Gambling
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Monday, September 17, 2007
betting
betting
The term gambling has had many different meanings depending on the cultural and historical context in which it is used. Currently, in Western societies, it has an economic definition, referring to "wagering money or something of material value on an event with an uncertain outcome with the primary intent of winning additional money and/or material goods". Typically the outcome of the wager is evident within a short period of time.
The term gaming[1] in this context typically refers to instances in which the activity has been specifically permitted by law. The two words are not mutually exclusive; i.e.: a “gaming” company offers (legal) “gambling” activities to the public.[2]
Legal aspectsBecause many religious authorities generally disapprove of gambling to some extent, and because gambling can have adverse social consequences, most legal jurisdictions limit gambling to some extent. Some Islamic nations prohibit gambling; most other countries regulate it.[3]
Many jurisdictions, local as well as national, either ban or heavily control (by licensing) gambling. Such regulation generally leads to gambling tourism and illegal gambling. The involvement of governments, through regulation and taxation, has led to a close connection between many governments and gaming organizations, where legal gambling provides significant government revenue, such as in Monaco or Macau.
Under US federal law, gambling is legal in the United States, and states are free to regulate or prohibit the practice. Gambling has been legal in Nevada since 1931, forming the backbone of the state's economy, and the city of Las Vegas is perhaps the best known gambling destination in the world. In 1976, gambling was legalized in Atlantic City, New Jersey, and in 1990, it was legalized in Tunica, Mississippi; both of those cities have developed extensive casino and resort areas since then. Since a favorable US Supreme Court decision in 1987, many Native American tribes have built their own casinos on tribal lands as a way to provide revenue for the tribe. Because the tribes are considered sovereign nations, they are often exempt from state laws banning gambling, and are instead regulated under federal law.
Because contracts of insurance have many features in common with wagers, insurance contracts are often distinguished under law as agreements in which either party has an interest in the "bet-upon" outcome beyond the specific financial terms. E.g.: a “bet” with an insurer on whether one's house will burn down is not gambling, but rather insurance — as the homeowner has an obvious interest in the continued existence of his/her home independent of the purely financial aspects of the "bet" (i.e., the insurance policy).
There is generally legislation requiring that the odds in gaming devices are statistically random, to prevent manufacturers from making some high-payoff results impossible. Since these high-payoffs have very low probability, a house bias can quite easily be missed unless checking the odds carefully.[4]
Gambling variablesThere are three variables common to all forms of gambling:
How much is being wagered, the initial stake (in money or material goods). The predictability of the event. In mechanical or electronic gambling such as lotteries, slot machines and bingo, the results are random and unpredictable; no amount of skill or knowledge (assuming machinery is functioning as intended) can give an advantage in predictability to anyone. However, for sports events such as horse racing and soccer matches there is some predictability to the outcome; thus a person with greater knowledge and/or skill will have an advantage over others. The odds agreed between the two (or more) parties to the wager; where there is a house or a bookmaker, the odds are (quite legally) arranged in favour of the house. The expected value, positive or negative, is a mathematical calculation using these three variables. The amount wagered determines the scale of an individual wager (bet); the odds and the amount wagered determine the payout if successful; the predictability determines the frequency of success. Finally the frequency of success times the payout minus the amount wagered equals the "expected value" The skill of a gambler lies in understanding and maneuvering the three variables so that the "actual value" is positive over a series of wagers.
Types of gambling
Casino gamesWhile almost any game can be played for money, and any game typically played for money can also be played just for fun, some games are generally offered in a casino setting.
"Beatable" casino gamesA highly skilled player with a well-designed strategy can create a positive mathematical expectation on games such as:
Blackjack—with card counting unless a continuous shuffler is used Pai Gow Poker and Tiles—player-dealt Parimutuel betting Poker (Also recognized as a game of skill) Slot machines—where progressive jackpots or bonuses reach a certain break-even point Sports betting Video poker—with proper pay table and/or progressive jackpot
"Unbeatable" casino games A pachinko parlor in Tokyo, Japan.These games have a negative expectation regardless of how few or many games someone plays. Nevertheless, this does not stop gamblers from having false beliefs (the "gambler's fallacy") that their actions or "way of playing" will influence the outcome.
Baccarat (punto banco) Caribbean Stud Poker Casino war Craps (though some believe the use of dice control can beat the game) Fan-Tan Faro Keno Let it ride Pachinko Pyramid Poker 3-card poker 4-card poker Red Dog Roulette Sic Bo Spanish 21—without counting Texas Hold'em Bonus Poker
Non-casino gambling games Mahjong tiles.Gambling games that take place outside of casinos include Bingo (as played in the US and UK), dead pool, lotteries, pull-tab games and scratchcards, and Mahjong.
