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Parimutuel betting
Parimutuel betting
Parimutuel betting
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Parimutuel betting, or pool betting, is a betting system in which all bets of a particular type are placed together in a pool; taxes and the house-take, are deducted, and payoff odds are calculated by sharing the pool among all winning bets. In some countries it is known as the tote after the totalisator, which calculates and displays bets already made.

The parimutuel system is used in gambling on horse racing, greyhound racing, jai alai, and other sporting events of relatively short duration in which participants finish in a ranked order. A modified parimutuel system is also used in some lottery games.

Betting on the Favorite, an 1870 engraving

Parimutuel betting differs from fixed-odds betting in that the final payout is not determined until the pool is closed — in fixed-odds betting, the payout is agreed at the time the bet is made.

Parimutuel gambling is frequently state-regulated, and it is offered in many places where gambling is otherwise illegal. Parimutuel gambling is often also offered at off-track facilities, where players may bet on the events without actually being present to observe them in person.

Example

[edit]

In a hypothetical event that has eight possible outcomes, in a country using a decimal currency such as dollars, each outcome has a certain amount of money wagered:

Outcome Wager
1 60.00
2 140.00
3 24.00
4 110.00
5 220.00
6 94.00
7 300.00
8 80.00
Total 1028.00

Thus, the total pool of money on the event is $1028.00. Following the start of the event, no more wagers are accepted. Then suppose Outcome 4 occurs. The payout is now calculated. First the commission or take for the wagering company is deducted from the pool. For example, with a commission rate of 14.25% the calculation is: $1028 × 0.1425 = $146.49. This leaves a remaining amount of $881.51. This remaining amount in the pool is now distributed to those who wagered on Outcome 4: $881.51 / $110.00 = 8.01 ≈ $8 payout per $1 wagered. This payout includes the $1 wagered plus an additional $7 profit. Thus, the odds on Outcome 4 are 7-to-1 (or, expressed as decimal odds, 8.01).

Prior to the event, betting agencies will often provide an approximate pay-out figure for each given outcome should no more bets be accepted after the current time. Using the wagers and commission rate above (14.25%), an approximates table in decimal odds and fractional odds would be:

Outcome Decimal
odds		 Approx.
fractional
odds
1 14.69 13–1
2 6.30 5–1
3 36.73 35–1
4 8.01 7–1
5 4.01 3–1
6 9.38 8–1
7 2.94 2–1
8 11.02 10–1

In real-life examples, such as horse racing, the pool size often extends into millions of dollars with many different types of outcomes (winning horses) and complex commission calculations.

Sometimes, the amounts paid out are rounded down to a denomination interval — in California,[1] Australia,[citation needed] and British Columbia,[2] 10¢ intervals are used. The rounding loss is known as breakage and is retained by the betting agency as part of the commission.

In some situations, a negative breakage may occur — for example, in horse racing when an overwhelming favorite wins (or shows or places).[3] The parimutuel calculation results might call for a very small winning payout (say, $1.02 or $1.03 on a dollar bet), but legal regulations might require a larger payout (e.g., minimum $1.10 on a dollar bet).[4] This condition is sometimes referred to as a minus pool.

Algebraic summary

[edit]

In an event with a set of n possible single-winner outcomes, with wagers W1, W2, ..., Wn the total pool of money on the event is

After the wagering company deducts a commission rate of r from the pool, the amount remaining to be distributed between the successful bettors is WR = WT(1 − r). Those who bet on the successful outcome m will receive a payout of WR / Wm for every dollar they bet on it.

When there are k possible winners, such as a North American "place" bet which has k = 2 winners, the total amount to be distributed WR is first divided into k equal shares. If m is one of the k winners, those who bet on outcome m will receive a payout of (WR / k) / Wm for every dollar they bet on it.

