Betting on the Horses - Online Gambling

There are only three forms of online gambling in the United States that are legal. The first is fantasy sports, which are games where players build their own team that competes against other teams based on the statistics generated by the real individual players or teams of a professional sport. Some of the more popular sports are baseball, football, soccer, basketball, golf, and auto racing. The second is online lotteries which are games involving the drawing of lots for a prize. Last is horse and harness racing, which is self-explanatory.

The Federal Unlawful Internet Gambling Enforcement Act put a stop to all kinds of online gambling. The root of the problem was the money that was being transferred from a bank to an online gambling site. Gamblers have to upload funds to the online gambling company to make bets or play games and then they cash out their winnings. The U.S. banks prohibit the use of their credit and debit cards for the purpose of internet gambling. Because of this, some of the international sites have discontinued their service to U.S. residents.

Online gambling still goes on today, gamblers just use offshore accounts to get their money where it is needed so they can play. Billions of dollars are spent on gambling every year. It’s reminiscent of prohibition. When you take something away that is popular with many people, they are going to find a way around the law.

It is estimated that online poker and casino games alone could generate up to twelve billion dollars in the U.S. It was also concluded that the U.S. market would, at some point, legalize gambling because of the tax dollars it stands to gain. Betfair, which is a U.K. based internet-gambling company, is betting on it. They want to introduce the Facebook generation to the horseracing. Facebook is a social networking website. Users can join networks organized by city, workplace, school, and region to connect and interact with other people. Facebook is available in over fifty countries.

In January, Betfair bought American TV Games Network, which is an online horse race betting company. The price tag was a staggering $50 million, mainly because TVG has its own television channel that broadcasts horseracing to 32 million households in the U.S. Because horseracing is legal in the U.S. Betfair is focused solely on it. However, they believe that other forms of gambling will become legal in the U.S. and when they do, Betfair will be ready to expand and include them

California Approves Off Track Betting Sites

In an effort to pump new blood into the struggling horse racing industry California legislators have approved new off track betting sites. The approved counties include Los Angeles, Kern, San Bernardino, Santa Barbara and Ventura. There will be fifteen new Off Track Betting (OTB) wagering sites. Last year horse races in California drew wagers of $4.4 billion.

The first of these new sites is the Commerce Casino located at 6131 Telegraph Road in Commerce, California, and it will serve as a test model to gauge the success of the initiative during these trying economic times. The Racebook at Commerce opened in July of 2009 and features mini satellite wagering from California and Eastern United States race tracks. There are 26 television screens available for viewing the races so every one is guaranteed to get a good seat.

State and gaming officials are hopeful that the Commerce will be the first of forty-five new ‘mini satellite’ sites that will be allowed to take up residence in not only casinos but also sports bars, card clubs and other gathering spots. These will be in addition to the 34 betting facilities already in operation at racetracks, tribal casinos and fairgrounds.

Under the new law, approved businesses can file an application with the California Horse Racing Board for one of the 45 new sites to be granted across the state. Fifteen of these sites reside in each of three racing zones. The new sites have to be located at least twenty miles from any existing satellite wagering facility unless they have permission from the operators of that site.

It is possible that people who patronize the racetracks will take their business to the OTB sites. The larger, more popular racetracks including Hollywood, Del Mar, and Santa Anna will benefit in the long run because they will collect a share of every bet placed at the OTB sites on all races run at their respective parks. There is also the possibility that people who have never been to a racetrack would take the opportunity to check out the action at the casino’s where they already do business.

Horse Race Betting - Statistics, Heart or Gut Instinct

There are people who love to bet on the horses. They all have their own way of determining which horse to bet on. There are those who only consider the statistics to help them find profitable betting angles. They look at the past wins for sure but also study the trainers, jockeys and the blood line of each horse. They study the finish position and the amount that has been paid out when the horse raced before. These betters usually get and study the tip sheets where past performances are outlined. The tip sheets are prepared by professional handicappers. Some people always bet on the favorite because they traditionally win about a third of the time. The only drawback with betting the favorite is that a lot of people bet that way. Because of that fact the return could be relatively safe but the pay out is usually small.

There are those betters who just love a particular horse. They don’t care about how the horse has performed in the past or what the tip sheets have to say about them. They could care less about the odds. They may like the way the horse looks or walks. They may appreciate the liveliness of the animal or may actually feel sorry for him because he is the long shot. It might be that they have a soft spot for the jockey or just like the way the horse and jockey look together. Because it is based on feelings rather than statistics its outcome is doubtful but the better will not be daunted by that. He bets for the love of betting.

Lastly, there are those enthusiasts who place their bets using good old gut instinct. Maybe they notice an edge the horse might be exhibiting. Maybe they think it is the horse’s lucky day. It could have been a voice in their head telling them to take the chance or something he read or saw that struck him. Maybe it was just a coincidence that led him to a particular horse and/or jockey. They may not even understand the bet themselves; they only know they have to place it.

No matter what technique is used, horse betting is a past time enjoyed by many. Most will tell you that it is not the win or loss that brings the excitement, but the running of the race. How do you bet - gut, heart, or statistics?