Price is very steep for that game, but it is in beautiful condition.
This is a one ball horse race game. Each coin played (up to four) gives a random flash and awards one or more "selections" (big number at bottom) and set of odds. The number of coins acts as a multiplier.
If you land the ball in a pocket with the same number as the selection, you win! The amount that you win is based on the odds shown.
I believe this game can pick any position for the four parts of the playfield - purse, show, place, win. Meaning: purse will be at one tier, show potentially another, place, a third, win potentially a fourth (those are the arrows above the odds with lines - the names are backlit if selected).
There are more rules, but the basics are above. There's quite a bit to these games.
I find these games to be a lot of fun and quite challenging. They are not the near-infinite complexity of a bingo, but they are very quick, fun games. There is a lot of drama involved in coining up - getting the game into a state in which you can have a big payout, then plunging and trying to knock the game in your favor. These are big, heavy games (mostly), and moving them takes a bit more oomph than a bingo or flipper game.
You only get -one shot- which is quite different from any other type of pinball. The build up is intense, and gauging your plunge and pushing the cab to win feels spectacular.
That backglass is the best I've seen in my short career looking for horse race glass images. Thanks for pointing it out, and happy to answer questions if you pick it up!