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Pari mutuel betting meanings

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A French term meaning mutual bet, used to mean a system of betting in which the total stake is divided among the winners. Mentioned in? References in periodicals archive? The new section begins by affirming that the humane treatment of animals is a fundamental value of the people of the state of Florida and prohibits, after December 31, , a person authorized to conduct gaming or pari-mutuel operations from racing greyhounds or any member of the canis familiaris, subspecies in connection with any wager for money or any other thing of value in Florida.

Amendment Ends Dog Racing. When pari-mutuel betting was legalised, the track was upgraded for thoroughbred racing to qualify for a pari-mutuel licence. IF there was a better [ The Stronach Group TSG is an industry leader in world-class horse racing, entertainment and pari-mutuel wagering technology. World's richest horse race: Tickets go on sale. Proponents argue that historical racing constitutes a new form of pari-mutuel betting, which is permitted.

Bettors usually make multiple wagers on exotic bets. A box consists of a multiple wager in which bettors bet all possible combinations of a group of horses in the same race. A key involves making a multiple wager with a single horse in one race bet in one position with all possible combinations of other selected horses in a single race. A wheel consists of betting all horses in one race of a bet involving two or more races. For example, a 1-all daily double wheel bets the 1-horse in the first race with every horse in the second.

People making straight bets commonly employ the strategy of an "each way" bet. Here the bettor picks a horse and bets it will win, and makes an additional bet that it will show, so that theoretically if the horse runs third it will at least pay back the two bets.

The Canadian and American equivalent is the bet across short for across the board : the bettor bets equal sums on the horse to win, place, and show. A parlay , accumulator or roll-up consists of a series of bets in which bettors stake the winnings from one race on the next in order until either the bettor loses or the series completes successfully.

In Australia, certain exotic bet types can be laid as "flexi" bets. If the bet is successful, the bettor will get either the full winning amount shown on the board, or half the winning amount. Under a flexi system the bettor can nominate their desired total wager, and their percentage of payout is determined by this wager's relationship to the full unit price. If the bet is successful, the payout will be In recent times the "Roving Banker" variant for Trifecta and First4 betting is now offered.

For a Roving Banker First4 the player selects one, two or three runners they believe will definitely finish 1st, 2nd, 3rd or 4th, and up to three selections as Roving Banker s with other runners to fill the remaining place s. A Roving Banker Trifecta is where the player believes that one or two runners will definitely finish 1st, 2nd or 3rd. The bet can be placed by picking the player's favourite runner to finish in any place within the bet and complete the Trifecta with any number of other runners to fill the other placing s.

Exotic wagers are usually made on horses running at the same track on the same program. In the United Kingdom , bookmakers also offer exotic wagers on horses at different tracks. Probably the Yankee occurs most commonly: in this the bettor tries to pick the winner of four races. This bet also includes subsidiary wagers on smaller combinations of the chosen horses; for example, if only two of the four horses win, the bettor still collects for their double.

A Trixie requires trying to pick three winners, and a Canadian or Super Yankee trying to pick five; these also include subsidiary bets. There are also other bets which are large combinations of singles, doubles, trebles and accumulators some of them are called Lucky 15, Lucky 31, Heinz, Super Heinz, Goliath. The term nap identifies the best bet of the day.

From Wikipedia, the free encyclopedia. Betting system in which all bets of a particular type are placed together in a pool. See also: Glossary of North American horse racing. See also: Glossary of Australian and New Zealand punting. See also: Glossary of bets offered by UK bookmakers.

Retrieved 11 July Hong Kong Jockey Club. Retrieved Japan Racing Association. Retrieved 20 May Archived from the original on Retrieved 18 December Categories : Sports betting Horse racing Greyhound racing introductions.

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A wheel consists of betting all horses in one race of a bet involving two or more races. For example, a 1-all daily double wheel bets the 1-horse in the first race with every horse in the second. People making straight bets commonly employ the strategy of an "each way" bet.

Here the bettor picks a horse and bets it will win, and makes an additional bet that it will show, so that theoretically if the horse runs third it will at least pay back the two bets. The Canadian and American equivalent is the bet across short for across the board : the bettor bets equal sums on the horse to win, place, and show.

A parlay , accumulator or roll-up consists of a series of bets in which bettors stake the winnings from one race on the next in order until either the bettor loses or the series completes successfully. In Australia, certain exotic bet types can be laid as "flexi" bets. If the bet is successful, the bettor will get either the full winning amount shown on the board, or half the winning amount. Under a flexi system the bettor can nominate their desired total wager, and their percentage of payout is determined by this wager's relationship to the full unit price.

If the bet is successful, the payout will be In recent times the "Roving Banker" variant for Trifecta and First4 betting is now offered. For a Roving Banker First4 the player selects one, two or three runners they believe will definitely finish 1st, 2nd, 3rd or 4th, and up to three selections as Roving Banker s with other runners to fill the remaining place s. A Roving Banker Trifecta is where the player believes that one or two runners will definitely finish 1st, 2nd or 3rd.

