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Topic: Parimutuel

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	Parimutuel betting
		The parimutuel system is used in gambling on horse racing, greyhound racing, jai alai, and all sporting events of relatively short duration in which participants finish in a ranked order.
		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.
		The parimutuel system was invented by Parisian perfume maker Pierre Oller in 1865 when asked by a bookmaker friend to devise a fair system for bettors which guarantees a fixed profit for the bookmaker.
	www.online.gambling.name /Parimutuel_betting.html (1118 words)

	Parimutuel betting - Wikipedia, the free encyclopedia
		Parimutuel betting (from the French language: pari mutuel, mutual betting) is a betting system in which all bets of a particular type are placed together in a pool; taxes and a house take are removed, and payoff odds are calculated by sharing the pool among all placed bets.
		Parimutuel gambling is frequently state-regulated, and offered in many places where gambling is otherwise illegal.
		The parimutuel system was invented by Parisian perfume maker Joseph Oller in 1865 when asked by a bookmaker friend to devise a fair system for bettors which guarantees a fixed profit for the bookmaker.
	en.wikipedia.org /wiki/Parimutuel_gambling (1157 words)

	SSRN-A Parimutuel Market Microstructure for Contingent Claims Trading by Jeffrey Lange, Nicholas Economides
		Parimutuel principles are widely used as an alternative to fixed odds gambling in which a bookmaker acts as a dealer by quoting fixed rates of return on specified wagers.
		A parimutuel game is conducted as a call auction in which odds are allowed to fluctuate during the betting period until the betting period is closed or the auction "called." The prices or odds of wagers are set based upon the relative amounts wagered on each risky outcome.
		The parimutuel mechanism employed is a call auction lasting about one hour for claims on the underlying index which include a variety of standard and exotic derivatives, including vanilla call and put options, forwards, digital options, range binary options, and linked buy/sell options such as risk reversals.
	papers.ssrn.com /sol3/papers.cfm?abstract_id=294306 (652 words)

	Parimutuel Betting: Free Encyclopedia Articles at Questia.com Online Library (Site not responding. Last check: 2007-10-19)
		The uniqueness of parimutuel betting lies in the fact that the gambling public itself determines the payoff odds (e.g., if many people have bet on the actual winner of a contest then the payoff will be low, simply because many winners will divide the pool).
		Parimutuel wagering is the accepted betting procedure at major horse-racing tracks throughout the world.
		In some states parimutuel betting on horse races at the tracks is legal; several states permit parimutuel betting on dog races and jai alai games, and most states...
	www.questia.com /library/encyclopedia/parimutuel-betting.jsp?l=P&p=1 (1316 words)

	HB 835
		Parimutuel horse racing is a popular and widespread form of legalized wagering in the United States now approved by forty-four states.
		Parimutuel horse racing and facilities are operated by private groups under strict federal and state government regulation and law enforcement.
		With parimutuel betting, approximately eighty per cent is paid out to the players (which is the reason for the established odds) while up to ten per cent is paid to the State in taxes and the remaining ten per cent is applied to track expenses.
	www.capitol.hawaii.gov /session2002/Bills/HB835_.htm (4538 words)

	Nebraska v
		The Constitution authorizes parimutuel wagering “within a licensed racetrack.” In this opinion, the Nebraska Supreme Court says that the statute authorizing telephone wagering is in violation of the Constitution and is therefore void.
		The respondents are entities licensed by the Commission to conduct parimutuel wagering on live horseracing and on horseracing events conducted both within and outside the state, including simulcast wagering.
		The amendment provided that parimutuel wagering on racehorses could be conducted by licensees "at such locations and by such means as are authorized by the Legislature." The introducer's statement of intent noted this court's decision in State ex rel.
	tarlton.law.utexas.edu /dawson/cases/racing/nebraska.htm (3126 words)

