Betting

American betting on horse racing is sanctioned and regulated by the state the racetrack is located in. Simulcast betting almost always exist across state lines with no oversight except the companies involved through legalized parimutuel gambling. A takeout, or "take", is removed from each betting pool and distributed according to state law, among the state, race track and horsemen. On average, 17 percent is withheld from win, place and show pools, with 83 percent being returned to the winning players