Para Mutual

[Johnnyt]

I wonder if clubs around the country could get licensed like par mutual tracks, and a lot of other sports do. This way they could hold matches six nights a week, charge and small admission, and take a small percentage of the betting pool, and let the state take a cut. Maybe they could have like three matches a night. If all went well they could open for more matches during the day. If you had a few in each state it would be a lot of pool. Johnnyt

 

[Scaramouche]

Do you think pool players could pass the veterinarian examinations?

How well would they play coming out of the retention barn?

 

[Johnnyt]

Do you think pool players could pass the veterinarian examinations?

How well would they play coming out of the retention barn?

They call it a "Ginny Pit" in Greyhound racing. Johnnyt

 

[Pushout]

I wonder if clubs around the country could get licensed like par mutual tracks, and a lot of other sports do. This way they could hold matches six nights a week, charge and small admission, and take a small percentage of the betting pool, and let the state take a cut. Maybe they could have like three matches a night. If all went well they could open for more matches during the day. If you had a few in each state it would be a lot of pool. Johnnyt

I don't know about this, but at one of the last New York State 9 Ball Championships, a local guy came up with a para-mutual wagering system and ran it during the tournament. Bets were made {in the pool room} in $2.00 increments. He figured the odds himself, and, unfortunately, I don't know how he did it. The bigger gamblers poo pooed it, but the majority of people liked it and it was quite a hit. I won $30 on a $2 bet, myself The guy moved to Florida soon after that tournament, so we never did it again. I often wished I had got the info from him as to how he ran everything, especially how he figured the odds.

 

[poolandpokerman]

The Derby City has had that betting on the ring game, don't know how true the odds are but they have done it the last few years. Adds a little excitement to the event.

 

[ceebee]

I'd like to do that. That kind of "horse racing" is akin to a Calcutta & I like Calcuttas...

The trouble with the big cash, some folks couldn't or wouldn't hit the end rail.

 

[Scaramouche]

How Pari Mutual Betting Works

Pari Mutuel is french, meaning to bet amongst ourselves. Payout is determined after all the bets are in and the results are known

For example, ten horses have the following amounts bet on them

A................... 250
B....................150
C................... 100
D....................500
E..................... 75
F..................... 50
G..................... 20
H......................10
I.....................400
J.................... 650
2205 Total Bet

The track operator and the government take a predetermined cut, for example 10% each.
Operator..........-220.50
Government......-220.50
......................-441.00
The balance is available for the bettors. in this case 2205-441=1764.00

From this amount, deduct the amount bet on the winning horse(s)
.
Divide that amount by the amount bet on the winning horse to determine the amount won on each dollar bet on the horse

.................. .Bet...............Win per $1 bet
A.......1764....250.....1514.......6.06
B.......1764....150.....1614......10.76
C.......1764....100.....1664......16.64
D.......1764....500.....1264........2.53
E.......1764......75.....1689........2.52
F.......1764......50.....1714.......34.28
G.......1764......20.....1744.......87.20
H.......1764......10.....1754.....175.40
I........1764....400.....1364.........3.41
J........1764....650.....1114.........1.71

Thus for a winning bet on A, the bettor would get his bet of $1 and a profit of $6.06, for a total payout of $7.06. That's $14.12 on a two buck bet

If H was the winner, a bettor would get his bet of $1 and a profit of $175.40, for a total payout of $176.40

At race tracks, the $1 return is in $5 cent increments, so if F was the winner, the profit to the bettor would be $34.25, the track pocketing the 3 cents, called breakage.

Suppose the amounts above were Place bets.

If the first two horses were the favourites

J................650
D...............500
Total.........1150

1764-1150=614 Divided equally - 307 each

...................................Profit per $1
J................650.....307....0.47
D...............500.....307....0.61

Thus J would get back $1.47 for each dollar bet and D would get $1.61
The order of finish does not alter the payout.

Consider Longshots coming first and second

G...............20
H...............10
Total..........30

1764-30=1734 Divided 50-50 - 867 each

G...............20......867.....43.35
H...............10......867.....86.70

Thus G would pay $44.35 and H would pay $87.70

Here endeth the lesson