Other non-casino gambling games include:
Card games, such as Liar's poker, Bridge, Basset, Lansquenet, Piquet, Put, Teen patti Coin-tossing games such as Head and Tail, Two-up* Confidence tricks such as Three-card Monte or the Shell game Carnival Games such as The Razzle or Hanky Pank Dice-based games, such as Backgammon, Liar's dice, Passe-dix, Hazard, Threes, Pig, or Mexico *Although coin tossing isn't usually played in a casino, it has been known to be an official gambling game in some Australian casinos[5]
Fixed-odds gamblingFixed-odds gambling and Parimutuel betting frequently occur at many types of sporting events. In addition many bookmakers offer fixed odds on a number of non-sports related outcomes, for example the direction and extent of movement of various financial indices, the winner of television competitions such as Big Brother, election results,[6]. Interactive prediction markets also offer trading on these outcomes, with "shares" of results trading on an open market.
Parimutuel betting Tokyo Racecourse in Tokyo, Japan.Main article: Parimutuel bettingOne of the most widespread forms of gambling involves betting on horse or greyhound racing. Wagering may take place through parimutuel pools; or bookmakers may take bets personally. Parimutuel wagers pay off at prices determined by support in the wagering pools, while bookmakers pay off either at the odds offered at the time of accepting the bet; or at the median odds offered by track bookmakers at the time the race started.
Sports bettingMain article: sports bettingBetting on team sports has become an important service industry in many countries. For example, millions of Britons play the football pools every week.
Arbitrage bettingMain article: arbitrage bettingArbitrage betting is a theoretically risk-free betting system in which every outcome of an event is bet upon so that a known profit will be made by the bettor upon completion of the event, regardless of the outcome. Arbitrage betting is a combination of the ancient art of arbitrage trading and gambling, which has been made possible the large numbers of bookmakers in the marketplace, creating occasional opportunities for arbitrage.
Other types of bettingOne can also bet with another person that a statement is true or false, or that a specified event will happen (a "back bet") or will not happen (a "lay bet") within a specified time. This occurs in particular when two people have opposing but strongly-held views on truth or events. Not only do the parties hope to gain from the bet, they place the bet also to demonstrate their certainty about the issue. Some means of determining the issue at stake must exist. Sometimes the amount bet remains nominal, demonstrating the outcome as one of principle rather than of financial importance.
Betting exchanges allow consumers to both back and lay at odds of their choice. Similar in some ways to a stock exchange, a better may want to back a horse (hoping it to win) or lay a horse (hoping it to lose, effectively acting as bookmaker)
Staking systemsMain article: betting strategyMany betting systems have been created in an attempt to "beat the bookie" but most still accept that no system can make an unprofitable bet profitable over time. Widely-used systems include:
Fixed stakes – a traditional system of staking the same amount on each selection. Fixed profits – the stakes vary based on the odds to ensure the same profit from each winning selection. Due-column betting – A variation on fixed profits betting in which the bettor sets a target profit and then calculates a bet size that will make this profit, adding any losses to the target. Kelly – the optimum level to bet to maximize your future median bank level. Martingale – A system based on staking enough each time to recover losses from previous bet(s) until one wins.
Other uses of the term "gambling"Many risk-return choices are sometimes referred to colloquially as "gambling." Whether this terminology is acceptable is a matter of debate, but generally the following activities are not considered gambling:
Emotional or physical risk-taking, where the risk-return ratio is not quantifiable (e.g., skydiving, campaigning for political office, asking someone for a date, etc.) Insurance is a method of shifting risk from one party to another. Insurers use actuarial methods to calculate appropriate premiums, which could be considered similar to calculating gambling odds. However, insurers can set their premiums to obtain a long term positive expected return. Situations where the possible return is a secondary reason for the wager/purchase (e.g., buying a raffle ticket to support a charitable cause) Investments are also usually not considered gambling, although some investments can involve significant risk. Examples of investments include stocks, bonds and real estate. Starting a business can also be considered a form of investment. Investments are generally not considered gambling when they meet the following criteria:
Positive expected returns (at least in the long term) Economic utility Underlying value independent of the risk being undertaken Some speculative investment activities are particularly risky, but are still usually considered separately from gambling:
Securities derivatives, such as options or futures, where the value of the derivative is dependent on the value of the underlying asset at a specific point in time (typically the derivative's associated expiration date) Foreign currency exchange (forex) transactions Prediction markets
Psychological aspectsMain article: Problem gambling Though many participate in gambling as a form of recreation or even as a means to gain an income, gambling, like any behavior which involves variation in brain chemistry, can become a psychologically addictive and harmful behavior in some people. Reinforcement schedules may also make gamblers persist in gambling even after repeated losses.
