Wager Wisely - How to Bet on the Horses

What could be more beautiful than a herd of gorgeous thoroughbred horses, all clad in vibrant colors, galloping at full tilt with graceful riders on a sunny day? Danger, daring and delight compete for the crowd's attention!

Despite the picturesque outlook, the horse racing industry is not just about aesthetics or athletics. Although the real exertion occurs on the track, another sport takes place in the stands. And the participants may stomp and snort and sweat even more than the equines in the racing field. These are the wagerers, who bet legal tender on the outcome of each race.

Racetrack betting (for horses and even greyhounds) is generally based on a pari-mutuel system. Essentially, this means race winnings are proportionate to the total amount bet on a given race. Each horse is given odds of winning, which may change right up until the start of the race. The odds determine the proportion of payout to winners.

Usually, racing forms and other information are available to help wagerers determine how they wish to place their bets. These papers often provide recent results, training records, handicapping statistics and other pertinent data on each equine entry in a given race.

When I used to play the horses, I liked to pick long-shots, with high odds. If they won, I won big. This doesn't happen often, but I nearly always returned from the track with more than I had before. Once, I placed a $3 bet (to win) on a horse with 22-to-1 odds. When he shocked everyone and finished first, I pocketed $66 in a single race.

Now that I actually own a retired racehorse, I don't bet on the races. I buy oats and hay instead.

Where can you bet?

Racing bets may be placed at racetrack betting windows or at off-track betting facilities. These offer television monitors and often large screens for viewing races.

Occasionally, bets are accepted at other locations as well.

Responsible risks

It's important to determine exactly how much money you plan to play with, before you place the first wager. In other words, you need to know how much you can afford to lose. How much are a few hours at the racetrack worth to you?