History

[edit]

The parimutuel system was invented by French-Catalan entrepreneur and showman[5] impresario Joseph Oller in 1867.[6]

The large amount of calculation involved in this system led to the invention of a specialized mechanical calculating machine known as a totalisator, "automatic totalisator" or "tote board", invented by the Australian engineer George Alfred Julius. The first was installed at Ellerslie Racecourse, Auckland, New Zealand, in 1913, and they came into widespread use at race courses throughout the world. The U.S. introduction was in 1927, which led to the opening of the suburban Arlington Racetrack in Arlington Park, near Chicago, and Sportsman's Park in Cicero, Illinois, in 1932.[7]

Strategy and comparison with independent bookmakers

[edit]

Unlike many forms of casino gambling, in parimutuel betting the gambler bets against other gamblers, not the house, which necessarily implies that the bank cannot be broken. The science of predicting the outcome of a race is called handicapping.

Independent off-track bookmakers typically have a smaller take and thus offer better payoffs, but they are illegal in some countries. However, the introduction of Internet gambling led to "rebate shops". These off-shore betting shops promise to return some percentage of every bet made to the bettor. They may reduce their take from 15–18% to as little as 1–2%, while still generating a profit by operating with minimal overhead.

By region

[edit]

There may be several different types of bets, in which case each type of bet has its own pool. The basic bets involve predicting the order of finish for a single participant, as follows:

North America

[edit]
See also: Glossary of North American horse racing

In Canada and the United States, the most common types of bet on horse races include:

Single race
  • 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.
  • Exacta, perfecta, or exactor: the bettor must pick the two horses that finish first and second, in the exact order.
  • Trifecta or triactor: the bettor must pick the three horses that finish first, second, and third, in the exact order.
  • Superfecta: the bettor must pick the four horses that finish first, second, third and fourth, in the exact order.[8]
  • Box: a box can be placed around exotic betting types such as exacta, trifecta or superfecta bets. This places a bet for all permutations of the numbers in the box. A trifecta box with three numbers has six possible permutations (for each of the three horses in the "box" that can finish first, there are two possibilities for which will finish second: 3 × 2) and costs six times the betting base amount. A trifecta box with five numbers has 60 possible permutations and costs 60 times the betting base amount (5 × 4 × 3). In France, a "box" gives only the ordered permutations going along an ordered list of numbers such that a trifecta box with six numbers would cost 20 times the base amount. For a single race, a wheel bet picks the winning horse, paired with any of the remaining horses in the field to finish second. For example, a wheel bet of "3-all" in a given race picks the #3 horse to win, and any other horse in the field to finish second (each permutation being a single bet - thus, in this example, if there are 5 horses in the field, a "3-all wheel" would 4 bets).
  • Quinella or Quiniela:[a] the bettor must pick the two horses that finish first and second. Final order does not matter. This bet is technically different than an exacta box, which is two bets total, one for each possible finishing permutation. Each horse's odds will produce two different payouts, commonly occurring when a favorite is paired with a longshot. A winning quinella can pay more than a winning exacta box, which can be determined by summing the quotients of the quinella payout and dividing by each exacta permutation payout — the quinella bet has a superior payout if the sum is greater than one.[10]
  • Any2 or Duet: The bettor must pick the two horses who will place first, second or third but can finish in any order. This could be thought of as a double horse show key (see below).
  • Hi 5 or Super 5: The bettor must pick five horses finishing in the exact order. Typically does not occur unless there are 8 or more horses in a race.
Multiple races
  • Double: the bettor must pick the winners of two successive races (a 'running' or 'rolling' double); most race tracks in Canada and the United States take double wagers on the first two races on the program (the daily double) and on the last two (the late double).
  • Triple: the bettor must pick the winners of three successive races; like doubles, many tracks offer "running" or "rolling" triples. Also called pick three or more commonly, a treble.
  • Quadrella or Quaddie: The bettor must pick the winners of four nominated races at the same track.
  • Pick six or Sweep six: Traditionally, the bettor must pick the winners of six consecutive races. However, there are variants ranging from three to nine races, with a four-race bet known as a Pick Four. Exclusively for the pick six, a progressive jackpot is sponsored by the host track and available at its satellite locations which grows until someone picks six winners correctly. There is also a consolation prize for those who pick five winners correctly, divided amongst the number of tickets registered in the system with five out of six right, in a case where nobody gets five or six winners, a four out of six consolation prize may occur. A Place Pick Nine makes up for the increased difficulty of the high number of races by allowing a second-place finish for a bettor's selected horse to count as a win.
  • Jackpot: A twist on the traditional Pick 6 or Hi 5 bet is one where the progressive jackpot is paid only if there is one winning bet. In this case, the consolation prize is given to the multiple holders of the winning bets with the jackpot growing until there is one winner. If there is no winner when the racing season ends, a "mandatory payout" occurs typically on the last racing day where the jackpot is paid out to whoever has a winning bet.