The Russian writer Dostoevsky portrays in his novella The Gambler the psychological implications of gambling and how gambling can affect gamblers. He also associates gambling and the idea of "getting rich quick", suggesting that Russians may have a particular affinity for gambling. Dostoevsky shows the effect of betting money for the chance of gaining more in 19th-century Europe. The association between Russians and gambling has fed legends of the origins of Russian roulette.
Sports Betting History
Sports betting in America has experienced unimaginable progress, especially in the past three decades. Betting on sporting events is the most popular form of illegal betting in the U.S. and is one of the fastest growing forms of legalized gambling. Sports wagering is commonplace from the nation’s factories to the boardroom. The growth in the popularity of legal sports wagering can be attributed to many factors. These same factors have contributed to the explosive growth and interest in illegal sports betting around the nation. These include the following:
The decrease in the federal wagering excise tax from 10 percent to 2 percent to eventually 0.25 percent on January 1, 1983. This served to convert many of those betting on sports illegally to do so in a legal manner. It made sports bookmaking a profitable business venture. The saturation of sporting events in the media has enhanced the public’s familiarity with various types of sports. Cable television and satellite technology has made it possible to bring the games live and direct to the sports books. The ever-expanding mass media marketing of professional and collegiate sports has risen to enormous levels. The three most popular sports for wagering (football, baseball, and basketball) all have major contracts with national and local television providers. The weakened stigma associated with gambling in general and specifically, with gambling on professional events Gambling, especially on sporting events, is determined a victimless crime, or a crime in which the accused has not acted in a manner considered harmful to another. The legitimization of sports gambling in the eyes of the public has been promoted by the frequent «natural» association of gambling with sport, particularly by the media. Major Nevada resort hotels and casinos discovered that in-house race and sports books were good for business and created substantial «foot traffic» through the casino. The volume of information available to the sports bettor has increased to the point that the gambler does not have to be at a severe disadvantage when compared to the knowledge possessed by the bookmaker.
The rise of professional sports, especially televised professional football, has brought about significant increases in the volume of sports betting in the United States. Moreover, legalized sports wagering in Nevada flourished considerably when the federal gambling tax was gradually reduced from 10 percent to 2 percent from 1975 to 1979. The sports handle increased dramatically from less than $41 million in 1973 to almost $258.7 million by 1979.
Gambling on sporting events involves large amounts of money, but just how large may be impossible to determine, because most sports betting is done illegally. Sports betting is legal in only two states: Nevada, through casino sports books, and Oregon, through a state lottery game entitled, sports Action. This game is based on contests played in the National Football League and would not be affected by a federal ban on college wagering. Interestingly, the proceeds derived from this sports lottery game are assigned to support college athletics in the Oregon University System. The so-called “third wave” of gaming in European-North American history, conceptualized by gaming authority I. Nelson Rose reached towards a crest during the past decade. However, the one notable exception to this liberalizing trend is sports betting. Nevada has 142 legal sports books that allow wagering on professional and amateur. The only amateur sporting events that sports books allow betting on are collegiate and some Olympic sports. Nevada’s sports books gross gambling revenues (GGR) for 1994 were $118.6 million. Gross gambling revenue is used because it is a true measure of the economic value of sports betting. In 1998, legal bookmaking operations' gross gambling revenue were $122.5 million («Gross Annual Wager Supplement,» 1999, p.49). Betting on college events accounted for 33 percent of the total sports wagering revenue, or $40 million. The decline in sports book retention is due in large part to increased competition from Internet wagering on sports. The betting action in Nevada sports books breaks down as follows: professional and college football combined ? 39%, professional and college basketball combined 34.5%, baseball 23%, and hockey 2%. Boxing, golf, and tennis wagering make up the remaining 1.5%. These rankings are similar to the transactions handled by illegal bookmakers; the difference is that professional football games draw an even larger share of the illegal betting action.
The actual wagering can occur under a variety of circumstances. The most common of which are: a bet between friends on an individual game, an office pool (i.e. NCAA Men’s Basketball Tournament), fantasy football or hockey drafts (drafting and auctioning players based on their actual performance), in a legal sports book in the State of Nevada, or with an illegal bookmaker or bookie. The majority of sports betting in America occurs between friends or acquaintances and involves relatively small amounts of money. Another large portion of the sports betting population wagers larger sums of money with illegal bookmakers. From small towns to large metropolises, cities in the United States are inundated with vast networks of illegal bookies. The total dollar volume of sports betting in this country can only be approximated, like any illegal activity it is near impossible to determine the actual amount of money transferred. However, the National Gambling Impact Study Commission in 1999, estimated that the scope of illegal sports betting in the United States ranges anywhere from $80 billion to $380 billion annually, making sports betting the most widespread and popular form of gambling in America.
http://www.enterbet.com
Betting: sports betting, racebook history, betting History. sports betting information, Sports betting, betting bookies, betting in poker, betting round, Sports betting odds and football betting spreads. Betting on sports, American football.Sports Betting Guide. Betting Picks Tips, Betting Forum. Betting Information. Online sports betting guide, Fantasy Betting Betting. All about Betting, betting lines and online sports betting on the Internet. Online sports betting, betting. Winning Strategies for Betting, Betting on NFL.
