What are the Odds? Gambling on a Horse race

Kentucky recently passed a constitutional amendment to permit the expansion of gambling in the Thoroughbred racing industry.
This article by the Kentucky Horse Council states in part: "If the citizens of Kentucky approve the amendment, we also advocate for regulations that enable expanded gaming to provide support to Kentucky's equine industry."

Regulating bodies argue that gambling on horse racing is necessary to increase revenue for the sport and the state, and helps encourage awareness of racing.
But gambling on horse sport has its drawbacks, such as gambling addictions and illegal wagering.

I haven't seen any episodes of the new equine racing show "Luck," but the following 'behind-the-scenes' clips raise interesting points about the relationship between gambling and horses.
For example, actor Richard Kind notes that one aspect of racing is "the degenerate gamblers..." 



The first part of this clip shares insight into the laws of race horse ownership- did you know that a felon cannot own a racehorse?



You can click here to find the California Horse Racing Board's rules on wagering.

I've only placed small, minimum-amount bets at Thoroughbred races while at the racetrack.
 Have you ever wagered, gambled, or placed a bet on a horse race, either at the track or offsite?


UPDATE
Three horses have died on the set of the television show "Luck."  All future production of the show is terminated.
You can find an article on it here.