Parimutuel Bets (from French: Pari Mutuel or a reciprocal bet) is a betting system in which all certain types of bets are placed together in a pond; taxes and "house-take" or "vigorish" are removed, and payment opportunities are calculated by sharing the pool between all winning bets. In some countries it is known as Tote after the counter, which calculates and displays the bets already made.
The parimutuel system is used in gambling on horse racing, greyhound racing, jai alai, and all sporting events with a relatively short duration in which participants complete the ranking sequence. The modified parimutuel system is also used in some lottery games.
Video Parimutuel betting
Definisi
Parimutuel bets differ from fixed odds bets that final payments are not specified until the pool is closed - in a fixed odds bet, payments are agreed upon when the bet is sold.
Parimutuel gambling is often regulated by the state, and is offered in many places where gambling is illegal. Parimutuel gambling is often also offered in an "off track" facility, where players can bet on events without actually being present to observe them directly.
Maps Parimutuel betting
Example
Consider a hypothetical event that has eight possible outcomes, in a country that uses decimal currencies like dollars. Each result has some money at stake:
Thus, the total pool of money at the event is $ 1028.00. After the start of the event, no more bets are accepted. The event was decided and the winning result was determined as Outcome 4 with $ 110.00 at stake. The payment is now calculated. First commission or take for betting companies cut from the pool. For example, with a commission rate of 14.25%, the calculation is: $ 1028 ÃÆ'â € "0.1425 = $ 146.49. This leaves a residual amount of $ 881.51. The amount left in the pool is now distributed to those who bet on Results 4: $ 881.51/$ 110.00 = 8.01? $ 8 per $ 1 is at stake. This payment includes $ 1 at stake plus an additional profit of $ 7. Thus, the odds in Results 4 are 7-to-1 (or, declared as decimal opportunities, 8.01).
Prior to the event, betting agencies often provide estimates for what will be paid for certain results if there are no more bets received at the current time. Using bets and commission rates above (14.25%), approximate tables in decimal odds and fractional opportunities are:
In real life examples, like horse racing, pool sizes often extend into millions of dollars with different kinds of results (winning horses) and complex commission calculations.
Sometimes, the amount paid is rounded down to denomination intervals - in the United States and Australia, the 10 Â ¢ interval is used. The rounding loss is sometimes known as damage and is maintained by the betting agent as part of the commission.
In horse racing, a practical example of this situation might be when the favorite triumphs are overwhelming. The results of parimutuel calculations may require a very small winner's payment (say, $ 1.02 or $ 1.03 on dollar bets), but the rule of law will require a larger payment (eg $ 1.10 in dollar bets). In North America, this condition is usually referred to as a minus pool.
Alphabet summary
Dalam suatu peristiwa dengan satu set n hasil yang mungkin, dengan taruhan W 1 , W 2 ,..., W n total kumpulan uang pada acara tersebut adalah
After the betting company reduces the commission rate r from the pool, the amount left to distribute between successful betters is W R Ã, = Ã, W T (1Ã, -Ã, r ). Those who bet on successful results m will receive a payment W m > for every dollar they bet.
History
The parimutuel system was created by the Catalan impression of Joseph Oller in 1867.
A large number of calculations involved in this system led to the discovery of a special mechanical calculating machine known as totalizator, "automatic totalizator" or "tote board", created by Australian engineer George Alfred Julius. The first was installed at Ellerslie Racecourse, Auckland, New Zealand in 1913, and they began to be widely used in various race courses around the world. The introduction of the US in 1927, which led to the opening of the Arlington Racecourse Arena in Arlington Park, near Chicago and Sportsman's Park in Cicero, Illinois, in 1932.
Strategy and comparison with independent bookmakers
Unlike many forms of casino gambling, parimutuel gambles gambler bets against other gamblers, not homes, which necessarily imply that banks can not be broken. Science predicts race results is called handicapping.
Off-track independent bets usually have smaller amounts and thus offer better payouts, but they are illegal in some countries. However, the introduction of internet gambling leads to "store rebates". These offshore betting shops promise to return a certain percentage of each bet made to the bettor. They can reduce their takings from 15-18% to as little as 1 or 2%, while still generating profits by operating with minimal overhead.
