Horse racing is one of Hungary’s most popular sporting activities and has a huge following. It is also one of the oldest sports in the country, as the first race in Hungary can be traced back to 1827. Count István Széchenyi took the initiative to organise the race. More than 25,000 individuals were in attendance when the first race took place on 2nd June 1827 at the Üllői út plain in Oroshaza, Hungary.
The country is home to the famous Kincsem Park, which was built in 1925 in Budapest and is one of the finest horse racing tracks in Europe. Kincsem Park is known for its historical significance and for hosting the Hungarian Derby, one of the most popular gallop races in the country.
The racecourse alone hosts around 800 races a year, including trotting, galloping, and greyhounds.
Tens of thousands of people attend the derby races while a huge amount of money exchanges hands in the form of betting. The prominent races are broadcasted live on the internet and television, so the avid spectators and punters do not miss out on any of the action.
In recent years, Hungarian horses have performed well on the international forums, sparking public interest in the equestrian sport and betting on it as well. If you also want to be a part of the betting action in horse racing in Hungary, here is a brief guide to lead you in the right direction.
Betting on horse racing in Hungary
Betting has been a part of the Hungarian culture for a long time; however, it was only legalised in 1991.
At the state level, the Hungarian Racehorse Betting Ltd, a state-owned company, is responsible for organising betting on track at Kincsem Park. There are around 100 terminals on the venue at Kincsem Park and 150 to 200 terminals inside the lottery shops for off-track betting. The state-administered online betting platform is bet.lovi.hu.
Pari-Mutuel betting was launched in Hungary in 1871. The betting practices for horse racing are implemented in congruence with the guidelines provided by EPMA (European Pari Mutuel Association).
Till 2013, the only betting operator in Hungary was the National Lottery Company. However, in 2013, the laws regarding online gambling were changed significantly as deregulation was enforced.
How to bet online on horse racing in Hungary
While the state-owned site is available for betting on various horse racing events, international online sites are also rampant in Hungary.
Previously online betting was heavily restricted in Hungary until 2013. However, over the years, it has continued to grow in popularity as avid punters, particularly the new generation of sports fans, want to bet on their favourite sports.
Therefore, the government has adopted a lenient approach in the previous decade and eased restrictions on online betting. As a result, Hungary has become a hotbed for online betting on horse racing, among other sports. Currently, around 250 licensed online betting sites are doing business in the Hungarian market.
So Hungarians can easily bet online on domestic and international events. Leading overseas betting operators to compete with the local sites and the rigorous competition leads to the more successful sites offering generous welcome bonuses or promo discounts to the customers. Some of these betting sites are in Hungarian, while others offer English and other languages too. The sites also offer competitive odds and various payment options to facilitate the bettors.
All the local and international betting sites are licensed by the Gambling Supervisory Authority. This also includes the local Hungarian online bookmakers. So, if you want to bet online on horse racing in betting, make sure to choose a bookmaker with a license to operate in Hungary. Popular betting sites include Bet 365, LV Bet, Bet tilt, 22 Bet, excite win, etc.
Are online betting winnings taxable in Hungary?
In Hungary, the taxes are payable at the betting operator’s side, so if you win, you will not be charged any taxes, provided you have placed a bet with a licensed site.
What are the best payment methods for online betting in Hungary?
The most convenient and simple option is to manage deposits through Debit or credit cards, but the option of e-wallets is also very easily available at most betting sites.
Is online betting in Hungary the same as in other European countries?
The rules for operators in Hungary are the same as in other European countries. Therefore the operators are more accountable, while the betting sites’ procedures are transparent and secure.