You can bet on any of the five horses that are participating in the race. Each horse has different odds and different payout rates, starting from 2:1 and ending with 10:1. Races take place every two game hours.
Press Y at any Horse Bet Machine to Bet on a Horse Race. You can also place Horse Bets inside any Inside Track Betting.
If you gamble correctly on a certain (undisclosed) amount of races, you get a special clothing item.
Type /horsebet for information on your current Horse Bet.