razor
Joined: 21 Dec 2005
Posts: 26
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 Posted: Wed Dec 21, 2005 7:31 pm Post subject: Pari-mutuel |
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par·i-mu·tu·el (pari-myoo'choo-el)
1. A system of betting on races whereby the winners divide the total amount bet, after deducting management expenses, in proportion to the sums they have wagered individually.
2. A machine that records such bets and computes the payoffs.
[French pari-mutuel: pari, wager (from parier, to wager) (from Latin pariare, to settle a debt) from par, par- equal; see pere-2 in Indo-European Roots + mutuel, mutual (from Old French); see mutual.]
Pari-mutuel means "betting among ourselves". When you place a wager at our facility, you are not betting against the "house" as you would be if you were wagering at a casino. Instead, you are betting your choice or choices against those of every other patron. High speed totalisator computers calculate odds for each entry as wagers are placed. This information is broadcast to the infield tote board and closed circuit monitors, for specific pools, to inform patrons of changing odds information as wagers are placed.
In the simplest of terms, our facility is similar to a "bingo captain" or a "house sponsored poker game." We provide the facility, the lighting, the totalisator, the booking of greyhounds, employees, etc., and for that service we receive a commission from the gross wagering pool. The net pool (less our commission) is then available for distribution to those patrons holding winning tickets in each wagering pool.
SOUND COMPLICATED ? It should. The daily distribution process is very complicated and requires exacting mathematical formulas to properly account for numerous circumstances and which also must conform to Racing Commission approved regulations for each wagering pool. |
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