Taking Money From Dummies at the Racetrack

By Dave C Williams

image: depositphotos

Believe it or not, most people do not understand how betting on horses actually works. The average person thinks that they are betting against the racetrack. That is understandable. When you make a bet at the racetrack you hand your money to the person who works at the betting window, and if you win, they hand it back to you.

What they are really doing is pooling all of the money that has been bet on a race, and then handing it out to the winners when the race is over. They take a cut (usually around 19% of the total) but they have no interest in who wins or loses the race. They make their money no matter who wins. When you win a race, your winnings come from the players who made losing bets. When you lose your money is divided up among the winners.

Smart guys win, dumb guys lose.

Make a visit to your local racetrack one weekend and take a look around at the people who are there. The racetrack is a microcosm of society. You will see very wealthy horse owners in the paddock with their horses, average middle class people enjoying an afternoon outdoors, and more than a few people who look like they don't know where their next meal is coming from. All of them are players in this game and it is your goal to take their money.