For example, in a race with seven or less runners in the UK, only the first two finishers would be considered winning bets with most bookmakers. In Europe, Australia, and Asia, betting to place is different since the number of 'payout places' varies depending on the size of the field that takes part in the race. If there are a small number of horses in the race, show or place bets may not be offered (or if bets have already been made, they are cancelled and the wagered amounts refunded). Since it is much easier to select a horse to finish first, second, or third than it is to select a horse just for first, the show payoffs will be much lower on average than win payoffs. A bet to show wins if the horse finishes first, second or third. In a bet to place, you are betting on your horse to finish either first or second. A bet to win, sometimes called a 'straight' bet, means staking money on the horse, and if it comes in first place, the bet is a winner. In North American racing, the three most common ways to bet money are to win, to place, and to show. Main article: Glossary of bets offered by UK bookmakers Gamblers awaiting the result of a horse race at the Hippodrome de Vincennes in Paris This allows the gambler to 'lock in' odds on a horse at a particular time (known as 'taking the price' in the UK). In some countries – notably the UK, Ireland, and Australia – an alternative and more popular facility is provided by bookmakers who effectively make a market in odds. Parimutuel betting also provides purse money to participants and a considerable amount of tax revenue, with over $100 billion being wagered annually in 53 countries. Where gambling is allowed, most tracks offer parimutuel betting where gamblers' money is pooled and shared proportionally among the winners once a deduction has been made from the pool.

For example, because of a law passed in 1951, betting is illegal in Springdale Race Course, home of the nationally renowned Toronto-Dominion Bank (TD Bank) Carolina Cup and Colonial Cup Steeplechase in Camden, South Carolina.

Gambling on horses is, however, prohibited at some racetracks. Gamblers can stake money on the final placement of the horses taking part in a race. Modern horse betting started in Great Britain in the early 1600s during the reign of King James I. Betting on the Favorite, an 1870 engravingīetting on horse racing or horse betting commonly occurs at many horse races.

Dog race wagering online