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Monday, July 16, 2007
A History of Horse Racing Welcome to the All Horse Racing History Section.
There are three chapters, A History of Horse Racing, Horse Racing in Kentucky and A History of Churchill Downs and the Kentucky Derby. The material is meant to be read straight through, but feel free to roam and jump around as you please. The main reference for the All Horse Racing history section is the fantastic website Call to the Derby Post which takes its source from the book "Jockeys, Belles and Bluegrass Kings, The Official Guide to Kentucky Racing" by Lynn S. Renau (Herr House Press, Louisville, Kentucky: 1995).
What follows is the first chapter, A History of Horse Racing. This 3-segment history traces horse racing from its development overseas to its beginnings in the United States.
Cocktails with the Sport of Kings
As early as 1140, the first of a long line of kings named Henry tried to improve Hobby horses--pony-sized Irish horses--by importing Arab stallions to give them more speed and stronger power. Throughout the Crusades, from 1096 to 1270, Turkish cavalry horses dominated the larger English warhorses, leading the Crusaders to buy, capture or steal their share of the stallions. After the War of the Roses, which decimated England's horse population, King Henry aimed to rebuild his cavalry. Both the king and his son, Henry VIII, imported horses from Italy, Spain and North Africa, and maintained their own racing stable. Henry's Hobbys, as they were called, raced against horses owned by other nobility, leading the word "hobby" to mean a "costly pastime indulged in by the idle rich." It also lends credibility to horse racing being labeled as the Sport of Kings, although this phrase's origination comes later, as found in Part II.
Henry used tax revenues to maintain his stables, claiming that by breeding winners with winners he could improve the quality of the cavalry. While certainly a landmark philosophy in horse racing, Henry was unable to apply its practice; his Master of the Horse, the title of Henry's racing stable director, was not a professional horseman and recklessly crossbred the entire stable. The stable consisted of a variety of international horses with an even wider mix of genes, so well mixed they earned the moniker "cocktails," our current word for a mixed drink. It is not known for sure, but this may be the oldest piece of evidence linking horse racing with drinking!
Anyway, Henry's daughter, Elizabeth I, drastically improved her father's stable during her fifty-year reign, dispensing of horses not qualified for racing or the cavalry and moving the best horses to new barns at Tutbury near Staffordshire. Elizabeth kept a close watch on matings and systematically recorded pedigrees. On the advice of her Master of the Stable the Queen added more Arabian horses to the stable, breeding Arab stallions to Hobby and Galloway (Scottish) mares. When Elizabeth I died, James VI of Scotland, son of Mary, Queen of Scots, and his son, Charles--who became king in 1625--expanded both the palace and royal racing stables at the track of Newmarket. In 1647 Oliver Cromwell's army defeated Charles' Cavaliers, forcing Charles back to Scotland and allowing Cromwell to capture the royal stables at Tutbury and take inventory; he swiftly sold most of the Royal Mares, keeping fewer than 100 to breed stronger, lighter horses to replace the slower, heavier ones no longer suited for warfare due to the development of gunpowder.
Cromwell's focus was on the cavalry, not racing. He even passed several laws prohibiting racing and went so far as to confiscate horses and cause pedigree records to be ruined. Royalists and Cavaliers were either forced out of England or in retreat to their country estates where they could do two things: maintain their records of horses bred for stag hunting and racing, and wait for the end of Cromwell's repressive religious throne. When Cromwell died and Charles II became king, the wait was over.
