In a traditional parimutuel, to correctly determine the odds for each team/individual, we should subtract the total amount wagered on a team/individual from the pool (i.e., Win, Place, Show) amount, then divide by the total amount wagered.
What is a pari mutuel pool?
Pari-mutuel is a system of betting on races whereby the winners divide the total amount bet, after deducting authorized taxes, fees and management expenses, in proportion to the sums wagered individually. The total amount wagered in any particular race is the pari-mutuel pool.
How do I bet on Pari Mutuel?
Parimutuel bet types
- Win: to succeed the bettor must pick the horse that wins the race.
- Place: the bettor must pick a horse that finishes either first or second.
- Show: the bettor must pick a horse that finishes first, second or third.
- Across the board: the bettor places three separate bets to win, place or show.
How do I pay out parimutuel betting?
Payouts are calculated by dividing the total amount staked for the pool by the total amount staked for each horse. In this case that would be $100,000 / $25,000. This creates odds of 5.00 (decimal odds) or +400 in American odds. What this means is that for every unit ($1) staked, you would get $5 back.
What is the formula for bet payout?
The math behind calculating payouts on sports bets When the odds are negative, change the number to positive and use this formula: 100/Odds * Stake = Profit. When the odds are positive: Odds/100 * Stake = Profit.
What is the payout for parimutuel betting?
A pari-mutuel bet is a wager that pays off based on the amount of money placed on that outcome in a given wagering pool. The greater percentage of handle on the winning outcome, the smaller the payout will be.