Win, place and show wagers class as straight bets, and the remaining wagers as exotic bets. Bettors usually make multiple wagers on exotic bets. A box consists of a multiple wager in which bettors bet all possible combinations of a group of horses in the same race. A key involves making a multiple wager with a single horse in one race bet in one position with all possible combinations of other selected horses in a single race. A multi-race wheel (cf. wheel, above) consists of betting all horses in one race of a bet involving two or more races. For example, a 1-all daily double wheel bets the 1-horse in the first race with every horse in the second.

People making straight bets commonly employ the strategy of an "each way" bet. Here the bettor picks a horse and bets it will win, and makes an additional bet that it will show, so that theoretically if the horse runs third it will at least pay back the two bets. The Canadian and American equivalent is the bet across (short for across the board): the bettor bets equal sums on the horse to win, place, and show.

A parlay, accumulator or roll-up consists of a series of bets in which bettors stake the winnings from one race on the next in order until either the bettor loses or the series completes successfully.

Australia/New Zealand

[edit]
See also: Glossary of Australian and New Zealand punting
Single race
  • Win: Runner must finish first.
  • Place: Runner must finish first, second or third place. In events with five to seven runners, no dividends are payable on third place (signified by "NTD" or No Third Dividend) and in events with 4 or fewer runners, only Win betting is allowed.
  • Each-way: A combination of Win and Place. A $5 bet Each-way is a $5.00 bet to Win and a $5.00 bet to Place, for a total bet cost of $10.
  • Exacta: The bettor must correctly pick the two runners which finish first and second.
  • Quinella: The bettor must pick the two runners which finish first and second, but need not specify which will finish first.
  • Trifecta: The bettor must correctly pick the three runners which finish first, second, and third.
  • First4: The bettor must correctly pick the four runners which finish first, second, third and fourth.
  • Duet: The bettor must pick two horses who will place first, second or third but can finish in any order.
Multiple races
  • Running double: The bettor must pick the winners of two consecutive races at same track.
  • Daily double: The bettor must pick the winners of two nominated races at the same track.
  • Treble: The bettor must pick the winners of three nominated races at the same track. This bet type is only available in the states of Queensland and South Australia.
  • Quadrella or Quaddie: The bettor must pick the winners of four nominated races at the same track.
  • Big 6: The bettor must pick the winners of six nominated races, which can be at the same track or split over two or more tracks.

In Australia, certain exotic bet types can be laid as "flexi" bets. Usually the price of an exotic bet is determined by a set multiple of the outcome, for example $60 for a five horse boxed trifecta at one unit ($1) — or $30 at half unit (50c). If the bet is successful, the bettor will get either the full winning amount shown on the board, or half the winning amount. Under a flexi system the bettor can nominate their desired total wager, and their percentage of payout is determined by this wager's relationship to the full unit price. Using a five horse box trifecta, the bettor may wish to lay only $20 on the outcome. Their percentage of winnings is now calculated as $20/$60 = 33.3%. If the bet is successful, the payout will be 33.3% of the winning amount for a full unit bet.