Parimutuel bet type
There may be several types of bets, in which case each bet type has its own pool. The basic bet involves predicting the finished sequence for one participant, as follows:
North America
In Canada and the United States, the most common types of betting on horse races include:
- WIN : to succeed the bidder must choose the horse that wins the race.
- Places : bidders must choose the first or second completed horse.
- Show : bidders must choose the first, second or third horse to finish.
- On the chalkboard : the bettor places three separate bets to win, place, or show.
- Exacta perfecta , or stylist
- Trifecta or triactor : the bidder must select three horses that complete the first, second, and third, in the proper order.
- Superfecta : bidders must choose four horse that finish first, second, third, and fourth, in the right order.
- Boxes : boxes can be placed around the type of exotic bets such as an exacta, trifecta or superfecta bet. This places a bet for all permutations of numbers in the box. A two-digit exacta box, usually called quinella or quiniela , is a bet on one of two permutations: the first A and the second B, or the first B and A seconds. The trifecta box with three numbers has six possible permutations (for each of the three horses in the "box" that can finish first, there are two possibilities that will finish second: 3 ÃÆ'â € "2) and cost six times the base bet amount. The trifecta box with five numbers has 60 possible permutations and costs 60 times the base amount of the bet (5 ÃÆ'â € Å" 4 ÃÆ'â € "3). In France, the "box" only gives the ordered permutation with a sorted list of numbers so that the trifon box with six numbers will be worth 20 times the base.
- Any2 or Duet : The bidder should choose two horse that will place first, second or third but can finish in any order. This could be considered a key double horse show (see below).
- Double : the bidder must select the winner of two consecutive races ('run' or 'scroll' double); most race tracks in Canada and the United States take double bets on the first two races in the program ( double daily ) and on the last two ( late double ).
- Triple : the bidder must select the winner of three consecutive races; like a double, many songs offer "walk" or "roll" triple. Also called select three or more commonly, treble .
- Quadrella or Quaddie : The subscriber must select the winner of the four nominated contests on the same path.
- Hi 5 or Super 5 : The bidder must choose five horses in the proper order. It usually does not happen unless there are 8 or more horses in the race.
- Choose six or Six brooms : Traditionally, the bidder must choose the winner of six consecutive races. However, there are variants that range from three to nine races, with four racing bets known as Choose Four . Particularly for pick six, the progressive jackpot is sponsored by the host track and available on its satellite site that grows until someone chooses six winners correctly. There is also an entertainment prize for those who choose five winners correctly, divided among the number of tickets listed in the system with five of the six rights, in cases where nobody gets five or six winners, four out of six entertainment prizes are possible. Nine Select Places replaces the increasing difficulty of the high number of races by allowing the second place finish for the horse selected bettor to count as a victory.
- Jackpots : A roll on a traditional Pick 6 or Hi 5 bet is one where the progressive jackpot is paid only if there's one winning bet. In this case, the entertainment prize is awarded to the double holder of the winning bets with the jackpot growing until there is one winner. If there is no winner during the season, the "mandatory payment" usually occurs on the last race day when the jackpot is paid to anyone who has a winning bet.
Win, place and show the bet class as straight bet , and the remaining bet is as exotic bet . The bettors usually make multiple bets on exotic bets. The box consists of double bets in which the bets are betting on all possible combinations of horse groups in the same race. The button involves making a double bet with one horse in a single bet race in one position with all possible other selected horse combinations in one race. The wheel consists of betting on all horses in one race involving two or more races. For example, double wheel 1-all daily bet 1-horse in the first race with every horse in the second.
The person making the direct bet usually uses the "each" bet strategy. Here the bidder chooses a horse and bet he will win, and make an additional bet to be displayed, so theoretically if the horse ran third, at least it will pay back two bets. The equivalent of Canada and America is betting (short for across the board ): bettors bet the same amount on horses to win, place, and show.
Parlay , accumulator or roll-up consists of a set of bets in which the bettor stakes the winnings of one subsequent race in order until the bettor loses or the series finishes with success.
Australia/New Zealand
- Win : Runner must finish first.
- Places : Runners must finish first, second or third place. In events with five to seven runners, no dividends are paid in third place (marked with "NTD" or No Third Dividend) and in events with 4 or fewer runners, only Winning bets are allowed.
