Horse race betting is among the most popular gambling events in the world, existing in almost every country in one form or another, and holding a rich culture all of its own. There is also a psychology based around the activity that has been studied and observed, with many books and articles written on the subject. Mention is made of the very unusual ways in which people behave when attending a racetrack, which can often be vastly different to how they behave in their daily lives. For example, a person who acts in a responsible ways when dealing with all other aspects of life, will somehow lapse into a period of risky behaviour when at a horse racing event.
A bookmaker, or bookie, in the gambling industry refers to the person or organisation that decides on odds for bet making events, accepts bets, and pays out bets that win. The name originally came from the fact that bookmakers would keep track of the information in a book, or set of books, and would refer to these often to keep track of a gambler’s credits or debts.