The Evolution Of Horseracing In The
US
Horseracing is one of the most entertaining
spectator sports in the world. Every passing year
sees a significant rise in the number of enthusiasts
that hit the tracks during the racing season. Being
the biggest spectator sport with legal gambling is
the main draw bringing more people to see the races.
As the number of spectators increase, so does the
cash pouring into the parimutuel machines.
Wager-less racing has been tried several times in
the US, but the interest created was short-lived.
Over the years, horseracing has evolved into a
multi-million dollar industry, not only in the US,
but also around the world.
Before World War II, betting days of $1,000,000
made news, but now even minor tracks hit that sum.
On major tracks, $3,000,000 and $4,000,000 betting
days attract no attention at all.
Racing started out nearly four hundred years ago
as the sport of kings, but the little man has long
since taken over. In America, the little fellow took
over racing when the pari-mutuel machines were
attuned to the common man. A Frenchman invented the
machine, but the French failed to grasp the full
possibilities of how machines could help the breed
improve. It was only several years later that
someone suggested that the machine should sell
cheaper tickets and $2 should be the base unit of
trading. This gave a major impetus to horse racing
and the pari-mutuel betting system was adopted in
several states.
Pari-mutuel betting is the absolutely fair method
by which the choices of the public automatically set
the odds and determine the pay-offs. Under this
system a person places a bet— by purchasing at the
racetrack — tickets representing the horse of the
buyer's selection. Tickets are available at $2, $5,
$10, $25, $50 and $100. A machine registers each
ticket as it is sold. These machines show the number
of tickets sold on each horse and the total sold on
all the horses. One may buy as many tickets on as
many horses as he wishes. He may also back a horse
to finish second or third ("place" or "show").
A percentage of the whole sum bet by the public—
usually set by the laws of each state—is deducted
for the track (racing association) and the state
after the race is decided. The remainder is at once
divided properly and paid to the holders of winning
tickets.
The high entertainment value and the astronomical
amounts of revenue generated have made horseracing a
popular sport in almost all US states. New York City
has in the planning stage a super-track to handle
crowds of 60,000, about double the capacity of most
of today's "big-time" courses.
The racing season may differ from one state to
another. While earlier, racing was restricted as a
summer activity, today several states host winter
races as well. Since racing has become a year round
phenomenon in several parts of the country, its
popularity has increased all the more.
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