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.
