most famous race in Italy, which is held twice each year on July 2 and August 16 in Siena.
There are some other countries in Europe, Asia, Africa and Oceania that also that use horse racing as a hobby.
Yet many horse races, who today use the gambling system, are gamblers who can stake money on a horse. Nevertheless, gambling on horses is forbidden at some tracks and countries. However, in countries where gambling is allowed, most tracks provide parimutuel betting where bettors’ money is combined and shared equivalently among the winners once a deduction is made from the pond.
In North America, the three most common methods to bet on horse racing are to win, to place, and to show. A wager to win means that you stake money on the horse, and if it comes in first place, the bet is a winner. In a wager to place, you are betting on your horse to finish either first, second, or third, depending on how many horses are in the race. A bet to show wins if the horse finishes first, second or third. Since it is much easygoing to choose a horse to finish first, second or third than it is to choose a horse just for first, the show payoffs will be much lower on average than win payouts.
But in some other countries, such as Ireland, Australia and UK an alternative and more popular facility is provided by bookmakers who effectively make a market in odds. This permits the bettor to ‘lock in’ odds on a horse at a specific time.
Moreover, an each-way bet is used everywhere but North America. This type of wager understands the total bet being split in two, with half being placed on the win, and half on the place. Riskers receive a payout if the horse either wins, or is placed on the place criteria as stated above.
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