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Re: Horse Racing
Posted:
Apr 19, 2000 4:34 AM
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In article <8di8tn$4tk$1@nnrp1.deja.com>, James_Carlisle@yahoo.com wrote:
> Hello
>
> I would like to hear from anyone interested in horse racing from a
> mathematical point of view.
>
What aspect of it?
In horse racing you bet against the other players, not against the house.
All the money that is bet is returned to the players. The state, the
track, and the racing association take a cut -- as much as 15%. That's a
big bite, so over the long haul most players lose, especially after you
factor in transportation, parking, concessions, the racing form, etc.
An interesting situation occurs if everyone picks the winner. The track
is required to pay a certain amount on a win, so if everyone were to pick
the winner, that's the only situation in which the track can lose money.
Steve L
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