Horse racing is a very well known sports in the west and it has been very popular in SINGAPORE too as CITIBET and turf club have been well known as horse racing wager host. The record wrote the horse racing has been occured in ancient Greece, Babylon, Syria, and Egypt, but horse racing itself is very popular in aristocrats and royalty of British society and earning it titles as “Sport of Kings”.
Horse racing has three kinds of race which are flat racing, steeple racing (the horse race over jumps), and harness racing where the horse pace to pull the driver away. The data said that in 2008, the horse racing generated around US$115 billion all around the world.
In North American racing, the three most common ways to bet money are to win, to place, and to show. A bet to win, sometimes called a “straight” bet, means that you stake money on the horse, and if it comes in first place, the bet is a winner. In a bet to place, you are betting on your horse to finish either first, second, and/or third, depending on how many horses are in the race; for example, in a race with 5 horses a place bet would only be for first and second place, but in a race with 10 horses you bet on your horse to finish first, second, or third. A bet to show wins if the horse finishes first, second or third. Since it is much easier to select a horse to finish first, second, or third than it is to select a horse just for first, the show payoffs will be much lower on average than win payoffs.
The term “Each-Way” bet is used everywhere but North America, and has a different meaning depending on the location. An each-way (or E/W) bet sees the total bet being split in two, with half being placed on the win, and half on the place. Bettors receive a payout if the horse either wins, and/or is placed based on the place criteria as stated above. The full odds are paid if the horse wins, (plus the place portion), with a quarter or a fifth of the odds (depending on the race-type and the number of runners) if only the place section of the bet is successful. In the UK some bookmakers will pay for the first five (some independent firms have even paid the first six) for a place on the Grand National. This additional concession is offered because of the large number of runners in the race (maximum 40). Occasionally other handicap races with large fields (numbers of runners) receive the same treatment from various bookmakers, especially if they are sponsoring the race. The rough equivalent in North America is an “across the board” bet, where equal bets on a horse are set to win, place and show. Each portion is treated by the totalizator as a separate bet, so an across-the-board bet is merely a convenience for bettors and parimutuel clerks. For instance, if a $2 across-the-board bet (total outlay of $6) were staked on a horse which finished second, paying $4.20 to place and $3.00 to show, the bettor would receive $7.20 on what is essentially a $6 wager.
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