	RCW 67.16.200: Parimutuel wagering at satellite locations — Simulcasts.
		In order to participate in parimutuel wagering at a satellite location or locations within the state of Washington, the holder of a class 1 racing association license must have conducted at least one full live racing season.
		The sale of parimutuel pools at satellite locations shall be conducted simultaneous to all parimutuel wagering activity conducted at the licensee's live racing facility in the state of Washington.
		The commission may permit parimutuel pools on the simulcast races to be combined in a common pool.
	apps.leg.wa.gov /RCW/default.aspx?cite=67.16.200 (2129 words)

	Gambling Guide > Events - Parimutuel Gambling
		Parimutuel gambling is a form of gambling frequently offered at certain kinds of sporting events of relatively short duration in which participants finish in a ranked order, notably horse racing, greyhound racing, and jai alai.
		Under parimutuel betting, all bets of a particular type are placed together in a pool; taxes and a house "take" are removed, and payoff odds are calculated by sharing the pool among all placed bets, and rounding down to a denomination interval (in the United States, typically 10 cent intervals are used).
		It is possible for a skilled player to win money in the long run at this type of gambling, but overcoming the deficit produced by taxes, the facility's take, and the rounding off of payoffs is difficult to accomplish and few people are successful at it.
	www.gambling.freegames.eu.com /sportsbetting/index.html (478 words)

	About Parimutuel Betting
		Parimutuel betting was invented in 1865 by the French perfume maker Pierre Oller when he was asked by his friend to develop a betting system that would be fair for betters and would also provide a stable profit to bookmakers.
		Parimutuel betting involves many calculations, and to ease the job of bookmakers, a mechanical device called totalisator or tote board was invented.
		When takes of traditional parimutuel betting offices are 15-18 percent, an internet site may have as little as 1-2 percent take, which is low enough for a skilled bettor to profit from parimutuel betting.
	www.gambling-reports.com /parimutuel-betting.html (484 words)

	[No title]
		Existing law also defines "proposition parimutuel pool" as the total wagers under the parimutuel system on made propositions approved by the California Horse Racing Board that are based on the results of a live quarter horse race.
		This bill would instead define "proposition parimutuel pool" as the total wagers under the parimutuel system on propositions approved by the California Horse Racing Board that are based on the results of any live horse race, and thus would allow proposition wagers to be made on all live horse races.
		(4) All wagers are included in the appropriate parimutuel pool at the racetrack of the association or fair where the race is conducted, or, in the appropriate parimutuel pool of the racetrack of the association or fair that accepts the transmitted race.
	www.sen.ca.gov /leginfo/BILL-6-DEC-1998/CURRENT/AB/FROM0300/AB0315/T990616.TXT (1204 words)

	A2555 A889 ACS 1R
		“Parimutuel” means any system whereby wagers with respect to the outcome of a horse race are placed with, or in, a wagering pool conducted by an authorized person, and in which the participants are wagering with each other and not against the person conducting the wagering pool.
		All breakage moneys and outstanding parimutuel ticket moneys resulting from wagering at the off-track wagering facility or through the account wagering system on races conducted by an in-State track shall be paid to the commission for racing costs in accordance with section 26 of this act.
		All breakage moneys and outstanding parimutuel ticket moneys resulting from wagering at the off-track wagering facility or through the account wagering system on races conducted by the out-of-State track shall be paid to the commission for racing costs in accordance with section 26 of this act.
	www.njleg.state.nj.us /2000/Bills/a3000/2555_r1.htm (6632 words)

	GEORGE L. CARNEY, JR., & others(1) vs. ATTORNEY GENERAL & another.(2)
		In 2000, the voters rejected an initiative petition to outlaw parimutuel dog racing that was identical to the petition's dog racing ban.
		At present, parimutuel dog racing is licensed in Suffolk and Bristol Counties(10) and may also be licensed in Hampden County.
		While the petitioners posit that the abolition of parimutuel dog racing and the enhancement of animal abuse laws form a seamless whole, the operative question we must answer is whether their petition offers fellow citizens a meaningful choice to express a uniform public policy.
	www.socialaw.com /slip.htm?cid=16347&sid=120 (4448 words)

