Most sports books offer wagering on horse races-thoroughbred, quarter horse, and trotter-that are transmitted via satellite to Las Vegas from major tracks around the country. Most race books are members of the state's
Association, which pools bets made at the casinos with those at the participating racetracks. By pooling bets, casinos are able to book "exotic' bets such as the Trifecta or Pick Six offered at the racetrack, which often pay prizes in five and six figures. In addition to protecting casinos from paying huge jackpots from their own funds, pari-mutuel wagering provides casinos a steady return, usually a small percentage of the pool. Some experts believe horse race betting is a poor proposition because of the taxes that reduce the pari-mutuel betting pool. For instance, of the total money wagered on California races, about 80 percent is returned as winning payoffs. The 20 percent taken for taxes, breeders' fees, and operating costs is perceived as a "house advantage," far greater than for any casino table game. However, veteran horse players believe handicapping-picking a winner-is a science and not a game of chance, and winning payoffs are just rewards for their knowledge and skill.
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