- Every-How : The Combination of Victory and Place. $ 5 Bets Each direction is a $ 5.00 bet for Win and $ 5.00 bets to Place, for a total bet cost of $ 10.
- Exacta : The bidder should correctly select both the first and second runners.
- Quinella : The bidder should choose two runners who finish first and second, but there is no need to decide who will finish first.
- Trifecta : The bidder must correctly select three runners who finish first, second, and third.
- First4 : The bidder must choose the four runners who finish first, second, third, and fourth correctly.
- Duet : The bidder should select two horses that will occupy the first, second or third position but can complete in any order.
- Double Running : The subscriber must select the winner of two consecutive races on the same track.
- Double Daily : The subscriber must select the winner of the two nominated races on the same path.
- Treble : The subscriber must select the winner of the three nominated races on the same path. This type of bet is only available in the states of Queensland and South Australia.
- Quadrella or Quaddie : The subscriber must select the winner of the four nominated contests on the same path.
- Big 6 : The subscriber must select the winner of the six nominated races, who can be on the same track or split over two or more songs.
In Australia, certain types of exotic bets may be placed as "flexi" bets. Usually the price of an exotic bet is determined by several outcomes, for example $ 60 for five boxes of trifecta horses on one unit ($ 1) - or $ 30 in half a unit (50c). If the bet is successful, the bettor will get the full amount of winnings displayed on the board, or half the winnings. Under the flexi system, bettors can nominate the desired total bets, and their payment percentage is determined by the wager's relationship to the full unit price. Using five boxes of trifecta horses, the bettor may want to put only $ 20 on the results. The percentage of their winnings is now counted as $ 20/$ 60 = 33.3%. If the bet is successful, the payment will be 33.3% of the total winnings for full unit bets.
Later variants of "Roving Banker" for Trifecta and First4 bets are now offered. For the First Time Banker4, players choose one, two, or three runners who they believe will definitely complete the 1st, 2nd, 3rd or 4th ranks, and up to three choices as Roving Banker (s) with other runners to fill in the remaining places. The Mobile Banking Trick is where players believe that one or two runners will definitely complete the first, second or third rank. Bets can be placed by selecting the player's favorite runner to finish at any place in the bet and complete the Trifecta with a number of other runners to fill other placements.
United Kingdom
The following pool is operated at a meeting in the English mainland:
- Win : Runner must finish first.
- Places : Runners must complete in the first two places (in 5-7 races), three places (8-15 runners and non-disabled with 16 runners) or four places (defects with 16 runner).
- Every-way : Billed and settled as a bet for wins and other bets to place (for example, a passenger who requests a "five pound each way" bet will be expected to pay ten pounds).
- Scoop6 : Select the winner (for winning funds) or the horse placed (for place fund) of the six Scoop6 races advertised. Saturday only.
- Jackpots : Select the winner of each of the first six races of the advertised Jackpot meeting that day.
- Placepot : Select the horses placed from each of the first six races of every English race meeting.
- Quadpot : Choose a horse placed from the third, fourth, fifth and sixth races of every English race meeting.
- Exacta : The bidder must correctly select both the first and second runners, in the correct order.
- Trifecta : The bidder must correctly select three runners who finish first, second, and third, in the correct order.
- Swinger : The bidder must correctly select two runners to finish in place, both runners must place, in any order.
- Super7
Exotic bets are usually done on horses that run on the same track on the same program. In the UK, betting makers also offer exotic bets on horses on different tracks. Maybe Yankee happens most often: in this case the bettor tries to select the winner from four races. The bet also includes additional bets on a smaller combination of selected horses; for example, if only two of the four horses are winning, the bettors are still collecting their doubles. Trixie requires trying to select three winners, and Canada or Super Yankee tries to select five; this also includes a subsidiary bet. There is also another bet which is a great combination of singles, doubles, trebles and accumulators, some of which are called Lucky 15, Lucky 31, Heinz, Super Heinz, Goliath. The term nap identifies the best bet today.
ireland
Tote Ireland operates the following pools:
- Win : Runner must finish first
- Places : Runners must complete in the first two places (in 5-7 races), three places (8-15 runners and non-disabled with 16 runners) or four places (defects with 16 runner). (From April 23, 2000 to May 23, 2010, Tote Ireland operates 4 betting sites on all races with 16 or more runners.)