Virtual online horse racing where you play a horse racing game with virtual horses and compete online. To relocate your stallion use the normal relocate the Daily Racing Form, horse racing news, Online horse racing betting, sports Horse Betting How to Bet on Horses Daily Racing Form Explained How to Handicap Plus Virtual Horse Racing, Sports betting, Poker and Online Casino. on Horses Read Daily Racing Form Betting Glossary Types of Horse Bets
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Contest of speed between two or more horses, usually Thoroughbreds, which are driven or ridden over a special course. A favorite pastime since antiquity, and still popular in most countries of the world, horse racing is one of the most highly organized and commercialized sports. It encompasses what is technically termed flat racing. Flat races are contests of speed between two or more saddle horses, generally Thoroughbreds, ridden by jockeys on specially built tracks over distances ranging usually from 440 yd to 11/2 mi. The sport is called flat racing to differentiate it from the steeplechase, which involves jumping over obstacles. In an effort to equalize the competition between horses of a given class, each animal is assigned a weight handicap based on such factors as its age, sex, and past record, and the jockey’s experience. Lead bars are carried in a pad under the saddle to make up the difference between the assigned weight and the jockey’s weight. Thoroughbred Racehorses. All modern Thoroughbreds have as common ancestors one or more of three stallions, the Byerly Turk, the Darley Arabian, and the Godolphin Barb, which were imported into Great Britain from the Middle East and North Africa between 1689 and 1724. Mated with strong English mares, they produced offspring with both speed and endurance. Thoroughbreds that compete in organized racing are registered in the official national stud books, or pedigree registers, of their country of birth. The British stud book was begun in 1791; stud records in the U.S. go back to 1873. When horses destined for racing careers are 2 years old, they begin training that includes accepting a rider’s weight and commands Although some 2-year-olds race, Thoroughbreds are usually in their prime between the ages of 3 and 5, and horses up to 10 years of age have competed successfully. Some races are for horses of one sex only, but most races are open to entries of either sex. A female horse is known as a filly until its fifth birthday and as a mare thereafter. An unsexed male horse of any age is called a gelding; an ungelded male horse is known as a colt until its fifth birthday; afterwards it is referred to simply as a horse or a stallion, regardless of its age. Champion stallions are of great value to their owners, not only because of their race winnings but also because other horse owners and breeders pay substantial sums (called stud fees) for the privilege of mating their own brood mares with these stallions. The expectation is that the offspring (called get) will become champions also. In the U.S., in 1987, about 89,500 horses were raced and about 50,000 foals were registered in the stud book. The purchase price of a Thoroughbred suitable for racing or breeding purposes ranges from several thousand to more than a million dollars. The earning power, however, of successful Thoroughbreds during and after their active racing careers is high. The 1987 American champion Alysheba is the richest retired stallion, with earnings of $6,679,242. Racing’s next leading money earner, John Henry, is a gelding. John Henry raced through 1984 and retired at age 9 with earnings of $6,597,947. One of the highest prices paid for a Thoroughbred was about $30 million for the European champion Storm Bird, purchased by a syndicate of American breeders in 1981. In the 1960s syndicate buying of Thoroughbreds became a widespread practice. Each member of such a syndicate buys an interest in a horse, usually between one-quarter and one-tenth share but sometimes even less. Tracks. Unlike the courts or playing fields used in other sports, racetracks are not uniform in construction or size. Major tracks in the U.S., which number more than 100, are 1-mile ovals composed of an outer loam or sand racing strip; most tracks also have parallel inner grass, or turf, courses. Tracks in Great Britain, which number about 70, are turf courses, generally triangular in shape. Horses on U.S. and Canadian tracks always race in a counterclockwise direction; in Great Britain and elsewhere some races are counterclockwise, others clockwise. Some tracks are famous as the sites of specific races; especially well known are the three classic races for three-year-olds in the U.S., known collectively as the Triple Crown: the KENTUCKY DERBY, (q.v.), held at Churchill Downs, Louisville, Ky.; the Preakness Stakes, at Pimlico, near Baltimore, Md.; and the Belmont Stakes, at Belmont Park, Elmont, N.Y., near New York City. Only 11 horses have been Triple Crown winners: Sir Barton (1919), Gallant Fox (1930), Omaha (1935), War Admiral (1937), Whirlaway (1941), Count Fleet (1943), Assault (1946), Citation (1948), Secretariat (1973), Seattle Slew (1977), and Affirmed (1978). Other noted races in the U.S. are the Travers, run at Saratoga Race Course, Saratoga Springs, N.Y.; the Jockey Club Gold Cup, at Belmont Park; and the Santa Anita Derby, at Santa Anita, Arcadia, Calif. The oldest continuously held race in North America is the Queen’s Plate, run at Woodbine, Ont., Canada. Britain’s Triple Crown, also for three-year-olds, consists of the Epsom Derby, the Saint Leger Stakes, and the Two Thousand Guineas. Thoroughbred racing is a popular sport in Europe, especially in France (notably at Longchamps, outside Paris) and Italy; in Canada, South Africa, Australia, New Zealand, and Mexico; and throughout South America. Types of Races. Most Thoroughbred races in the U.S. are held at distances ranging from 3/4 mi (6 furlongs) to 11/8 mi (9 furlongs). Races are