A horse race is a contest in which horses are either ridden by jockeys or pulled by sulkies (driving carts). It is typically a long distance race in which the horses have to complete the course in a certain amount of time. The winner of a race is the one who crosses the finish line first.
During a horse race, a player can place bets on individual horses or groups of horses in an attempt to predict which will win the race. In the case of group bets, the winning bettors share the prize money – but there is usually a minimum amount that bettors must wager in order to receive any reward at all. In the case of an individual horse, the winning bettors are rewarded with all the money wagered on that horse, after a deduction of a percentage by the track (Take Out). This is known as an overlay. An overlay is considered a good bet and is worth placing if the odds on a particular horse are higher than its actual chances of winning.
When a bet is placed, the odds on that specific horse are calculated by taking into account how much money has been wagered on it and the current prices at the track. The odds are then compared to the true chances of the horse to determine whether it is an overlay or not.
The origin of horse racing dates back to the 12th century when English knights returning from the Crusades brought swift Arab horses that were bred to English mares. This resulted in horses that were renowned for their speed and endurance, and members of the nobility would wager privately on match races between them.
Over the centuries, horse racing developed in Europe, Africa and Asia. It eventually came to the United States, where organized horse racing began during the British occupation of New Amsterdam in 1664. A colonial commander named Richard Nicolls laid out a 2-mile course and started an annual horse race with a silver cup for the best horse. Initially, the emphasis was on stamina rather than speed, which changed after the Civil War when American Thoroughbreds became more refined and focused on speed.
Although improved medical treatment and training methods have helped improve the lives of racehorses, a dark side exists behind racing’s romanticized facade. Horses are forced to sprint—often under the threat of whips and even illegal electric-shocking devices—at speeds that cause them injuries and gruesome breakdowns. They are then transported to slaughterhouses and bled to death. In spite of this, racing continues to draw millions of spectators and earn billions of dollars from a captive audience. In the end, however, what matters most to a horse is survival. And when a racehorse does not survive, its chances of winning are all but nil.