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Betting

At many horse races, there is a gambling station, where gamblers can stake money on a horse. Gambling on horses is prohibited at some tracks; Springdale Race Course, home of the nationally renowned TD Bank Carolina Cup and Colonial Cup Steeplechase in Camden, South Carolina, is known as one of the tracks where betting is illegal, due to a 1951 law. Where gambling is allowed, most tracks offer parimutuel betting where gamblers' money is pooled and shared proportionally among the winners once a deduction is made from the pool. In some countries, such as the UK, Ireland, and Australia, an alternative and more popular facility is provided by bookmakers who effectively make a market in odds. This allows the gambler to 'lock in' odds on a horse at a particular time (known as 'taking the price' in the UK). Parimutuel gambling on races also provides not only purse money to participants but considerable tax revenue, with over $100 billion wagered annually in 53 countries.