In recent times the "Roving Banker" variant for Trifecta and First4 betting is now offered. For a Roving Banker First4 the player selects one, two or three runners they believe will definitely finish 1st, 2nd, 3rd or 4th, and up to three selections as Roving Banker(s) with other runners to fill the remaining place(s). A Roving Banker Trifecta is where the player believes that one or two runners will definitely finish 1st, 2nd or 3rd. The bet can be placed by picking the player's favourite runner to finish in any place within the bet and complete the Trifecta with any number of other runners to fill the other placing(s).[11]

United Kingdom

[edit]
See also: Glossary of bets offered by UK bookmakers

The following pools are operated at meetings in mainland Britain:

Single race
  • Win: Runner must finish first.
  • Place: Runner must finish within the first two places (in a 5–7 runner race), three places (8–15 runners and non-handicaps with 16+ runners) or four places (handicaps with 16+ runners).
  • Each-way: Charged and settled as one bet to win and another bet to place (for example, a punter asking for a bet of "five pounds each way" will be expected to pay ten pounds).
  • Exacta: The bettor must correctly pick the two runners which finish first and second, in the correct order.
  • Trifecta: The bettor must correctly pick the three runners which finish first, second, and third, in the correct order.
  • Swinger: The bettor must correctly pick two runners to finish in the places, both runners must place, in any order.
Multiple races
  • Jackpot: Pick the winner from each of the first six races of the advertised Jackpot meeting of the day.
  • Placepot: Pick a placed horse from each of the first six races from any British race meeting.
  • Quadpot: Pick a placed horse from the third, fourth, fifth and sixth race from any British race meeting.
  • Scoop6: Pick the winner (for the win fund) or a placed horse (for the place fund) from the six advertised Scoop6 races. Saturdays only.
  • Super7: Pick the winner from seven races. This bet ceased being offered by totepool from January 2012.

Exotic wagers are usually made on horses running at the same track on the same program. In the United Kingdom, bookmakers also offer exotic wagers on horses at different tracks. Probably the Yankee occurs most commonly: in this the bettor tries to pick the winner of four races. This bet also includes subsidiary wagers on smaller combinations of the chosen horses; for example, if only two of the four horses win, the bettor still collects for their double. A Trixie requires trying to pick three winners, and a Canadian or Super Yankee trying to pick five; these also include subsidiary bets. There are also other bets which are large combinations of singles, doubles, trebles and accumulators some of them are called Lucky 15, Lucky 31, Heinz, Super Heinz, Goliath. The term nap identifies the best bet of the day.

Ireland

[edit]

Tote Ireland operates the following pools

Single race
  • Win: Runner must finish first
  • Place: Runner must finish within the first two places (in a 5–7 runner race), three places (8–15 runners and non-handicaps with 16+ runners) or four places (handicaps with 16+ runners). (From 23 April 2000 to 23 May 2010, Tote Ireland operated 4-place betting on all races with 16 or more runners.)
  • Each-way: Charged and settled as one bet to win and another bet to place (for example, a punter asking for a bet of "five euro each way" will be expected to pay ten euro).
  • Exacta: The bettor must correctly pick the two runners which finish first and second, in the correct order (replaced Forecast which allowed any order).
  • Trifecta: The bettor must correctly pick the three runners which finish first, second, and third, in the correct order (introduced on 26 May 2010, replacing Trio which allowed any order).
Multiple races
  • Jackpot: A Pick 4 bet on races 3–6 at every meeting.
  • Pick Six: On races 1–6 at one meeting on all Sundays and occasionally on other days (introduced on 9 January 2011).
  • Placepot: The better must correctly pick one horse to place in each of the races 2–7.

Sweden

[edit]

Bet types for harness racing (trotting):

