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Topic: Parimutuel betting

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	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.
		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.
	en.wikipedia.org /wiki/Parimutuel_gambling (1109 words)

	Gambling - Wikipedia, the free encyclopedia
		Parimutuel wagers pay off at prices determined by support in the wagering pools, while bookmakers pay off either at the odds offered at the time of accepting the bet; or at the median odds offered by track bookmakers at the time the race started.
		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.
		Arbitrage betting, is a no-risk or risk-free betting system, it is a special case of betting on events offered by betting websites which is not gambling but rather an unusual investment practice.
	en.wikipedia.org /wiki/Betting (2881 words)

	Sports betting - Online Gambling (Site not responding. Last check: 2007-10-22)
		Sports betting is the name given to the general activity of predicting sports results, while betting on the believed outcome.
		Betting can be done either locally (such as commonplace office bets on the NCAA tournament) or against a friend, but also with casinos, bookmakers, or racetracks.
		Snai, which organises betting on Italian football, said later it had registered suspiciously heavy betting on the result and many of the bets were for a 1-0 halftime score and a fulltime score of 1-1.
	www.community.online.gambling.name /wiki/index.php?title=Sports_betting (1834 words)

	I
		Parimutuel betting: The age limit of 18 for horse races was established by regulations of the Racing Control Board, not by the legislature in a statute.
		Parimutuel betting: It is a petty offense (maximum fine $100) to sell a parimutuel ticket to any person under the age of 18, or for anyone under 18 to purchase, redeem or attempt to purchase or redeem a parimutuel ticket.
		Parimutuel betting: "A holder of a race meeting license shall not knowingly permit a person less than 18 years of age to be a patron of the parimutuel wagering conducted or supervised by the holder." Id. at §431.72.
	www.gamblingandthelaw.com /agechart.html (12113 words)

	Parimutuel betting - Wikipedia, the free encyclopedia
		A modified parimutuel system is also used in some lottery games such as Lotto South.
		Parimutuel gambling is frequently state-regulated, and offered in many places where gambling is otherwise illegal.
		They are in effect reducing their take from 15-18% to as little as 1 or 2%, still ensuring a profit as they operate with minimal overhead.
	en.wikipedia.org /wiki/Parimutuel (1109 words)

	Events - Parimutuel Gambling (Site not responding. Last check: 2007-10-22)
		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).
		The fewer correctly placed bets there are in relation to the entire pool, the greater the payoff.
	frelancer.bravepages.com /gambling-rule/events (478 words)

	Horse Bet Racing at Horse Betting Racing
		In this system all horse racing bets of a particular type are placed together in a pool, and a percentage of the amount wagered is automatically set aside for the racetrack operating expenses, racing purses, and taxes, usually ranging from 14% to 25%.
		Parimutuel betting means that there is no "house," and you are essentially playing against everyone else who bets.
		The prestigious sport of horse bet racing has a long history of tradition and unforgettable triumphs, and the practice of wagering on its events has always been a major staple of its existence.
	www.horsebetting-racing.com /horse_bet_racing.html (295 words)

	[No title] (Site not responding. Last check: 2007-10-22)
		Parimutuel horse racing and facilities are operated 12 by private groups under strict federal and state government 13 regulation and law enforcement.
		With parimutuel 7 betting, approximately eighty per cent is paid out to the players 8 (which is the reason for the established odds) while ten per cent 9 is paid to the State in taxes and the remaining ten per cent is 10 applied to track expenses.
		Breakage for interstate common pools shall be 5 calculated in accordance with the law or rules governing the 6 sending racetrack, and shall be distributed between participating 7 jurisdictions in a manner agreed to between the licensee and the 8 sending racetrack.
	www.capitol.hawaii.gov /session2000/Bills/HB2397_.htm (3452 words)

	AllRefer.com - parimutuel betting, Sport (Sports) - Encyclopedia
		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.
		Considered a major deterrent to illegal bookmaking, the modern parimutuel system depends on high-speed electronic calculators, known as totalizators or tote boards, to record and display up-to-the-minute betting patterns.
	reference.allrefer.com /encyclopedia/P/parimutu.html (242 words)

	HB 835 (Site not responding. Last check: 2007-10-22)
		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 bets were entered by either the bettor or the parimutuel clerk and then sent to the totalizator at the racetrack.
		The state's voters had specifically approved " 'on-track parimutuel betting on horseracing,' " and the court found, as a practical matter, that "bets not physically placed at the racetrack cannot be, by definition, 'on- track,' no matter how they are transmitted to the track, electronically recorded or accepted into the pool of funds." Id.
		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)

	Definition of Parimutuel Betting for True-Parimutuel.com
		A $50.00 bet on your team to win by 6 may pay 6/5 or 5/6 depending on what the other bettors are betting.
		So, similar to what happens at the horse track, the odds of each winning bet's payoff are determined by the ratio between the money wagered on a player or team and the total amount wagered in the pool.
		What makes AllSportsAction betting pari-mutuel is that the bettors determine the changing odds as the bets come in, and AllSportsAction carefully manages the money, calculates the odds, and makes the pay-out at the conclusion of the event.
	bet.true-parimutuel.com /definition.htm (245 words)

	Dummies::Betting Against Other Bettors
		Betting on horse racing back then was easy because it was just straight wagering — win, place, and show.
		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 (758 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)