classified as stakes, handicap, allowance, or claiming events. Stakes races usually involve horses of the same age, all of which are initially assigned the same weight; certain deductions may be made later—for example, fillies are given a 5-lb advantage against colts. Stakes races are so called because of the stake, or entry fee, owners must pay. These fees, to which the track adds a purse, or contribution, constitute the total amount from which prize money is paid to the first, second, third (and usually fourth) finishers. Handicap races are events among horses of different ages. The horse considered superior is assigned the highest weight, with the less-talented horses receiving proportionately lighter handicaps. Entries in allowance races are judged on their past performances; a track official, the racing secretary, takes into account the number of races won and money earned. Horses of about the same ability are matched against one another. Claiming races are devices to sell horses. The selling price of the entered horses (for example, between $5000 and $6000) is stipulated before the race, whereupon a buyer may make a claim for that amount. The buyer takes possession of the horse at the completion of the race, regardless of its performance. If two or more interested parties claim the same horse at the same price, lots are drawn to determine the winning offer. By means of claiming races, knowledgeable owners and trainers frequently obtain at bargain prices horses whose former owners underestimated their animals’ potential. Two other types of contests are match races and walkovers. A match race pits only two horses, almost always that season’s most successful racers, in a head-to-head duel. A walkover occurs when only one horse has not been scratched, or withdrawn, from a race; horses may be scratched up to several hours before post time. In order to win the purse in a walkover, the remaining horse must run the distance. The last such “race” of importance involved Spectacular Bid in the Woodward Stakes at Belmont Park in 1980. Race Procedures. Most tracks offer nine or ten races per day, usually in the afternoon. Meetings, or consecutive days of racing at a track, go on for one month or longer in the U.S.; British meetings are usually only several days in length. Horse races follow a strictly organized procedure. Horses are saddled and jockeys mount in the paddock area in full view of the spectators. Often escorted by outriders and riders on lead ponies, the horses are positioned in individual stalls within the starting gate, located at the starting line. When the field, as the entrants are collectively called, is evenly aligned, the starter presses a button to open the stall gates. European racing involves either a canvas-webbing starting barrier or a walk-up start. Strategy is an important part of racing, particularly in contests of a mile or longer. Those horses that possess “early speed” are sent to the lead as soon as the race begins, while jockeys on “come from behind” horses gallop more slowly at first to save energy for a stronger effort in the stretch, that is, toward the end. Whether the “speed” horses will maintain their early lead or yield to fast-closing competitors depends on the animals’ quality and condition, and on other variables known as “racing luck”—which includes whether the jockeys make the right moves at the right time. In addition to the race being scrutinized by the track stewards and recorded by the film patrol, photoelectric timers measure the leading horse’s time at specific places around the track and at the finish line. Jockeys and Trainers. Most jockeys first learn to handle horses as exercise boys or girls, riding in morning workouts. Small in stature—about 1.5 m (about 5 ft) tall and weighing no more than 48 kg (105 lb)—they begin their jockey careers as apprentices, receiving weight allowances until they have won a stipulated number of races. Jockeys wear distinctive “silks,” that is, colored and patterned shirts and caps that identify their horse’s owner. They may ride for a particular owner or accept whatever mounts trainers offer. Jockeys are paid a fee for each horse they ride as well as a percentage of the purses their mounts win. Among the most successful American jockeys of the 20th century were Eddie Arcaro and Bill Shoemaker. Shoemaker set a record for career wins in 1970; his lifetime mark of 8833 victories was broken by Laffit Pincay, Jr., in 1999. Notable British jockeys include Sir Lester Keith Piggott (1935– ) and Dick Francis (1920– ), now a popular author of mystery stories with racetrack settings. Although women were not granted jockey licenses until the 1970s, the Americans Robyn Smith (1944– ) and Julie Krone (1963– ) have achieved considerable recognition. Trainers prepare horses for races and maintain the animals’ condition over the course of their racing careers. Trainers also select which races their horses will enter, taking into account such factors as the race’s distance and the quality of the competition. Like jockeys, trainers may be under contract to a particular owner or they may supervise horses belonging to several owners. Also like riders, they receive a percentage of purses earned. Officials. Racing is a very carefully supervised sport. The parent body of British racing is the Jockey Club of Great Britain; in the U.S. the Jockey Club (which, through its office in Lexington, Ky., handles the registration of all North American Thoroughbreds), the Thoroughbred Racing Associations, and the Racing Commissioners International are important racing bodies. In addition to Jockey Club registration procedures, racetrack officials identify each horse before every race and conduct tests to detect the presence of medication or drugs that might affect the outcome. Film patrols record the race’s progress, while a high-speed camera at the finish line determines close outcomes. Stewards representing the Jockey Club and the state racing commissions can disqualify horses