Single race
  • Vinnare (winner): Runner must finish first.
  • Plats (place): Runner must finish within the first two places (up to five runners) or first three places (six runners or more).
  • Vinnare & Plats: Two bets, one on "vinnare" and one on "plats" for the same runner. Asking for a bet of "50 SEK vinnare och plats" costs 100 SEK
  • Tvilling (twin): The bettor must pick the runners that finish first and second, but need not specify which will finish first.
  • Trio (trio): The bettor must pick the runners that finish first, second and third in a nominated race.
Multiple races
  • Dagens Dubbel (daily double) and Lunchdubbel (lunch double): The bettor must pick the winners of two nominated races at the same track.
  • V3: The bettor must pick the winners of three nominated races at the same track. Unlike V4, V5, V65 and V75, where a bet for all races must be made before the start of the first race, in V3 the bettor selects the winner one race at a time.
  • V4: The bettor must pick the winners of four nominated races at the same track.
  • V5: The bettor must pick the winners of five nominated races at the same track.
  • V65: The bettor must pick the winners of six nominated races at the same track. Return is also given for (combinations of) five correctly picked winners, even if the same bet included all the six winners.
  • V64: The bettor must pick the winners of six nominated races at the same track. Return is also given for (combinations of) five or four correctly picked winners, even if the same bet included more correct picks.
  • V75: The bettor must pick the winners of seven nominated races at the same track. Return is also given for (combinations of) six or five winners picked correctly, even if the same bet included more correct picks. The betting pool is split into three separate pools for all combinations of seven (40%), six (20%) and five (40%) correctly picked winners. This is the largest nationwide betting game in Sweden, running each Saturday with weekly pools of about 80 MSEK ($11 million).
  • V86: The bettor must pick the winners of eight nominated races at the same track. Return is also given for (combinations of) seven or six winners picked correctly, even if the same bet included more correct picks. The betting pool is split into three separate pools for all combinations of eight (40%), seven (20%) and six (40%) correctly picked winners.

Hong Kong

[edit]

The Hong Kong Jockey Club (HKJC) operates the following common bet types and pools for horse racing.[12]

Single race
  • Win: Select correctly the 1st horse in a race.
  • Place: Select correctly the 1st, 2nd or 3rd horse in a race with 7 or more declared starters, alternatively select correctly the 1st or 2nd in a race where there are 4 to 6 declared starters.
  • Quinella: Select correctly the 1st and 2nd horses in any order in a race.
  • Quinella Place: Select correctly any two of the first three placed horses in any order in a race.
  • Forecast: Select the 1st and 2nd horses in the correct order in a race.
  • Tierce: Select the 1st, 2nd and 3rd horses in the correct order in a race.
  • Trio: Select correctly the 1st, 2nd and 3rd horses in any order in a race.
  • Quartet: Select correctly the 1st, 2nd, 3rd and 4th in correct order in a race
  • First 4: Select correctly the 1st, 2nd, 3rd and 4th horses in any order in a race.
Multiple races
  • Double: Select correctly the 1st horse in each of the two nominated races. There is a consolation prize given under the conditions that the player has selected correctly the 1st horse in the first nominated race and the 2nd horse in the second nominated race.
  • Treble: Select correctly the 1st horse in each of the three nominated races. There is a consolation prize given under the conditions that the player has selected correctly the 1st horse in the first two Legs and the 2nd horse in the third Leg of the three nominated races.
  • Double Trio: Select correctly the 1st, 2nd and 3rd horses in any order in each of the two nominated races.
  • Triple Trio: Select correctly the 1st, 2nd and 3rd in any order in each of the three nominated races. There is a consolation prize given under the conditions that the player has selected correctly the 1st, 2nd and 3rd horses in any order in the first two Legs of the three nominated races.
  • Six Up: Select correctly the 1st or 2nd horse in each of the six nominated races. There is a jackpot prize given under the conditions that the player has selected correctly the 1st horse in each of the six nominated races.

Japan

[edit]

In Japan, horse racing (競馬, keiba), velodrome cycling (競輪, keirin), stock outboard powerboat racing (競艇, Kyōtei), and paved flat track motorcycle racing (オートレース, Auto Race) operate the following parimutuel types.[13][14][15][16] Wager must be a multiple of 100 yen except Each-way.

