Horse Racing Tips
Professional bookmaking for horseracing emerged in England
during the 1800's. During this period, bookmaking was conducted
by various individuals and regulation as we know it did not
exist. Correspondingly, it was subject to much abuses.
In response, M. Pierre Oller invented a machine that conducted
a new kind of auction pool that was less subjected to cheating
by operators, it was privately operated and allowed anyone
to bet on any horse. During this time in France, many of the
big races were held in Paris and bettors there referred to
"auction pools" as "mutuels". As this
was the case, when M. Oller's machine arrived in the Americas,
it was labeled the Pari-mutuel.
Definition of Pari-mutuel is best done by example, a bettor
who wants to participate in a race picks the horse they think
will win. After the race, all the winners of the race get
a share of the money but it is not divided up equally. First,
they will receive their return for their initial investment.
The rest of the pooled money is then divided among the winners
based on units of $2. For example, a person who bets $2 will
get back one unit while a person who bets $50 will get back
25 units plus their initial investment. There is also mention
to a horse's "odds'. These odds are determined by the
percentage of the pool wagered on the particular horseraing.
These odds are then used to determine the payoffs. With the
Pari-mutuel system, it makes no difference to the track which
horse wins since it's not their money that is paid out but
the money of the people holding the losing tickets.
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