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In an effort to register, regulate and, above all, tax street bookmakers, then Chancellor of the Exchequer, Winston Churchill, originally imposed betting tax in his Spring Budget in 1926. Beforehand, Churchill had, by his own admission, entertained the ‘gravest doubts’ about the proposal and those doubts proved to be well founded.

Betting tax proved difficult to implement, estimated revenue failed to materialise and the racing community reacted, almost unanimously, with disgruntlement. On-course bookmakers went on strike, Newmarket trainers collectively signed a petition objecting to the tax and its detrimental effect on racecourse attendances and, when two subsequent cuts to the tax rate failed to quell the outcry, Churchill was forced to scrap the scheme the scheme altogether in 1930.

Fast forward three decades and another Conservative government, under Harold Macmillan, enacted the Betting and Gaming Act, 1960, which, in turn, led to the legalisation of cash betting in licensed bettings shops on May 1, 1961. Five years later, the Labour Government, under Harold Wilson, reintroduced betting tax on horse racing, at a rate of 2%, on all bets placed with bookmakers.

Betting tax remained in place, in one form or another, until January 1, 2002. The previous March, Labour Chancellor Gordon Brown had announced a major overhaul of the betting duty system; out went the previous betting duty of 6.75%, based on turnover, and in came a new tax, of 15%, based on gross profits. Unlike the previous system, bookmakers could absorb the cost of the new tax, in its entirety, rather than passing it on to off-course punters as a 9% tax, payable on stake money or winnings. Notwithstanding a potential increase in general betting duty to bring it into line with remote gaming duty, set at 21%, on which the government is currently consulting, gambling winnings remain tax-free, even in eyes of HM Revenue & Customs. This of course extends to wins on best casino bonus in usa casinous and other casino and betting sites, which is good news if you find yourself experiencing a bit of good fortune!

Typically associated with horse and greyhound racing, the Computer Straight Forecast (CSF) and the Exacta are fundamentally similar, insofar as they are bets that involve predicting the first- and second-place finishers in an event in the correct order. However, the main difference between them is the way in which winning returns are calculated, which is worthy of further explanation.

Of course, some bookmakers, on the High Street and online, offer fixed odds for straight forecasts before the start of a horse or greyhound race. Those that don’t rely on CSF dividends, which are declared, to a £1 stake, after the race has finished. The CSF dividend is based on the number of starters and the starting prices of the horses involved in the finish; it stands to reason that if, say, two outsiders finish first and second in a ‘cavalry charge’ handicap, such as the Royal Hunt Cup or the Stewards’ Cup, the dividend will be vastly higher than if, say, the market leaders fill the first two places in a single-figure field.

In Britain, the Exacta is effectively the Tote equivalent of the CSF but, by contrast to the latter, is a pool bet, as are all Tote bets. As such, Exacta dividends are calculated by dividing the total amount of money bet into the Exacta pool – subject to a 25% deduction for races governed by the British Horseracing Authority (BHA) – by the number of winning tickets. Like the CSF, the Exacta can be reversed, or permed, to include three, four or more selections, to increase the chances of winning; the Reverse Exacta costs double the stake of the simple Straight Exacta, while the Combined Exacta costs proportionately more, because of the number of permutations involved. Naturally enough, the Exacta, like the CSF, is typically only available on fields of three or more runners, unless otherwise stated.

Any racecard, whether it be in printed form, as a self-contained booklet or in a daily newspaper, or online, typically includes a brief synopsis of the recent performances of each horse in each race, displayed as a series of ‘form figures’ immediately to the left of its name. Read from left to right, from the earliest to the latest, the figures indicate the finishing position of the horse in its last half a dozen, or possibly fewer, races; if the horse failed to finish, the figures include an abbreviation indicating the reason why.

Unremarkably, the numbers 1-9 indicate a finishing position between first and ninth, while the number 0 indicates a finishing position of tenth or worse. Beyond ninth place, the figures do not differentiate between lower-placed finishers so, if this information is important to you, for whatever reason, you will need to delve in the detailed formbook. It is also worth noting that the symbols ‘-‘ and ‘/’ are used as separators; the former indicates that figures to its left are from the previous season, while the latter indicates that figures to its left are from the season before last, or earlier.

As far a non-completions are concerned, these are obviously far more common in National Hunt racing than Flat racing. Probably the most common abbreviations in this sphere are ‘F’ for ‘Fell’, ‘U’ for ‘Unseated rider’ and ‘P’ for ‘Pulled up’. The first two are fairly self-explanatory, but a horse may be pulled up for a variety of reasons, usually because it is so far behind its rivals that it has no earthly chance of collecting any prize money. However, a horse may also be pulled up because something is physically amiss, or because of a tack problem, such as a slipping saddle, so further investigation may be necessary.

If a horse bypasses an obstacle, of its own volition, or because it was forced to do so by a rival, it is said to have ‘run out’ or been ‘carried out’, indicated by a letter ‘O’ or letter ‘C’ in its form figures. Other letters you may come across are ‘L’ for ‘Left at start’, ‘R’ for ‘Refused’ and ‘S’ for ‘Slipped up’, ‘D’ for ‘Disqualified’ and ‘V’ for ‘Void race’.

Bred and owned by Bjorn Nielsen and trained by John Gosden, in Newmarket, Stradivarius was officially retired to stud, as an eight-year-old, on September 26, 2021, having been slow to recover from a foot injury. All told, in his long, illustrious career, the son of Sea The Stars won 20 of his 35 races and just shy of £3.5 million in prize money, not including bonuses of £2 million awarded for winning the Weatherbys Hamilton (WH) Stayers’ Million two years running in 2018 and 2019.

As a four and five-year-old, Stradivarius was a force majeure in the staying division, running up a winning sequence of nine races, which only came to end when he was just pipped, by a nose, in the British Champions Long Distance Cup at Ascot in October, 2019. In fact, he would win the the final major long distance race of the British Flat season just once, in 2018, but his winning tally also included the Goodwood Cup four times, the Gold Cup at Ascot and the Lonsdale Cup three times and the Doncaster Cup twice. Unsurprisingly, he was named Cartier Champion Stayer in 2018, 2019 and 2020.

Stradivarius ended his career on a slightly disappointing note, when just denied, by a neck, on his attempt to win the Goodwood Cup for the fifth time in July, 2022. Nevertheless, the epic duel he fought with the eventual winner, Kyprios, in the final two furlongs earned him a standing ovation. That performance came 2,120 days after he made his racecourse debut, in a maiden stakes race over an extended mile on October 5, 2016. He kept on at one pace to finish fifth, beaten 4½ lengths, on that occasion and it was a similar story when fourth behind his stable companion, Cracksman, at Newmarket a fortnight later. However, on November 7, 2016, Stradivarius made his one and only appearance on an all-weather surface, rallying to win by a head in a similar race at Newcastle.