On The Victory it was done in the Carribean lounge..There was eight wooden horses on a stick and we were able to place a bit on the horse you wanted to win..the cruise director would move the horses according to the throw of a dice. I believe the payout went according to what they collected and how many people bet on the same horse. It was entertaining, but don't expect to win big bucks. They did it twice on our cruise and lasts for about 30 minutes.
There will be 6 horses in the race. The cruise director is holding a shaker thingee with 3 dice in it. He shakes the dice and the number showing on the dice indicates the horse to move 1 space forward. For instance, if the dice show 4-6-1, the 4 horse, the 6 horse and the 1 horse each move one space toward the finish line. If the dice show 2-2-4, the 2 horse moves 2 spaces and the 4 horse moves 1 space.
It is para-mutual betting so you are betting against the other people. They also have daily double bets.
Not a bad bet if you buy a horse. They auction off the horses at some point - usually a sea day where you can buy a horse. The owners race is held and the winner gets all the proceeds from the sale of the horse. They usually go from $100-$400 per horse. If you can get one cheap (ie $100) and everyone else pays more, you get a 1 in 6 shot at he pot.