  • Win (単勝, Tanshō): Runner must finish first. (horse racing, powerboat racing, flat track racing)
  • Place-Show (複勝, Fukushō): Runner must finish within the first two places (up to seven participants) or three places (more than eight participants). (horse racing, powerboat racing, flat track racing)
  • Each-way (応援馬券, Ōen Baken): To place one bet to Win and another bet to Place-Show. (For example, betting 1,000 yen to Each-way means betting 500 yen to Win and 500 yen to Place-Show.) Wager must be multiple of 200 yen (JRA-sanctioned horse racing).
  • Bracket Quinella (枠番連勝複式, Wakuban Renshō Fukushiki), abbreviated as Waku-ren (枠連): The bettor must pick the two bracket numbers which finish first and second, but need not specify which will finish first. A bracket number (枠番, Wakuban) means runner's cap color (1: White; 2: Black; 3: Red; 4: Blue; 5: Yellow; 6: Green; 7: Orange; 8: Pink) (used in horse racing, cycling, and flat track).
  • Bracket Exacta (枠番連勝単式, Wakuban Renshō Tanshiki), abbreviated as Waku-tan (枠単): The bettor must correctly pick the two bracket numbers which finish first and second (non-JRA horse racing).
  • Quinella (連勝複式, Renshō Fukushiki), abbreviated as Uma-ren (馬連), Ni-sha-fuku (2車複) or Ni-renpuku (2連複): The bettor must pick the two runners which finish first and second, but need not specify which will finish first (all four).
  • Exacta (連勝単式, Renshō Tanshiki), abbreviated as Uma-tan (馬単), Ni-sha-tan (2車単) or Ni-ren-tan (2連単): The bettor must correctly pick the two runners which finish first and second (all four).
  • Quinella-Place (拡大連勝複式, Kakudai Renshō Fukushiki), also known as Wide (ワイド) or Kaku-renpuku (拡連複): The bettor must pick the two runners which finish the top three — no need to specify an order (For example, when the result of race is 3-6-2-4-5-1, the top three runners are 2, 3 and 6, and winning combinations are 2-3, 2-6 and 3-6.) (all four).
  • Trio (3連勝複式, Sanrensho Fukushiki), abbreviated as San-renpuku (3連複): The bettor must pick the three runners which finish the top three, but no need to specify an order (all four).
  • Trifecta (3連勝単式, Sanrensho Tanshiki), abbreviated as San-ren-tan (3連単): The bettor must correctly pick the three runners which finish first, second, and third (all four).
  • WIN 5 / Select 5: The bettor must pick the winners of five designated races. Betting on operators' website by PC or cellular phone only (horse racing only).

France

[edit]

The following bet type are offered by the government-controlled betting agency Pari Mutuel Urbain (PMU).[17][18]

  • Simple Gagnant (Win): The bettor must correctly pick the runner that finishes first.
  • Simple Placé (Place): The bettor must pick a runner that finishes either first, second or third in the race. If there are 7 or less starters in the race then third place is not counted and the bettor must pick a horse that finishes either first or second. This bet type is not available on events with 3 or fewer runners.
  • Couplé Gagnant (Quinella): The bettor must correctly pick the two runners which finish first and second in any order.
  • Couplé Placé (Duet): The bettor must correctly pick two of the first three finishers in any order. This bet type is not available on events with 3 or fewer runners.
  • Couplé Ordre (Exacta): The bettor must correctly pick the two runners which finish first and second in the correct order. Only available on races with 4-7 runners.
  • Trio: The bettor must correctly pick the first three finishers in any order. Only available on races with 8+ runners.
  • Trio Ordre (Trifecta): The bettor must correctly pick the first, second and third finishers in their finishing order. Only available on races with 4-7 runners.
  • Tiercé/Tiercé Classic: First created in 1954. The bettor must correctly pick the first, second and third finishers in the race with a main dividend paid for selecting the exact order of finish, and a secondary "Désordre" dividend paid for selecting the correct three runners but in the wrong order. Essentially a combination Trio Ordre/Trio bet with the main dividend paying at least 5 times the secondary one. On popular or famous races this bet type is sometimes labelled "Tiercé Classique" but follows the same rules as the standard Tiercé.
  • Quarté+: The bettor aims to correctly pick the first four finishers in the race with a main dividend paid for selecting the first four runners in their exact order of finish, a secondary "Désordre" dividend paid for the selecting the first four finishers but in an incorrect finishing order and a tertiary "Bonus" dividend paid for correctly selecting only the first three runners (in any order).
  • Quinté+: The bettor aims to correctly pick the first five finishers in the race with a main dividend paid for selecting the first five runners in their exact finishing order, a secondary "Désordre" dividend paid for the selecting the first five finishers but in an incorrect finishing order, a "Bonus 4" dividend for selecting the first four finishers in any order, a "Bonus 4sur5" dividend for selecting four of the first five finishers in any order and a "Bonus 3" for selecting the first three finishers in any order. Furthermore, each Quinté+ ticket is given a number between 1 and 3,000 for a possibility of winning the Tirelire which is a cumulated jackpot of at least €500,000 but often exceeding millions of euros. In order to win this jackpot, one needs to win the Quinté Ordre (five first finishers in order) and have the winning number which is drawn and published moments before the race starts. A matching No Plus number multiplies earning by ten on any Quinté ticket irrespective of the order.
  • Pick5: The bettor aims to correctly pick the first five finishers in the race irrespective of the order. PMU selects races on which this bet is available.
  • 2sur4: The bettor must correctly pick two out of the first four finishers in the race in any order. Only available on races with 10 or more starters.
  • Multi/Mini Multi: The bettor selects between 4 and 7 horses for the Multi and between 4 and 6 for the Mini Multi which must contain the first four finishers in the race in any order. The main "Gagnant en 4" dividend is paid to winning bettors who selected four horses, with decreasing "Gagnant en 5", "Gagnant en 6" and "Gagnant en 7" dividends paid to winning bettors who selected five, six and seven horses respectively. The "Multi" bet operates on races with 14 or more starters. The "Mini Multi" operates on races with 10 to 13 starters and only allows for a maximum of six selections with no "Gagnant en 7" dividend.
  • Super4: The better must correctly pick the first, second, third, and fourth finishers in the correct order. Only available on races with 5-9 runners.

