The introduction of the horse race betting line is one of the most significant developments in the history of horse race betting. The betting line is the system of odds by which each horse is assigned a probability to win based on various factors. Betting then takes place, which also affects the distribution of the prize pool, since in parimutuel betting, the house fee comes off the top, and the pool consists of bettors against each other.

The betting line as we know it has its origins in France. A bookmaker was having trouble giving his bettors fair odds while at the same time still guaranteeing himself a profit, so he asked a friend of his, Pierre Oller, to design a solution. Oller created the modern system of parimutuel betting, in which the betting pool is separated at the outset into the prize pool and the house take.

In Oller's system, the horse race betting line changes depending on the amount of money bet on a particular horse. This accounts for why the return on a so-called surprise favorite can go down sharply in the minutes before post as money freely backs him. While Oller's system has been great for the tracks and the bookmakers, it has not been ideal for bettors.

Because of the high nature of track fees and taxes, which can take 20 percent off of the betting pool at a big track, it is difficult to beat the horse race betting line and make money consistently. To overcome this disadvantage, place your bets with VIPhorses.com. VIPhorses.com has much lower overhead than the tracks and helps you make more money, so sign up to get started.