This article compares ethnographic observations of horserace gambling in two UK spaces -the betting shop (remote) and the racecourse (proximal). The paper identifies the emerging, situated rationales that attract gamblers to these leisure spaces, and that motivate them to integrate their gambling activities as an ongoing, sustainable feature of their lives. Doing so, it is observed that, for the vast majority of punters, gambling on the horses is neither 'addictive' nor is it 'irrational', except in narrowly defined zweckrational terms. The article thus argues for a shift in current gambling research, away from an overwhelming preoccupation with pathological gambling, towards a broader consideration of the more representative and socioeconomically significant activities of leisure gambling.