The bet can be placed by picking the player's favourite runner to finish in any place within the bet and complete the Trifecta with any number of other runners to fill the other placing s. Exotic wagers are usually made on horses running at the same track on the same program. In the United Kingdom , bookmakers also offer exotic wagers on horses at different tracks. Probably the Yankee occurs most commonly: in this the bettor tries to pick the winner of four races.

This bet also includes subsidiary wagers on smaller combinations of the chosen horses; for example, if only two of the four horses win, the bettor still collects for their double. A Trixie requires trying to pick three winners, and a Canadian or Super Yankee trying to pick five; these also include subsidiary bets. There are also other bets which are large combinations of singles, doubles, trebles and accumulators some of them are called Lucky 15, Lucky 31, Heinz, Super Heinz, Goliath.

The term nap identifies the best bet of the day. From Wikipedia, the free encyclopedia. Betting system in which all bets of a particular type are placed together in a pool. See also: Glossary of North American horse racing. See also: Glossary of Australian and New Zealand punting.

See also: Glossary of bets offered by UK bookmakers. Retrieved 11 July Hong Kong Jockey Club. Retrieved Japan Racing Association. Retrieved 20 May Archived from the original on Retrieved 18 December Categories : Sports betting Horse racing Greyhound racing introductions. Hidden categories: Articles with short description Short description matches Wikidata All articles with unsourced statements Articles with unsourced statements from August Namespaces Article Talk.

Views Read Edit View history. You can be right about the future and still not make any money. The way to win in stock market, according to Charlie Munger, is to work, work, work, work and hope to have a few insights. If you look at Berkshire Hathaway and all of its accumulated billions, the top ten insights account for most of it.

So you can get very remarkable investment results if you think more like a winning pari-mutuel player. Just think of it as a heavy odds against game full of craziness with an occasional mispriced something or other. And when you get a few, you really load up. He is asking us to think like a Pari-mutuel player and look for the mispriced bets. Pari-mutuel is a system of betting in which the winners divide the total amount bet, after deducting management expenses, in proportion to the sums they have wagered individually.

Unlike many forms of casino gambling, in Pari-mutuel betting the gambler bets against other gamblers, not the house. The simplest and most common example of a Pari-mutuel system is horse race betting. Following the start of the event, no more wagers are accepted. Horse 1: Rs. Thus, the total pool of money on the event is Rs. The payout is now calculated. First the commission or the take for the house company organising the race is deducted from the pool.

This leaves a remaining amount of Rs. This remaining amount in the pool is now distributed to those who bet their money on the winning horse i. Their payout ratio were 1. So the payout ratio for each horse is as follows —. This is a simplified example. In real-life horse racing the pool size often extends into millions of dollars with many different types of outcomes winning horses and complex commission calculations.

However, the payoff ratio for horse-4 is to However, in a world where everyone has the same information the payoff ratio acts as proxy for the odds. The science of predicting the outcome of a race is called handicapping. It is the practice of predicting and quantifying the results of a horse race. Handicappers attempt to determine the odds and see if the payoffs are skewed compared to those odds. Steven Crist, CEO and editor of the Daily Racing Form argues that even a horse with a very high likelihood of winning can be either a very good or a very bad bet, and that the difference between the two is determined by only one thing: the odds.

So a horse with a 50 percent probability of winning can be either a good or bad bet based on the payoff. In other words, it is not the frequency of winning that matters, but the frequency times the magnitude of the payoff. In the example used above, if a handicapper, based on his knowledge and analysis about horses, tracks and past races figures out that the odds of winning for the horse-4 is 10 percent then his expected value for the bet would be 0.

Based on this he can take a call if he wants to make a bet or not. The upfront commission of percent makes Pari-mutuel system hard to beat for most people. Charlie Munger writes —. Any damn fool can see that a horse carrying a light weight with a wonderful win rate and a good post position, etc. But if you look at the damn odds, the bad horse pays to 1, whereas the good horse pays 3 to 2. And then the track is taking seventeen percent off the top.

Therefore, somebody who really thinks about nothing but horse performance and is shrewd and mathematical could have a very considerable edge, in the absence of the frictional cost caused by the house take. However, there are actually a few people who can beat the game after paying the full seventeen percent. At 16 years of age Warren Buffett had mastered the art of handicapping. He was introduced to the world of Pari-mutuel betting very early in his life. He learned that the key was having more information than the other guy—then analysing it right and using it rationally.

Buffett implemented his handicapping strategies in Ak-Sar-Ben race track. He recalls —. I sent away to a place in Chicago on North Clark Street where you could get old racing forms, months of them, for very little.

They were old, so who wanted them? I would go through them, using my handicapping techniques to handicap one day and see the next day how it worked out. I ran tests of my handicapping ability day after day, all these different systems I had in my mind. Buffett was back testing his handicapping strategies in s when there were no computers. No wonder his obsessions with handicapping lead him to read every book on the subject available at the Library of Congress.

One of the greatest insight that Buffett and Munger had early in their investing career was about market inefficiencies. And the insight came from their knowledge about Pari-mutuel system. So the pari-mutuel system in Omaha had no perfect efficiency.