Luckily for you, the learning curve is not that steep and the entire process is very intuitive, so before you know it will be quite comfortable betting on these competitions.
The couple of horse betting types that stand out from the crowd and mutual betting is perhaps the most popular one.
What is pari-mutuel betting
This is actually the complete name of this type of wagering which has the particularity of involving all the participating players. The idea belongs to Joseph Oller who invented the system one and a half centuries ago, more precisely 1868 and it emerged as a very popular solution for horse racing events.
All the money invested by players is pooled together and eventually the one or multiple winners will walk away with their corresponding size of the jackpot.
It is a fair way of betting because it mitigates the chances of nobody winning the race, therefore there is no need to redistribute the price for rolling over for the next race.
Obviously, as this system gained traction and bookmakers got involved, the latter had to add their margin which is nowadays deducted from the resulting profits. This can be a bit frustrating for players, to see that a little portion of the money is taken away by the operator, it this procedure is fully justified.
Bookmakers need to stay profitable and their top priority is to have the money necessary to pay all the taxes and employees. Depending on the bookmaker of choice, players will see a smaller or larger percentage deducted from the profits, so it is important to make an educated decision.
This type of betting on horse races this popular worldwide, but it was quickly embraced by Japanese and American players.
The fact that pari-mutuel betting was invented in France makes it less surprising that this country is slowly but surely converging towards a point where this will be the only form of betting. They chose this type of wagering for ethical reasons, since bookmakers are no longer going to walk away with the larger share of the profits.
The winners will have to accept the fact that a small part of your profits is melting away, because pari-mutuel betting has plenty of other advantages over fixed odds bets.