Horse racing systems may possibly 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. Sure it’s feasible 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. Right after 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 numerous racing systems designed to enhance one’s odds. Within 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 is remarkably little oversight, as interstate commerce can be a federal responsibility and apparently not one that preoccupies Washington too much (following all, they hardly bother with illegal immigration). Thus firms have sprung up to simulcast betting across state lines except through wider statutes on gambling in general.
Thus the numerous racing tips, born with the social phenomenon of parimutuel gambling (from the French for “mutual” gambling) in which all bets are pooled together, with a house take removed instantly before 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 of the details. Modern technology aims to make it even simpler, and software exists which purport to assist handicap a race with the least amount of user input achievable. Interestingly, such computer-assisted handicaps don’t dampen the excitement of a bet!