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.
The system as designed and installed features more than 700 carefully placed, top-quality pan-tilt-zoom digital cameras around the casino, count rooms, and parimutuel betting area.
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.
where the independent variables are defined in Table 1 and represent, respectively, measures of tax effort, mean per capita personal income, a dummy variable accounting for the absence of a state sales tax, an index of tourism for the state,(6) per capita spendable revenue generated from parimutuel betting in the state, percentage of the state's border contiguous with a state or states with lotteries, and an error term with the usual properties.
As indicated by the coefficient on PARICAP in Table 2, states with parimutuel betting are more likely to have adopted a lottery, and have adopted a lottery sooner than states in which parimutuel betting does not exist.
However, of those states with lotteries and with parimutuel betting, mean per capita spendable revenue per year from the lottery is $6.48 lower than for states with lotteries but without parimutuel betting.
The ability of a given state's residents to cross the border to purchase lottery tickets in contiguous states, and the ability to engage in parimutuel betting in a state are substitutes for the purchase of lottery tickets in the given state and significantly reduce the expected net spendable revenue from adopting and operating a lottery in that state.
The favourite-longshot bias in parimutuel betting: A clarification of the explanation that bettors like to bet longshots.
Optimal betting and efficiency in parimutuel betting markets with information costs.
Anomalies: Parimutuel betting markets: racetracks and lotteries.