Origin of terms
 

Heard a story years back, and have NEVER found out if it was factual....Maybe some others here can substantiate it or not.

In the days when bookies were the only betting mechanism on track, they used to pay only for "straight" win bets...Later, as they expanded their scope, they began to pay for PLACE (at first, the Euro concept that lumped together 2nd and 3rd) and finally show.

I wondered, and as it was explained to me, where the terms "place," and 'show" came from. After a race, the bookies would display the "straight" payout on their chalk boards, but then SEPARATELY would PLACE another notification elsewhere and then finally a THIRD notation was held up to the assembled crowd and SHOWED to those who had used that bookie's service....

If anyone has an alternative explanation, that would be appreciated.

I've sent the question to the Keeneland Library, and to Michael Veitch, the historian at the National Museum of Racing in Saratoga Springs.

Here is Mr. Veitch's reply - somewhat in keeping with the OP's info:

I'll keep watch for any further responses from either party.

So takeout on French tracks a bunch of years ago was 3%? lol

Mr. Veitch (with whom I have attended Saratoga's meeting a time or two) is one of the BEST sources of HISTORICAL information with whom I have had the pleasure of knowing. He also sits on the board of the Canadian Horse Racing hall of Fame, and is an all around nice guy who showed me around the town the first time I was there in 2011.

He recently published his work on the History of Saratoga...

My computer crashed and I have lot his e-mail address.

I went to the National Museum of Racing website looking for someone appropriate to ask, and that's where I found him and his contact info, if you'd like to try and re-establish contact. (He did reply from a different email address.)

His e-mail address is based upon a horse named Patelin

Yep.