	Parimutuel betting - Gurupedia
		The large amount of calculation involved in this system led to the invention of a specialized mechanical calculating machine known as a totalisator or the "tote board".
		The first was installed in Australia in 1913, and they came into widespread use at race courses throughout the world (the U.S. introduction was 1933 at Arlington Park, Chicago).
		A $5 bet Each-way is a $2.50 bet to Win and a $2.50 bet to Place.
	www.gurupedia.com /p/pa/parimutuel_gambling.htm (570 words)

	GAMBLING - Internet Casino Gambling Online
		One can also bet with another person that a statement is true or that a specified event will happen within a specified time.
		Gambling (or betting) is any behavior involving risking money or property (making a wager or placing a stake) on the outcome of a game, contest, or other event in which the outcome of that activity depends partially or totally upon chance or upon one's ability to do something.
		In betting on horse-races, punters further adjust the stake to allow for inaccuracy in estimating fair odds.
	www.gambling.freegames.eu.com (2560 words)

	23-4-301. Parimutuel betting -- other betting illegal. (Site not responding. Last check: 2007-10-22)
		(1) It is unlawful to make, report, record, or register a bet or wager on the result of a contest of speed, skill, or endurance of an animal, whether the contest is held within or outside of this state, except under 23-5-502 or this chapter.
		(5) Each licensee conducting a parimutuel system for an intrastate simulcast race meet shall combine the parimutuel pools at a simulcast facility with those at the actual racing facility for the purpose of determining the odds and computing payoffs.
		The amount of the handle at the simulcast race meet must be combined with the amount of parimutuel handle at the live racing facility for the purposes of distribution of money derived from parimutuel betting under 23-4-302 and 23-4-304.
	data.opi.state.mt.us /bills/mca/23/4/23-4-301.htm (277 words)

	The Memphis Flyer: Analysis - November, 1997
		The "track" would merely be a betting parlor the other 10 months of the year.
		A year-round, 13-hours-a-day betting parlor is a far cry from a limited-season, Hot Springs-style thoroughbred track, which is what Memphis voters thought they were approving in 1987.
		If Memphis is going to have slot machines and/or year-round off-track betting, they should come in through the front door, not under the guise of live horse racing or a scholarship program.
	www.memphisflyer.com /backissues/issue455/anal455.htm (920 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.
		Betting with bookies usually involves placing bets on the outcome of a certain event, such as a sporting event.
	www.library.ca.gov /CRB/97/03/Chapt1.html (3964 words)

	Gambling Source
		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 operate or participate in daily and weekly lotteries.
		Parimutuel wagers pay off at prices determined by support in the wagering pools, while bookmakers pay off either at the odds offered at the time the bet was taken or at the median odds offered by track bookmakers at the time the race started.
		In betting horseraces the stake is further adjusted to allow for inaccuracy in estimating fair odds.
	elists.easycgi.com /gambling (2153 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)

	Archives: Sports - www.explorernews.com (Site not responding. Last check: 2007-10-22)
		Silverman is hedging his bets that the addition of off-track betting to his restaurant will pay off in the form of more dinners and drink orders from more customers.
		Silverado was forced to abandon its betting facility after falling on financially strained times, leaving the Northwest without an off-track betting location.
		In parimutuel betting, after the state takes a percentage for taxes and the park takes its share, the balance of the pool goes directly back the public.
	www.explorernews.com /articles/2005/09/14/sports/sports04.txt (870 words)

	Houston Home Journal
		As members talked about the increasing popularity of equine events and what could be done with approximately 841 acres of property acquired by the agricenter, James brought up the subject of betting on equine racing.
		Felton Jenkins, member of the Authority, which oversees operations for the agricenter, said he was glad James brought up the subject of parimutuel betting.
		If handled properly, parimutuel betting could be a good thing for the state, Jenkins added.
	news.mywebpal.com /partners/963/public/news553805.html (307 words)

	Jai alai articles on Encyclopedia.com (Site not responding. Last check: 2007-10-22)
		parimutuel betting PARIMUTUEL BETTING [parimutuel betting], system of cooperative wagering invented (c.1870) in France by Pierre Oller.
		gambling GAMBLING [gambling] or gaming, betting of money or valuables on, and often participation in, games of chance (some involving degrees of skill).
		In England and in the United States, gambling was not a common-law crime if conducted privately.
	www.encyclopedia.com /searchpool.asp?target=Jai+alai (153 words)

	Northlands Park - Memories Worth Keeping - Gaming
		Though most gaming activities were illegal in Alberta until 1969, parimutuel betting was permitted at the races long before.
		Parimutuel betting and casino operations are still the biggest hits at Northlands, each generating financial returns critical to the survival and service of the organization.
		Almost all of the money invested through betting at the tracks is either returned to the public in the form of payouts, or pledged to the winners’ purse.
	www.northlandsmemories.com /community_events/gaming.html (262 words)

	Horse Racing and Efficient Markets
		The pool is divided up among the winning bettors in proportion to the amount bet.
		Betting coups in the U.K. Horses whose odds fall during the betting were phenomenally profitable bets prior to the fall (Table 6B)
		During the betting period information is aggregated from diverse sources, resulting in more efficient prices.
	hubcap.clemson.edu /~sauerr/classes/324/wagernotes_1.htm (441 words)

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