and penalize jockeys for such infractions as interference and dangerous riding. Betting. Betting is an important element in the popularity of horse racing. At different times four main types of betting have been in vogue: simple betting between individuals; sweepstakes betting, in which large entry fees, or stakes, are pooled and awarded to the winners; bookmaking, in which speculators offer odds against each horse and accept bets against their predictions; and pari-mutuel betting, which is the most widespread system and that used at the major American tracks. The designation pari-mutuel is a French phrase translatable as “betting among ourselves.” Under the pari-mutuel system, which was developed in France during the 1860s, the betting odds on a given horse are derived from a comparison between the total amount wagered on the horse and the total wagered on all the horses in the race. The odds are automatically computed by a device called a totalizer, which posts them on a lighted “tote board” clearly visible to spectators; odds are recomputed at approximately 2-min intervals until post, or starting, time, when all bets must be placed and the pari-mutuel machines are locked. Winning tickets are cashed after the race’s results have been declared official, by which time computers have determined the payoffs. Pari-mutuel bettors can wager that a horse will win (finish first), place (finish first or second), or show (finish first, second, or third). In the event that two or more horses are entered by the same owner or trainer, they are coupled in the wagering as an “entry”; a bet on one of these horses is a bet on all of them. Combination wagering involves more than one horse. Among such combinations is the daily double, in which the bettor must predict the winners of two consecutive races (usually the first two of the day), purchasing the ticket in advance of both. A variation of the daily double is the pick-6 (or pick-3), in which bettors must select the winners of 6 (or 3) consecutive races. To win a quiniela, the bettor must predict the first two finishers in a single race without regard to the order in which they finish. To win an exacta (also called perfecta), the bettor must specify the exact order in which the first two horses in a race will finish. Such “exotic” wagering almost always yields higher payoffs than “straight” win-place-show betting. Off-track betting (OTB) is growing in popularity throughout the U.S. State-sanctioned OTB facilities in larger cities offer an alternative to wagering at racetracks; as with betting done at tracks, states receive a portion of the pari-mutuel “handle,” or take. Off-track wagering has long been legal in Great Britain through private bookmaker shops. Simulcasting, in which live races are televised at various racetracks around the country via satellite, is becoming very important in U.S. racing. It allows bettors to wager on stakes-quality horses, since simulcasts generally are reserved for the best races available. History. The history of racing on mounted horses dates from the first millennium bc. Previously, no breed of horse hardy enough to carry human riders for significant distances had been developed, although horse-drawn chariots were in common use. The first known formal, mounted horse races took place in ancient Greece. In Roman times horse races occasionally were held, although chariot races were much more frequent. After the fall of Rome in the 5th century ad, horse breeding and racing declined in the West. In the 6th century horseback riding was introduced throughout the Middle East by Muslim missionaries, who traveled on horseback as they sought converts. When the Arabs conquered Spain in the 8th century, they rode strong, swift horses of a breed previously unknown in Europe; these horses were also used to draw vehicles. The fame of the Arabian steeds spread throughout Europe in subsequent centuries. In 1110, Henry I, king of England, imported an Arabian stallion from Spain; the stallion and other Arabian horses were later mated with strong but slow English mares to breed swift, hardy horses suitable for warfare. Informal races between purebred mounts over straight 4-mi courses became popular. In 1174, Smithfield Track, the first public racecourse built since Roman times, was constructed in London. Saddle racing subsequently became a featured sport at most English fairs, and it continues to be a favorite pastime of English royalty and nobility. Horse racing is still popularly referred to as “the sport of kings.” King Charles II, who patronized racing at Newmarket, was known as “the father of the British turf.” Racing in the U.S. In 1665 the first racetrack in North America was built on Long Island. About 1730, a descendant of the Darley Arabian (see above) arrived in the colony of Virginia. Subsequently, scores of purebred British mares and stallions were imported to the American colonies, and raced and bred, primarily in New York, Pennsylvania, Virginia. Maryland, and the Carolinas. Interest in horse racing continued unabated in the 19th century, and in 1894 the Jockey Club, an American organization modeled on the British Jockey Club, was incorporated in New York City. The club was formed to encourage the breeding of Thoroughbred horses and the maintenance of high ethical standards in horse racing. Although it did not wield authority comparable to that of the British club, the American Jockey Club exerted a strong, constructive influence on racing and breeding standards throughout the U.S. It drew up a code that became the basis of American racing procedure and conduct; it took over the American Stud Book in 1896; and it subsequently maintained the bureau of registry for all American Thoroughbreds. During the 20th century the popularity of horse racing increased in most parts of the world. In the U.S. a wave of reformist sentiment caused authorities to outlaw bookmaking in many states; most of the same states, however, later legalized pari-mutuel betting, partly