Horse racing
In the 1930s, Horse Racing was the most popular form of Gambling in America – Particularly so on the East coast. Race tracks themselves were popular destinations, not only with the gamblers and hustlers we see in Runyon’s short stories, but with the rest of America, as well. In an era before television or even widespread book ownership, going to the track was a common form of entertainment –particularly in the era of Sea Biscuit - even if you weren't betting. Interestingly enough, most serious horse bettors rarely went to the track. Instead, they followed “the sheets.” Race Bulletins, such as The Green Sheet or The Guild Race Review, keeping track of the races - rather like a stats page in a 2012 sports newspaper. Most New York City newspaper stands in the Guys and Dolls era would have stocked these sheets, with new ones coming in every day. A career horse bettor may go years without ever setting foot in a racetrack, picking horses solely based on the sheets and his own gut feeling.
Though the race tracks were popular destinations with the public, actually betting on the horses was considered morally questionable. The state-sponsored betting was a moral gray area for the public - often an unadvertised indulgence of the wealthy. However, much of the betting in this era was done illegally, through bookies. A bookie's cut may or may not be lower than the state betting tax, but they would offer a larger spread of possible bets. If the state-run betting was considered dicey by the public, the illegal betting was morally reprehensible. People who participated in this activity were to be avoided, as they were obviously criminals, and to be avoided at all costs.
Odds play in to horse betting in a major way. Betting on a horse that has been a proven winner won’t pay out as much as betting on a loser – but of course, the risk is lessened. For example, if betting on a horse that has been extremely successful – let’s say a man is betting on a horse who has 2-1 odds, and he has $100 to bet. If his horse takes the win, the man's bet will pay out $2 for every 1 wagered, giving him $200 (before the bookie takes his cut, of course).
However, if someone were to bet $100 on a horse without such a sparking record – let’s say a horse with 30-1 odds – his winning bet would pay out $3,000. Of course, the horse with 30-1 odds is much less likely to win than the horse with 2-1 odds, making it that much more of a risk. The bigger the risk, the bigger the potential reward – but also the greater chance that the bettor will be going home broke that day.
Though the race tracks were popular destinations with the public, actually betting on the horses was considered morally questionable. The state-sponsored betting was a moral gray area for the public - often an unadvertised indulgence of the wealthy. However, much of the betting in this era was done illegally, through bookies. A bookie's cut may or may not be lower than the state betting tax, but they would offer a larger spread of possible bets. If the state-run betting was considered dicey by the public, the illegal betting was morally reprehensible. People who participated in this activity were to be avoided, as they were obviously criminals, and to be avoided at all costs.
Odds play in to horse betting in a major way. Betting on a horse that has been a proven winner won’t pay out as much as betting on a loser – but of course, the risk is lessened. For example, if betting on a horse that has been extremely successful – let’s say a man is betting on a horse who has 2-1 odds, and he has $100 to bet. If his horse takes the win, the man's bet will pay out $2 for every 1 wagered, giving him $200 (before the bookie takes his cut, of course).
However, if someone were to bet $100 on a horse without such a sparking record – let’s say a horse with 30-1 odds – his winning bet would pay out $3,000. Of course, the horse with 30-1 odds is much less likely to win than the horse with 2-1 odds, making it that much more of a risk. The bigger the risk, the bigger the potential reward – but also the greater chance that the bettor will be going home broke that day.
Horse racing terms
Back: To bet or wager.
Backed: A 'backed' horse is one on which lots of bets have been placed.
Backward: A horse that is either too young or not fully fit.
Blanket Finish: When the horses finish so close to the winning line you could theoretically put a single blanket across them.
Combination Bet: Selecting any number of teams/horses to finish first and second in either order.
Daily Racing Form: A daily newspaper containing racing information including news, past performance data and handicapping. Also referred to as “The Daily”
Dark Horse: A horse whose chances of success are not known, and whose capabilities have not been made the subject of general comment or of wagers.
Dead Heat: A tie. Two or more horses finishing equal in a race. This is extremely rare - only 12 dead heat finishes have been recorded in the history of American horse racing.
Entries: A listing of all horses entered in a race, often including additional information and statistics on each horse
Even Money Bet: A 1:1 bet. To double one's money. For example, a $10 wager pays out $10 - plue the original $10 you bet, giving you $20 total.
Favorite: The most popular horse in a race, which is quoted at the lowest odds because it is deemed to have the best chance of winning the race
Filly: Female horse four-years-old or younger.
