Horse racing in India goes back to the 19th century when some of the first horse races took place in the Madras racecourse. It was not too late until betting on the horse races was introduced, and people found a new entertainment. Today there are eight major racecourses which offer different kinds of betting of horse races. These racecourses include Bangalore Turf Club, Mysore Race Club, Madras Race Club, Royal Calcutta Turb Club, Royal Western India Turf Club, and Delhi Race Club. These are some of the best tracks in India for betting on horse racing.
The betting system in India works mainly on the tote(totalisator) system. According to tote, the bets are totalled for the given race or combined races, and the wins are divided among the winners. The tote system today is computerized and offers odds as a variable. The tote machine moves the odds up and down depending on how many people bet and the value of each bet. The machines close wagering before the race starts. At all times, one can the tote machine will show the current odds of the race. Every club that allows horse betting has automated tote booths set up all around their racecourse. One can also wager by going to a manned tote window or by buying a cash voucher from a Tote Service Outlet. There is also a trackside roving operator who carries a handheld tote computer. Some of the clubs also have off-course centres which televise the races and offer viewers to place bets there. All the bets made from all these sources are combined in the same pool.
The other type of betting is hosted by bookmakers who offer fixed odds on the bets. This allows the bettor to win fixed price on a bet irrespective of the subsequent rising or falling odds. That means that betting on a horse which offers the odds of 5 for 1 will always offer the same odd no matter how many bets are placed on it.
Both types of betting have their own benefits and drawbacks. While the tote system can reduce the odds of bets from 5/1 to 2/1 depending upon the number of bets, it can also increase the odds to 7/1 or 8/1. The bookmakers offer a fixed odd, but the bettor also cannot expect a better odd.
According to the Indian horse betting payout rules, if a horse gets disqualified before the race or withdraws from the race after the bets are made, it will affect the odds of the bets greatly, and the people who bet on the disqualified horse will have to visit the manual tote attendant to either switch their bets or take back their money.
Today the horse betting in India is available live as well as on the internet. There are many websites which offer horse race betting. Even though the clubs do not entertain the idea of online betting websites, they are helpless as the bettors have total freedom of choosing their own betting options. There are no hard and fast laws for bettors to not use online betting websites which offers them a broader betting opportunity.