Thanks, gunslinger! I'm Brian, one of the developers here at Parallel LLC, creator of the Place Your Bets game ($0.99). This is actually my first post here, though I've been a Touch Arcade member and reader for some time now.
I hope you're enjoying the game! It's our first iPhone project, so we're pretty excited about its launch. Please feel free send us any feedback you may have at contact [at] thisisparallel.com.
Here's a quick video for others reading this thread. As gunslinger mentioned, PYB is more of a "test your luck" betting game, like slot machines, where you gamble and see what happens. Horse odds do effect the outcome of each race as well as the amount you earn if your horse wins. Try and see how high you can get your balance and take risks with low odd horses for even bigger profits.