Caliente is actually one of the biggest books in the world. All over Mexico, in S. America, even a few in Europe. The old racetrack is where Phar Lap ran his last, great race. They still have dog racing there.
Owned by one of Mexico's wealthiest families. The family member who directly owns Caliente is now mayor of Tijuana, with an eye on bigger things. Also reputed to have been involved with murder and with major drug trafficking rings.
It's primarily squares who play there. There is a 1.5% tax on the winning part of a sports bet, and a 2 % tax on the entire payback of a horse bet. This money goes to a federal govt agency in Mexico City, equivalent to our Dept of the Interior. These guys basically are just grafters, and the tax is a swindle.
However, as one poster noted, because it is a square place you can sometimes get terrific odds on the underdogs or the Over on high-profile games. Bettors from all over Mexico combine their pesos to make this a contrarian heaven.
They also have the popular-with-square-bettors parlay and teaser cards, but with no competition (political connections have kept competitors our of Baja) the odd on these cards (all 1/2 pointers) are much worse than Vegas.
Forget the stuff about being "clipped", which I presume means being robbed. Much more likely in downtown San Diego or LA than in downtown TJ. But unless you are with a large group stay away from Zona Norte, aka Coahuilla. Lots of predators there, in the red light distict. You can and will, if alone, get mugged in broad daylight. However, there are whore bars all over TJ.
For fun betting, and drinking reasonably priced Mexican beer (it ain't Vegas, no freebies there!) Caliente has a few great books, with the individual table motif rather than bleacher style. The Jai Alai book as one poster noted, is good. Ditto Pueblo Amigo. If you dont want to go into downtown there is a Caliente book a few yards inside the border crossing.
Or go down to the beach town of Rosarito for a book there, and try the fish taco at the place across the mall. Another nice one in Ensenada.
Not for seriious betting, but for having fun in Mexico..