- Every-way : Billed and settled as a bet for wins and other bets to place (for example, a spectator asking for a "five euro each way" bet will be expected to pay ten euros).
- Jackpots : Pick 4 Bets in 3-6 races at each meeting.
- Choose Six : In races 1-6 at one meeting on all Sundays and sometimes on other days (introduced on 9 January 2011).
- Placepot : The better, one should choose a horse to be placed in every 2-7 races.
- Exacta : The bidder must correctly select both the first and second runners, in the correct order.
- Trifecta : The bidder must correctly select three runners who finish first, second, and third, in the correct order (introduced on 26 May 2010).
Swedish
Betting type for race harness (run):
- Vinnare (winner): Runner must finish first.
- Plats (place): Runner must be completed in the first two places (up to five runners) or first three places (six runners or more).
- Vinnare & amp; Plats: Two bets, one on "vinnare" and one on "plats" for the same runner. Ask for "50 SEK vinnare och plats" worth 100 SEK
- Tvilling (twins): The bidder must choose the first and second runner, but there is no need to decide what to finish first.
- Trio (trio): The bidder must choose the first, second and third runner in the nominated race.
- Dubbel Dagens (double daily) and Lunchdubbel (double lunch): The subscriber must select the winner of the two nominated races on the same path.
- V3 : The subscriber must select the winner of the three nominated races on the same path. Unlike V4, V5, V65, and V75, where bets for all races must be made before the start of the first race, in V3, the bidders choose the winner one race at a time.
- V4 : The bidder must select the winner of the four nominated races on the same path.
- V5 : The bidder must select the winner of the five nominated races on the same path.
- V65 : The subscriber must select the winner of the six nominations on the same track. Returns are also given for (a combination of) five correctly selected winners, although the same bet includes all six winners.
- V64 : The subscriber must select the winner of the six nominations on the same track. Returns are also given for a winning combination of five or four correctly, even if the same bet includes a more appropriate option.
- V75 : The bidder must select the winner of the seven nominated contests on the same path. Returns are also awarded for (combinations) of six or five correctly selected winners, although the same bet includes a more appropriate choice. The wagering bet is divided into three separate pools for all combinations of seven (40%), six (20%) and five (40%) correctly selected winners. This is Sweden's biggest national wager game, running every Saturday with a weekly collection of about 80 MSEK ($ 11 million).
- V86 : The subscriber must select the winner of eight nominations in the same path. Returns are also awarded for (a combination) of seven or six of the selected winners correctly, although the same bet includes a more appropriate option. Pool betting is divided into three separate pools for all eight (40%), seven (20%) and six (40%) winners selected correctly.
Hong Kong
The Hong Kong Jockey Club (HKJC) operates the following general types and pools for horse racing.
- Win : Choose the first horse first in the race.
- Place : Select the 1st, 2nd or 3rd horse correctly in the race with 7 or more stated starters, or select 1 or 2 correctly in the race where there are 4 up to the specified 6 starts.
- Quinella : Select the first and second horses in any order in the race.
- Quinella Place : Select correctly two of the first three horses placed in any order in the race.
- Tierce : Choose the first, second, and third horses in the right order in the race.
- Trio : Choose the first, second, and third horses in any order in the race.
- Quartet : Choose correctly 1, 2, 3 and 4 in the correct order in the race
- First 4 : Select the 1st, 2nd, 3rd and 4th best horses in any order in the race.
- Double : Choose the first horse correctly in each of the two nominated races. There is an entertainment gift given under the condition that the player has correctly selected the first horse in the first nominee and 2nd horse race in the second nomination race.
- Treble : Choose the first horse correctly in each of the three nominated races. There is an entertainment gift given under the condition that the player has correctly chosen the first horse in the first two feet and the second horse in the third leg of the three nominated races.
- Trio Double : Select the 1st, 2nd, and 3rd horses correctly in any order in each of the two nominated races.
