The most common type of betting on horse racing occurs at Thoroughbred races where gambling is allowed.

Types of bets

There are three types of bets than can be made. You can bet on a horse to:

• Win: The bettor only wins if the horse comes in first place. This is also known as a straight bet and it offers the biggest payoff (amount possible to win);
• Place: The better wins if the horse finishes first or second; or
• Show: The better wins if the horse finishes first, second, or third.

How do you legally place a bet?

At the race track, bets are placed at a “betting window” where a teller will process your bet.

You must provide the teller with the following information:

• The name of the racetrack
• The number of the race
• Bet amount
• The number of your horse number
• The type of bet (win, place. show)

After you give your money to the teller, they will print out your ticket which contains all the information that you provided,

When the race is finished, the tote board displays the race results. It must say “official” before you can take your ticket back to the teller to collect any winnings.

What is pari-mutuel betting and who regulates it?

In pari-mutuel betting:

• all bets are placed together in a pool;
• a percentage of the bet is deducted, which goes to racetracks (the house-take) and the federal and provincial governments (taxes);
• payoff odds are calculated based on the amount of money wagered on each horse;
• the remaining money is paid to the players who have winning tickets

The Canadian Pari-Mutuel Agency (CPMA) is the agency (within Agriculture and Agri-Food Canada) that ensures parimutuel betting is conducted in a way that is fair to the public.

								
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