Horse Racing Culture and Getting Out Stakes
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.
Many have said that the ambience and environment of racetracks have a peculiar hypnotic effect, bringing out certain qualities in those that attend. The same can be said for an event such as a music concert, which is an environment in which it is acceptable to act in a certain way. Likewise casino environments are specifically designed to help people let go of inhibitions, making them more likely to bet freely.
Getting Out Stakes
One such peculiar behaviour is known as getting out stakes, also referred to as the end-of-the-day betting effect. It is a situation where the last race of the day is far more likely to draw long shot bets.
This is because those who have lost money during the day are desperate to make back some of the losses, and hence make an unlikely bet on the last race, hoping that they will win and once again be ahead, as apposed to behind. It is a completely illogical behaviour, since a getting out stakes race is in no way different to any other race, and not in the least because trying to make up for losses with overly risky behaviour is the exact opposite of clever bet making.
The psychology, however, is still seen the world over, and some race track owners have even started calling the last race of the day the getting out stakes race. The irony of this, apparently, is lost on all those who still make long shot bets on the last race of the day.
Another interesting psychology that occurs, perhaps far more destructive then getting out stakes, is known as gambler’s conceit. This is a mental state that occurs when a gambler is in debt, losing, or otherwise in the red, and insists that they must keep gambling in order for the tide to turn back in their favour.
They will stop gambling once they have hit a wining streak, they say, and I have won back some of the losses. This, obviously, results in a spiral of loss, attempts to win back losses, followed by brief periods of winning back small amounts, followed by even deeper debt. This mental state is also often fuelled by the belief that smart gambling is a sustainable source of income, which it can be, to those who are incredibly skilled, experienced, and do great deals of research into odds and clever bet making. For the majority of average gamblers, however, addiction fuelled bet making is a one way street to bankruptcy.