Some of the biggest gambles in horse racing take place not at the betting windows but in the auction ring. Most top horses are purchased in public auctions, which take place several times a year in locales such as Lexington, Ky., Saratoga Springs, N.Y., and Ocala, Fla. The price tags for these future runners runs the gamut. Sometimes, a horse is sold for a few thousand; other times, they can go for $1 million or more.
