Question 1) During set-up for 5 players... only 4 betting tokens are put out for each colour, does this mean 5 players can't bet on the same horse?
Question 2) Same as above... in a two player game, only 1 bet is allowed per horse?
Question 3) Does each player only make 2 bets? (not including the special character card)
2. Although I have not played this w/2, I think it is also correct.
3. Yes, per round. The first is mandatory, while the 2nd bet is optional.