Why are horse racing prices based on $2.00?

Question

why are the dollar prices given after a horse race based on a $2.00 bet?

Answer 1

Historically, $2.00 is the standard bet in the USA. It was based on business economics: wages, time per wager and living standards all had an influence on the amount.

The evolution of exotic bets such as the exacta has altered that standard somewhat to allow $1.00, and even $.10, on bets that mix several horses in one bet.

Answer 2

At most tracks $2 is the minimum bet, so that is why they put the results to $2 (I know the NYRA tracks and a few others will take as little as $1).  If you are asking why $2 is the minimum bet, that I don't know.