About Horse Racing
Horse racing is among the ancient games on which bets were wagered. Historic Empires of Western Europe held huge chariot races drawn by horses. The game of horse racing can involve various formats depending on the location of the race. The most common type of horse racing is flat racing, also called sprints which measure the time taken to cover a definite distance. Other two major types are steeple chasing and harness racing. Horse racing was historically afforded by the aristocrat class who could maintain and breed improved varieties of race horses.
The game of horse racing is universally associated with gambling. The figure has been put at $115 billion in revenues across the globe. Betting in horse races has three basic types. A ‘straight bet’ involves placing a bet on the winning horse. ‘To place’ bets are wagered on a horse to finish in multiple positions. There are other types of bets as well that allows players the flexibility of multiple finishing choices.
Horse racing is among the earliest sports where betting was allowed. Despite some stiff competition from other forms of betting, equestrian events are still popular among gamblers. There are few countries that have not regulated horse betting. Even in countries like India, where sports gambling is illegal, horse race betting is allowed. The bulk of the market lies in Western Europe, in countries like United Kingdom and France.
Betting on horse racing constitutes an important stream of revenue for the state. The laws of betting are formulated by the state. An amount of the total pool is handed back to the horse owners and the race track management. In U.S., this amounts to 17% of the total pool. The remaining goes back as winnings to the gamblers.
In equestrian events such as horse racing, betting takes place in several forms. Though a vast section of its patrons have transferred to casinos and other alternatives, horse betting still enjoys high levels of loyalty in all the continents.
Virtual horse racing and betting system
A newer form of horse racing has been morphed by the digital world of computers. Here, the races are organized and wagered upon in the virtual world. Several leading brands have released versions of virtual horse racing. These allow players to train, manage and race horses in the digital realm. Bets can also be wagered through standard betting procedures.
Potentially, this form of gaming can exceed their real life equivalents. The basic advantage here is that no money has to be put back into the farms and the horses. The elite may scoff it as being derisory, staying loyal to the traditional format of horse racing. But, throughout the turf of bet shops, arrangements have been made to make room for virtual betting systems
Virtual horse racing can be an infrastructure worth setting up in an existing bet shop. The facility would not dent into the budget of an average shop.
Industry estimates suggest that virtual horse betting involves 17% of the total bets placed. In United Kingdom, a fifth of the total bet on horse racing on bet shops is done for virtual races. This estimate may be an exaggeration. But there can be no doubts that virtual horse betting is a big segment, and on the growing realm.