Betting on horse racing or horse betting commonly occurs at many horse races tracks….as gamblers can stake money on the final placement of the horses taking part in a race. Gambling on horses is, however, prohibited at some racetracks…..but 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. 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.
In gambling, odds represent the ratio between the amounts staked by parties to a wager or bet. Thus, odds of 6 to 1 mean the first party….who is normally the bookmaker….stakes six times the amount staked by the second party. In simplest terms, 6 to 1 odds means if you bet a dollar…the “1” in the expression…..and you win….you get paid six dollars….which is the “6” in the expression of 6 x 1…so, if you bet two dollars…. you would be paid twelve dollars, or 6 x 2….and so on.
So, this is what ABC’s Al Michaels is covering in the video seen herewith….where Demons Begone is the favorite at 5-2….so, you bet $5 to win $2. Michaels also covers the post positions for the race;…..which are how the horses line up from the rail….which is the inward side of track….being the # 1 position….outward to the # 17 position in this 1987 Kentucky Derby…so, there are 17 starting gates for this race.