Parimutuel betting spreadsheet

Chili Palmer

Chili Palmer

Give or take an 1"
Silver Member
Does anyone know if a parimutuel betting spreadsheet for pool exists? It's a common thing in horse racing where you can pick a portion of multiple horses. A buddy has asked me to build one and I thought I would check here to see if I didn't have to reinvent the wheel.

Thanks in advance.
 
Chili Palmer said:
Does anyone know if a parimutuel betting spreadsheet for pool exists? It's a common thing in horse racing where you can pick a portion of multiple horses. A buddy has asked me to build one and I thought I would check here to see if I didn't have to reinvent the wheel.

Thanks in advance.
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Is that the same as a calcutta? There must be spreadsheets for those around.

pj
chgo
 
It would be similar to a calcutta when more then one person buys a player - i.e. you and I buy a player for $100 so we each get a share of the winnings.

With buddies is easy to figure out payouts but parimutuel allows ANYONE to buy part of a player. Say you and I buy player A for $100 and player B for $200, someone else can chime in and buy part of Player A for $20, and someone else, $10. Now the guy who bought in for $10 also buys a piece of player B for $30.

As you can see, it can get pretty complicated and this is going to test my excel and statistics knowledge or lack there of ;)


Here's an example.

derbyday.dkdigital.com

Derby Day - A Parimutuel Betting Spreadsheet

Kentucky Derby Spreadsheet. Set up and run a complete pari-mutuel betting pool by yourself! This includes taking Win/Place/Show bets, displaying real-time odds, and computing payouts… all for free! *
derbyday.dkdigital.com derbyday.dkdigital.com
 
I used to work in the horse racing biz...pari-mutuel department after working for years in the money room. Technically, parimutuel betting is simply bettors betting against other bettors. Similar to a calcutta, but not exactly. Just calculate the payouts for a $1.00 bet. I am assuming that you are not allowing for the 5% minimum return as required by our state law though, lol. I used to settle up our racetrack's moneyroom with other track's money rooms. Now THAT could get complicated. It really was the wild wild west of the Accounting world. I could tell you stories, lol.
 
Biloxi Boy said:
"Parimutuel betting differs from fixed-odds betting in that the final payout is not determined until the pool is closed – in fixed odds betting, the payout is agreed at the time the bet is sold."
en.wikipedia.org

Parimutuel betting - Wikipedia

en.wikipedia.org en.wikipedia.org
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Very true. I saw a $2 show bet pay well over $600 (a tax ticket) once. Someone bet real heavy on the chalk to show (1/9 if I recall) and the damn thing ran off the board. The payouts were crazy, but this one particular $2 show ticket was the craziest I've seen in all those years working at the track. In track parlance, they call these "bridge jumpers". Race tracks are nutz.
 
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