In the history of sports betting especially as regards horse racing to which the practice is common, there are four types of betting that is quite popular. The first type is bet between individuals. This is quite simple and it is the most common practice even in other games. As regards this type of betting, there is no need for formality or a scoreboard. It is just an agreement between two or more people as they predict the outcome of a game. In this case, the popular thing that is done is to keep the wager with a referee who then releases the money after the winner of the bet has been determined. The second type of betting which is quite peculiar to horse racing is one in which large entry fees are paid and then the fees are shared for the winners when the game results are known. This is called sweepstakes betting. The third one is the bookmaking in which speculators accepts bets against their predictions of outcomes, having presented odd against each of the horses.
The last one of the four which has gained a lot of popularity with respect to horse racing in the United States is the pari-mutuel betting. “Pari-mutuel” is a French term that means “betting within ourselves” The system is one which has to do with comparison of the wager on a particular horse to the wager on the total number of horses used. Before the final results are made official and the payoffs determined, the totalizator does the computation in one minute within which bets are placed and then the result is displayed on the board where spectators can view them.
However, practices in horse racing such as off-track betting (OTB), is gaining much popularity in the US in recent times.
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