Furlong: One-eighth of a mile, or 220 yards or, 660 feet. Horse races are measured in furlongs, rather than feet or miles.
Gate: position a horse will start from
Gelding: A male horse that has been castrated.
Handicapper: A person who asses the handicaps and odds of racehorses.
Hedge: The covering of a bet with a second bet.
Lock: A certain winner - "it's a lock," has come to mean "it is certain"
Odds: The bookmaker’s (or bookie’s) view of the chance of a competitor winning The figure by which a bookmaker offers to multiply a bettor's stake, which the bettor is entitled to receive (plus his or her own stake) if their selection wins.
On tilt: Going 'on tilt' is losing the ability to rationalize bets and betting wildly on every race.
Purse: The prize money - a culmination of all the money laid down on bets. The purse is split (according to winning order) between the bettors for the top three positions - win, place, and show.
Scratch Sheet: Daily publication that includes graded handicaps, tips and scratches.
Track Condition: The condition of the racetrack's dirt surface. The temperature outside, or any recent precipitation can affect the surface's condition.
Trifecta: A wager picking the first three finishers in exact order - this is very rare, and thus a winning trifecta bet will pay out quite a lot. For example, a winning trifecta bet in the 2005 Kentucky Derby paid out $133,000 - on a $2 bet.
Wire: The finish line of a race. This was originally a wire (or banner) that stretched across the finish line. By the early 1890s, however, it had been replaced by a line painted on the racetrack's surface. The phrase "it came down to the wire" comes from this early practice.
Backed: A 'backed' horse is one on which lots of bets have been placed.
Backward: A horse that is either too young or not fully fit.
Blanket Finish: When the horses finish so close to the winning line you could theoretically put a single blanket across them.
Combination Bet: Selecting any number of teams/horses to finish first and second in either order.
Daily Racing Form: A daily newspaper containing racing information including news, past performance data and handicapping. Also referred to as “The Daily”
Dark Horse: A horse whose chances of success are not known, and whose capabilities have not been made the subject of general comment or of wagers.
Dead Heat: A tie. Two or more horses finishing equal in a race. This is extremely rare - only 12 dead heat finishes have been recorded in the history of American horse racing.
Entries: A listing of all horses entered in a race, often including additional information and statistics on each horse
Even Money Bet: A 1:1 bet. To double one's money. For example, a $10 wager pays out $10 - plue the original $10 you bet, giving you $20 total.
Favorite: The most popular horse in a race, which is quoted at the lowest odds because it is deemed to have the best chance of winning the race
Filly: Female horse four-years-old or younger.
Furlong: One-eighth of a mile, or 220 yards or, 660 feet. Horse races are measured in furlongs, rather than feet or miles.
Gate: position a horse will start from
Gelding: A male horse that has been castrated.
Handicapper: A person who asses the handicaps and odds of racehorses.
Hedge: The covering of a bet with a second bet.
Lock: A certain winner - "it's a lock," has come to mean "it is certain"
Odds: The bookmaker’s (or bookie’s) view of the chance of a competitor winning The figure by which a bookmaker offers to multiply a bettor's stake, which the bettor is entitled to receive (plus his or her own stake) if their selection wins.
On tilt: Going 'on tilt' is losing the ability to rationalize bets and betting wildly on every race.
Purse: The prize money - a culmination of all the money laid down on bets. The purse is split (according to winning order) between the bettors for the top three positions - win, place, and show.
Scratch Sheet: Daily publication that includes graded handicaps, tips and scratches.
Track Condition: The condition of the racetrack's dirt surface. The temperature outside, or any recent precipitation can affect the surface's condition.
Trifecta: A wager picking the first three finishers in exact order - this is very rare, and thus a winning trifecta bet will pay out quite a lot. For example, a winning trifecta bet in the 2005 Kentucky Derby paid out $133,000 - on a $2 bet.
Wire: The finish line of a race. This was originally a wire (or banner) that stretched across the finish line. By the early 1890s, however, it had been replaced by a line painted on the racetrack's surface. The phrase "it came down to the wire" comes from this early practice.
Information drawn from
Longstreet, Stephen. Win or Lose: A Social History of Gambling in America. Indianapolis: Bobbs-Merrill, 1977. 184-96. Print.
Warren, Tony. Betting on Horse Racing: No Experience Necessary. Bloomington, LN: AuthorHouse, 2009. Print.
Warren, Tony. Betting on Horse Racing: No Experience Necessary. Bloomington, LN: AuthorHouse, 2009. Print.