	[No title]
		The parimutuel pool on the simulcast horse races originating at an inState sending track shall be divided pursuant to section 8 of this act.
		The typ e s of wagering, takeout, distribution of winnings, rules of racing, method of calculating breakage, and the percentage of deposits remaining undistributed from a parimutuel pool after payment is made to winning ticket holders shall be determined in accorda nce with the law or policy applicable to the outofState sending track.
		.50% of the parimutuel pool generated at the casino shall be paid to the New Jersey Racing Commission and shall be deposited by that commission as follows: \par \tab \tab (1) 50% in the special trust account established pursuant to or specified in section 46a.(2) of P.L.1940, c.
	www.state.nj.us /casinos/actreg/act/docs_article14/cca-article14.doc (3647 words)

	ADQ 6/1. Parimutuel Wagering in Car Wars.
		The availability of parimutuel betting at arenas has attracted the autoduelling fan out of his living room and back into the grandstand, re-establishing duelling as the popular stadium sport it was in the mid '20s.
		In accordance with AADA parimutuel wagering regulations, it is illegal for a duellist, his relatives, sponsors, teammates, coaches, mechanics, vehicle designers or other business associates to wager against that duellist.
		Parimutuel wagering in Car Wars naturally offers the most to an extended campaign in which each character or team has only limited funds, since characters may supplement their earnings by bets on themselves or their friends and teammates.
	www.sjgames.com /car-wars/adq/6/1/wagering.html (1783 words)

	Revisiting why the reins should be loosened - NTRA
		Most economic regulation of thoroughbred racing was formulated when parimutuel gambling on horse races (in which gamblers bet against each other rather than against the “house”) accounted for virtually all legal gambling in the country outside Nevada.
		This means that all parimutuel operations at the two tracks are shut down when they do not have live racing, greatly reducing the annual betting handle.
		First, the basic economics of thoroughbred racing imply that the greater the handle, the greater the economic pie to be divided among the racetracks, the horsemen who breed, train and race, and the tax collector.
	www.ntra.com /content.aspx?type=other&style=red&id=13797 (4041 words)

	P.L.2004, c.116 (S1127 2R)
		All outstanding parimutuel ticket money shall be deposited in an account separate and apart from the track's mutuel or general treasury account.
		The outstanding parimutuel ticket account shall be subject to the rules and regulations prescribed by the Division of New Jersey Racing Commission.
		Thereafter application for dates for horse race meetings by the authority or a lessee of the authority and the allotment thereof by the Racing Commission, including the renewal of the same dates theretofore allotted, shall be governed by the applicable provisions of P.L.1940, c.17 (C.5:5-22 et seq.).
	www.njleg.state.nj.us /2004/Bills/PL04/116_.HTM (7462 words)

	Integrated racetrack display system including display of periodic parimutuel data - Patent 5564977
		The apparatus of claim 1 wherein said means for receiving a parimutuel data stream includes a decoder receiving a sideband of a television signal.
		In the prior art, it is well known to display racing and parimutuel data at a racetrack, betting parlor or similar location to enable, indeed encourage, the racing enthusiast to place bets on the racing results.
		Under a parimutuel system, whether or not such a method results in a long-term advantage to an individual bettor ("punter"), within limits, is usually inconsequential to the racing facility as it receives a given percentage of the total amount bet.
	www.freepatentsonline.com /5564977.html (3531 words)

	1993-145 \| 11/9/1993 \| Kansas Attorney General Opinion
		Amending the constitution of the state of Kansas to permit casino gaming and limiting application of the amendment to locations where parimutuel wagering on horse and dog races is adopted and authorized does not violate article 2, section 17 of the Kansas constitution or the fourteenth amendment to the United States constitution.
		This concurrent resolution proposes a constitutional amendment to permit casinos in Kansas in locations "on or adjacent to a racetrack facility where parimutuel wagering is authorized and approved and where a minimum of 20 days of live racing is conducted annually." You question whether this location limitation is constitutional.
		In conclusion, amending the constitution of the state of Kansas to allow casino gaming only in locations where parimutuel wagering on horse and dog races is adopted and authorized does not violate article 2, section 17 of the Kansas constitution or the fourteenth amendment to the United States constitution.
	www.kscourts.org /ksag/opinions/1993/1993-145.htm (1444 words)