- Triple Trio : Select exactly 1, 2 and 3 in any order in each of the three nominated competitions. There is an entertainment gift given under the condition that the player has correctly chosen the first, second and third horses in any order in the first two Legs of the three nominated races.
- Six Up : Select the first or second horse correctly in each of the six nominated competitions. There is an entertainment gift given under the condition that the player has correctly selected the first horse in each of the six nominees.
Japan
In Japan,
French
The following betting types are offered by government-controlled betting agents Pari Mutuel Urbain (PMU).
- Simple Gagnant (Win): The bidder must choose the first runner correctly.
- Simple PlacÃÆ' Â © (Places): The bidder must choose the runner who finishes first, second or third in the race. If there are 7 or fewer starters in the race then the third place is not counted and the bettor should choose a horse that finishes either first or second. This type of bet is not available on events with 3 or fewer runners.
- Couplà ©  © Gagnant (Quinella): The bidder must correctly select both runners who finish first and second in any order.
- CouplÃÆ'Â © PlacÃÆ'Â © (Duet): The bidder should select two of the first three finisher in any order. This type of bet is not available on events with 3 or fewer runners.
- CouplÃÆ'Â Ordre (Exacta): The bidder must choose two runners who finish first and second order correctly.
- Trio : The subscriber must select the first three finisher in any order.
- Trio Ordre (Trifecta): The bidder must correctly select the first, second and third finisher in their final order. Available only in races with fewer than 8 starters.
- TiercÃÆ' Â © / TiercÃÆ' Â © Classic : First made in 1954. The bidder must first choose the first, second and third in the race with the main dividend paid to select the exact sequence of finishes, and the secondary "DÃ © Â © sordre" dividend is paid to select three correct runners but in the wrong order. Basically a Trio Ordre/Trio bet combination with a major dividend pays at least 5 times higher. In popular or famous races, this type of bet is sometimes labeled "TiercÃÆ' Â © Classique" but follows the same rules as the standard TiercÃÆ'Â ©.
- QuartÃÆ' Â © : The bidder aims to select the first four players in the race with a paid main dividend to select the first four runners in the proper ending order, the second "DÃÆ' Â © sordre" dividend payable to select the first four players but in the wrong order of completion and the tertiary "Bonus" bonus paid for choosing correctly only the first three runners (in any order).
- QuintÃÆ'  © : The bidder aims to select the top five riders in the race with the main dividend paid to select the first five runners in the sequence of completion, a secondary "Dà ©  © sordre" dividend paid for selected the first five finishers but in the wrong completion order, the "Bonus 4" dividend to select the first four finishers in any order, the "Bonus 4sur5" dividend to select four of the first five finisher in any order and "Bonus 3" to select three first finisher in any order. Furthermore, each ticket Quintà ©  © is given a number between 1 and 3,000 for the possibility of winning a Tirelire which is a jackpot accumulating at least 500,000 EUR but often exceeding millions of euros. To win this jackpot, one must win QuintÃÆ'  © Ordre (the first five finishers in the sequence) and have a winning number drawn and published shortly before the race begins. The No Plus number multiplies the earnings of ten on Quintà ©  © tickets regardless of the order.
- Choose 5 : The bidder aims to select correctly the first five riders in the race regardless of order. PMU selects the race in which this bet is available.
- 2sur4 : The bidder must choose two of the first four finishers in the race in any order. Available only in races with 10 or more starters.
- Multi / Mini Multi : The selects choose between 4 and 7 horses for Multi and between 4 and 6 for Mini Multi which should contain the first four finishers in the race in any order. The main dividend "Gagnant en 4" is paid to the winning bidder who selects four horses, reducing "Gagnant en 5", "Gagnant en 6" and "Gagnant en 7" dividends paid to winners who choose five, six and seven horses respectively -something. The "Multi" bet operates on races with 14 or more starters. "Mini Multi" operates on races with 10 to 13 starters and only allows for a maximum of six options with no dividend "Gagnant en 7".
Tiercà ©  ©, Quartà ©  © and QuintÃÆ' © Bets are usually only offered on the biggest races of the day.
See also
- Betting advance deposit
- Betting exchange
- Betting pool
- Bet
- Calcutta auction
- Market predictions
- Spread the bet
- Tote Ireland
References
Source of the article : Wikipedia
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