The two broad types of exotic wagers are horizontal and vertical. In addition to straight wagers, "exotic" wagers offer bettors an opportunity to incorporate the placement of different horses in one or multiple races. 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. 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. The rough equivalent of the each-way in North America is the across the board ( win/place/show) or win/place bet, where equal bets on a horse are made to win, place, and show (or just win and place). Occasionally other handicap races with large fields (numbers of runners) receive the same treatment from various bookmakers, especially if they are sponsoring the race. This additional concession is offered because of the large number of runners in the race (maximum 40). 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. 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. Bettors receive a payout if the horse either wins, and/or is placed based on the place criteria as stated above. An each-way bet sees the total bet being split in two, with half being placed on the win, and half on the place. The term each-way (E/W) bet is used everywhere but North America, and has a different meaning depending on the location. (A show bet in the North American sense does not exist in these locations.) Three places are paid for eight or more runners, whilst a handicap race with 16 runners or more will see the first four places being classed as "placed". For example, in a race with seven or less runners in the UK, only the first two finishers would be considered winning bets with most bookmakers. In Europe, Australia, and Asia, betting to place is different since the number of "payout places" varies depending on the size of the field that takes part in the race. This allows the gambler to 'lock in' odds on a horse at a particular time (known as 'taking the price' in the UK). In some countries – notably the UK, Ireland, and Australia – an alternative and more popular facility is provided by bookmakers who effectively make a market in odds. Parimutuel betting also provides purse money to participants and a considerable amount of tax revenue, with over $100 billion being wagered annually in 53 countries. Where gambling is allowed, most tracks offer parimutuel betting where gamblers' money is pooled and shared proportionally among the winners once a deduction has been made from the pool. For example, because of a law passed in 1951, betting is illegal in Springdale Race Course, home of the nationally renowned Toronto-Dominion Bank (TD Bank) Carolina Cup and Colonial Cup Steeplechase in Camden, South Carolina. Gambling on horses is, however, prohibited at some racetracks. Gamblers can stake money on the final placement of the horses taking part in a race. Modern horse betting started in Great Britain in the early 1600s during the reign of King James I. Betting on the Favorite, an 1870 engravingīetting on horse racing or horse betting commonly occurs at many horse races.
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