	Introduction of Gambling in the United States
		Parimutuel wagering refers to the type of gambling where the total prize pool is based upon the amount of money wagered.
		Parimutuel wagering has not been able to compete well with the myriad of new forms and types of gambling.
		These states have parimutuel commissions which regulate other forms of legalized gaming in that state, or have their parimutuel activities regulated by another commission.
	www.library.ca.gov /CRB/97/03/Chapt1.html (3964 words)

	Longitude - PDCA Technology (Site not responding. Last check: 2007-10-19)
		Parimutuel systems are a subset of the mutualized methods of risk sharing that are the conceptual underpinning of the worldwide insurance and reinsurance markets.
		In a parimutuel auction, all derivatives that settle in-the-money are funded by those that settle out-of-the-money.
		Parimutuel systems set the prices of all derivatives based on the relative demand for those derivatives.
	www.longitude.com /html/pdca_technology.html (347 words)

	Parimutuel Wagering
		Developed by a Frenchman, Pierre Ollier, in the middle of the 19th century, the parimutuel (``wagers among ourselves'') system dispenses with odds makers who use their judgment to decide how much a given wager should pay.
		Ollier's parimutuel system caught on quickly in France, but was initially unpopular in the United States because bettors then (as now) wanted to be able to bet on long shots which paid off (if successful) at high odds.
		Under the parimutuel system, whenever many people bet on a long shot, it ceases to be one.
	www.cs.sunysb.edu /~skiena/jaialai/excerpts/node15.html (1393 words)

	Dummies::Betting Against Other Bettors (Site not responding. Last check: 2007-10-19)
		The parimutuel system puts a tax on wagering called the takeout, which provides the revenues for the horse racing business to pay its bills.
		Parimutuel wagering is attracting a new gambling audience, because you can win even if you're a good but not great handicapper.
		If you know that the key to succeeding in the parimutuel wagering system is to find overlays (meaning horses going off at higher odds than their actual chance of winning), and you know how to wager to make money, you can rely on various sources to find good handicapping information and still win.
	www.dummies.com /WileyCDA/DummiesArticle/id-2999.html (756 words)

	Parimutuel Betting: Free Encyclopedia Articles at Questia.com Online Library (Site not responding. Last check: 2007-10-19)
		...gross wagering handle for parimutuel betting was $17.9 billion.
		This is...The tracks gross revenue for parimutuel betting was $13.1 million.
		West Virginias...state-sanctioned legalized gambling: parimutuel betting, 1939; bingo and raffles by...
	www.questia.com /library/encyclopedia/parimutuel-betting.jsp?l=P&p=1 (1324 words)

	1993-124 \| 9/17/1993 \| Kansas Attorney General Opinion
		If there is no active recruiting on the part of the licensee, or if the advertisement or promotion is not of parimutuel wagering or racing with parimutuel wagering, the statutory provision is not violated.
		If the advertisement or promotion is not of parimutuel wagering or racing with parimutuel wagering, use of minors is not precluded by K.S.A. This is not to say, however, that the advertisement or promotion must be solely for parimutuel wagering or racing with parimutuel wagering for the statutory prohibition to apply.
		In the example you provide, particular tracks that conduct racing with parimutuel wagering are mentioned, which in our opinion constitutes advertisement for those tracks and therefore for racing with parimutuel wagering.
	www.kscourts.org /ksag/opinions/1993/1993-124.htm (507 words)

	K.S.A. 74-8819. Parimutuel wagering.
		The licensee may receive wagers on horses or greyhounds to finish first, second, third, fourth or any combination thereof within the same race or among two or more live races conducted or simulcast races displayed on the same day at the same racetrack facility, as authorized by the commission.
		The commission may authorize a higher amount not exceeding 22% to be deducted from the total wagered in parimutuel pools for multiple and exotic bets.
		(g) All parimutuel tellers and clerks shall be employees of the organization licensee approved by the commission to conduct the parimutuel wagering at a race meeting.
	www.accesskansas.org /krc/Statutes/74-8819.htm (261 words)

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