parimutuel betting


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parimutuel betting

(păr'ĭmyo͞o`tyo͞oĕl), system of cooperative wagering invented (c.1870) in France by Pierre Oller. According to the system, the holders of winning tickets divide the total amount of money bet on a race (the pool), after deductions for tax and racetrack expenses. 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. Greyhound tracks and jai alai games also use the system. 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.
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The system that the integrator designed called for placing more than 700 pan-tilt-zoom digital cameras around the casino, count rooms, parimutuel betting area, and any other areas where money changed hands.
At the beginning of each shift, incoming operators are assigned a particular jurisdiction, such as the casino, the sports book, the poker room, and other areas of the facility, such as the racetrack and parimutuel betting area, the parking lots, and the entrance and egress doors.
To the extent that this is true, the probability of adopting a lottery should be directly correlated with the presence of other forms of legalized gambling in the state, such as parimutuel betting.
In 2003, they were added to the parimutuel betting card.
Bookmakers were banned at the tracks in New York and replaced by parimutuel betting in 1940, the catalyst that started the process of turning racing into one of the most popular leisure-time activities in the country.
BHA media manager Paul Struthers said sales races had to be included in the prize-money tally and racing in France had the advantage of being funded by parimutuel betting.
A note on the Hayek hypothesis and the favorite-longshot bias in parimutuel betting.
THE coupling of horses in the French parimutuel betting system could be consigned to history after France-Galop revealed their intent to scrap the rule in a bid to boost turnover, writes Desmond Stoneham.