because large revenues were easily obtainable through state taxes on the system. Most states with legal pari-mutuel systems also assumed control of local racing activity by creating racing commissions, which subsequently diminished the influence of the Jockey Club. The American racing scene was dominated in 1919–20 by the sensational performance of the American colt Man o’ War. He set American track records and was defeated only once in 21 starts. Man o’ War was retired to stud in 1921 after amassing $249,465 in winnings. Other outstanding Thoroughbreds were Count Fleet, Whirlaway, Citation, Bold Ruler, Native Dancer, Secretariat, and Spectacular Bid; fillies included Regret, Ruffian, Genuine Risk, and Lady’s Secret. During the 1930s winter racing, mainly in Florida and California, emerged as a major industry; horse racing became a year-round activity. The industry continued to expand during the 1930s and ’40s, creating a need for a centralized national authority. In March 1942 the Thoroughbred Racing Associations of the U.S. was founded in Chicago; headquarters is now in Lake Success, N.Y. The organization’s code of standards is aimed at encouraging a high level of ethics in racing. Quarter-Horse and Other Races. Especially popular in the southwestern U.S. and in Louisiana, quarter-horse racing takes place at tracks, county fairs, and rodeos. As the name implies, quarter horses compete at distances of generally 1/4 mi, or 440 yd, sprints that last approximately 20 sec. The most lucrative of these is the All-American Futurity, held in September at Ruidoso Downs, Ruidoso, N.Mex. The Futurity is worth $2 million, the total purse distributed among top-place finishers in the preliminary heats and final competition. Racing involving Arabian and Appaloosa horses is held primarily in the western U.S. Horse Racing Home. Live Racing. Road to the Derby. You bet Update. Carryovers. Selections . Live Racing: Updating odds, results and live video. Provides handicapping professionals with horse racing past performances, news, results, and charts, as well as handicapping books, selections, and analysis. Horse racing articles, check out photos, get news, and learn about the many types of horse racing as well as places to watch events, jockeys, and horse information.
Labels: bet, horse betting, horse racing, sports betting, sportsbook
Wednesday, November 15, 2006
Gambling
Against the popular belief, gambling did not originate in the US. Most of the popular gambling games played in the American casinos have their origin in various foreign locales.
Heritage of gambling is somehow related to the Chinese culture. Chinese culture has been the home of numerous gambling games. Keno, a popular Chinese game is one of the original forms of the lottery games. Keno has evolved over thousands of years and is now played in played in various diluted versions in hundreds of casinos around the globe.
Another ancient Chinese game to have attained popularity has been Pai Gow. Pai Gow Pokr is the Americanized and hybridized version of the original game, it blends in the game of Pai Gow with certain elements of poker, to produce an interesting and simple game, loved by people around the globe and played in numerous casinos. However many critics, quite do not like the new version and banish it for being a too simplistic take on the otherwise “beautiful and complex” game from ancient Chinese culture.
China is not the only country to have contributed to the world of gambling, a number of European games have also made it to the league of popular games in the world of casinos. Games like Craps, Baccarat, Roulette and Black jack, all have roots in parts of Europe. Craps has its roots in the rich heritage of dice throwing games that have been around for a long time.
The game of blackjack also originated in the lap of Europe in Italy and France. While Baccarat catered mainly to the rich, Blackjack was popular amongst the masses. Till date Baccarat tables are reserved in the high roller areas of casinos, while the common people may get a taste of it at smaller tables called the Mini Baccarat tables.
Besides these games other popular betting sports include the spectator sports like thorough bred horse racing. It was developed into the modern sport in England during the 17oo’s. Later the game traveled to the US, with the early british settlers, however the traditions of the game remained relatively unchanged.
Another, relatively uncommon spectator sport is the game of Jai Alai The game because of its speed and relative brevity has become a unique gambling sport. Florida remains the center of the game.
Amongst the latest addition to the list of gambling concepts is internet gambling. Although the history of internet is not really long but even in the short period the relatively novel concept of online gambling market has served up a challenge to the traditional laws of communication in still unexplored ways.
Offshore online gaming casinos have mushroomed in recent years. Not only can the players play poker, blackjack online but also the game of slots can now be played online, in the line of video arcading.
Unhurried and uninterrupted betting is what gets the gamblers looking for a non threatening and private gaming experience to these sites.
However, offshore gambling has resulted in a maze of suggested legislations and arguments between people for and against gambling online. The major concern is The lack of regulations for these online gambling sites, which but keep the land based casinos in line with the law. Online Gambling History - overview. Most of us have seen at least one James Bond Online Gambling movie where he asks for a "Martini, shaken not stirred" in Online Casino Conditions - Internet Gambling History - lean of brief history of online gambling Gambling can be found across cultures. David Schwartz, author of Roll the Bones: The History of Gambling talks to Tony Cox about the innate human need to
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