Horse racing in the United States is a massive spectator sport, an even bigger industry, and not surprisingly an even bigger gambling business.
US Horse Racing Betting
Although it is not considered betting in the traditional sense, horse racing betting is one of the oldest forms of sports betting available anywhere in the world. Horse race wagers have been legally accepted in the United States since the early 1800s, and some racetracks that have been in operation since the mid-nineteenth century are still in use today.
Despite the fact that the number of people visiting racetracks has decreased in recent years, the overall popularity of betting on horses has increased significantly over the last 150 years. Standardbred races, as well as harness races and Thoroughbred races, are popular among horse racing bettors in the United States.
The Kentucky Derby is the longest-running sporting event in American history. It was founded in the 1980s and remains the most prestigious competition for pure-bred horses in the world. The Kentucky Derby is more than just the most important race in horse racing; it is a global competition with no genuine equivalent. The Kentucky Derby is a highly anticipated event for both sports bettors and those who participate in other types of sports. To put it another way, the Kentucky Derby will ensure that horse racing will remain significant for many years to come.
Is it legal to bet on horse races in the United States?
Yes, betting on horse races is legal in the United States; the most difficult part is deciding where to place bets. Horse racing wagering is legal in the majority of states. While some of the states listed do not have active racetracks, the vast majority do, and the vast majority of those states also have off-track betting sites for people who live in areas far from active tracks. Having said that, there are still some states where gambling is not entirely legal. Although Alabama, Connecticut, and Rhode Island do not have horse race tracks, simulcast wagering is permitted. The Palmetto State is the only state in the country with horse race tracks that do not allow betting. Offshore betting sites are a viable option for anyone looking to place bets on horse races in a jurisdiction where the practice is illegal. On sportslens, we discovered a trustworthy and reliable source that lists the best offshore sportsbooks, giving us a more comprehensive understanding of which websites offer the best deals. This helped us gain a better understanding of the offshore industry and how it works.
Is it legal in the United States to bet on horse races online?
Yes, but it varies depending on the state in which you live.
Horse racing laws are left up to the discretion of each individual state. This is true for both on-track betting laws and those governing online betting and interstate betting, the latter of which allows gamblers to wager on competitions held in states other than their own.
Because the historical federal betting ban on sports betting did not apply to horse racing, there is a much stronger tradition of racing throughout the country in comparison to other forms of betting. It is estimated that horse racing bettors in the United States wager around $11 billion per year, and this figure is only expected to rise. Furthermore, while many states make sports betting illegal, horse race betting is legal in those states.
Betting on horse races over the internet is now legal in the vast majority of states in the United States.
Below is a list of all of the states in the United States that have made it legal to place bets on horse races online in some capacity. The vast majority of people will be able to play with either TVG or TwinSpires.
It is important to note, however, that the specific laws vary from state to state, and you should check with the laws of the state in which you live to learn the specifics of how and where you can and cannot place bets.
- State of New Hampshire
- State of New Mexico
- New York City
- North Dakota (ND)
- Providence, Rhode Island
- Dakota State
- West Virginia (WV)
The Methods Used to Place Horse Race Bets
In the United States, horse race wagering is done through the pari-mutuel system. Participants in this type of gambling place wagers against one another rather than against a sportsbook or the house.
A pool is formed by combining all wagers of the same type. The bookmaker divides the remaining funds among the winners after deducting a commission from each wager. The amount awarded to each winner is determined by the percentage of their total wagers that were successful.
A winning bet on a favorite, for example, will result in a lower payout because many people will place the same bet, causing the money to be distributed more evenly, whereas a winning bet on an underdog will result in a much higher payout.
The same logic should be applied to more complex wagers. To win a bet on a trifecta, for example, you must correctly predict the outcomes of all three races individually. Because it is more difficult to obtain, fewer people will win, resulting in larger payouts.
This is by far the most common way to bet on horses in the United States. Furthermore, there is a significant difference between it and betting on other sports at a sportsbook. In that case, you are betting against the book based on the line that the book has set. Bets on horse races are pitted against those made by other members of the public.
Various Horse Wagering Options and Bets
There are numerous wagers that can be placed on horse races, and online racebooks such as TVG and TwinSpires offer a wide range of wagers that can be placed at a variety of different tracks across the country. Online gambling establishments typically provide a broader range of wagering options than their physical counterparts.
Some of the betting options may appear overwhelming to inexperienced players at first. If you are new to horse racing, we recommend that you stick to simple straight bets like "Win" or "Place" rather than the more complex betting options discussed in the following paragraphs.
However, both TVG and TwinSpire do an excellent job of explaining how all of their bets, including exotics, work. Furthermore, they both offer handicapping services and other form guides.
Remember that the amount of money paid out is determined not only by how difficult the prediction was, but also by how the rest of the public bet. Straight bet payouts (Win, Place, and Show) are typically lower than exotic bet payouts, which are more similar to parlay bets and require multiple accurate predictions. Straight bets are available at most sportsbooks.
A win bet is one that is placed on the horse that the bettor believes will win the race. If your horse finishes first, you will win the bet. You will lose if you do not.
If you bet on a horse to finish first or second, you will win your wager.
A show wager is one in which the bettor wins if their horse finishes first, second, or third.
Horizontal exotic event wagering:
You must correctly predict the winners of two consecutive races to win the daily double. To win any of these bets, you must select your horses and place your wagers before the first race begins.
- A Pick 3 bet requires the player to correctly predict the winners of three consecutive races.
- A Pick 4 bet requires the player to correctly predict the winners of four consecutive races.
- A Pick 5 bet requires the player to correctly predict the winners of five consecutive races.
- A Pick 6 bet requires the player to correctly predict the winners of six consecutive races.
Exotic vertical bets:
Exacta is the accurate prediction of the first and second-place finishers in a single race.
To win a trifecta, you must correctly pick the horses that will finish first, second, and third in a single race and in the correct order.
When a bettor correctly predicts the finishing positions of the first, second, third, and fourth horses in a single race, he or she places a superfecta wager.
While these are the most common bets at racetracks, they are by no means an exhaustive list. For example, there are numerous combination betting strategies that use the bets described above and cover a wider range of outcomes.