Tiercé, Quarté+ and Quinté+ bets are typically only offered on the largest race of the day.

See also

[edit]

Notes

[edit]

References

[edit]
Revisions and contributorsEdit on WikipediaRead on Wikipedia

Parimutuel betting

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Parimutuel betting is a wagering system in which all bets of a similar type on an event, such as a horse race, are aggregated into a common pool, from which the operator deducts a commission and taxes before distributing the remainder proportionally among the winning bettors. In this system, participants wager against one another rather than against the , with determined collectively by the distribution of wagers rather than being fixed in advance. The term "parimutuel," derived from French meaning "mutual stake," reflects this pooled nature, where payouts fluctuate based on the total —the aggregate amount bet—and the proportion allocated to each outcome. The system originated in in the late and spread internationally, becoming a dominant form of wagering at racetracks worldwide. , it was introduced in and, after periods of , achieved widespread legal adoption by the mid-20th century, facilitated by technologies like the totalisator machine. As of 2025, parimutuel betting remains the primary legal wagering system for , , , and in many U.S. states, governed by federal laws such as the Interstate Horse Racing Act of 1978 and state regulations. However, wagering handle has been declining (e.g., 3.28% drop in Q1 2025), prompting discussions on integrating fixed-odds options to revitalize the industry. Advances like advance deposit wagering and commingled pools have enabled off-track and online participation.

Fundamentals

Definition and Principles

Parimutuel betting is a pooled wagering system in which all bets of a specific type are aggregated into a single pool, which is then divided among the winners after deducting management expenses and taxes, with payouts determined proportionally to the amounts wagered on the winning outcome. This method eliminates fixed set by a , as the final payouts reflect the collective betting behavior of all participants rather than predetermined lines. The term "parimutuel" derives from the French phrase pari mutuel, meaning "mutual stake," and entered English usage in the late to describe this form of collective betting. At its core, parimutuel betting operates on the principle of mutual wagering, where participants bet against one another in a shared pool, fostering a dynamic driven by public sentiment and information. Unlike fixed-odds systems, where the house assumes risk by guaranteeing payouts, the parimutuel model shields the operator from financial loss by relying solely on bettors' stakes to fund winnings. The operator deducts a house takeout—often referred to as the vig or rake—from the total pool as its fee, typically ranging from 10% to 25% depending on the and bet type, before distributing the remainder to winners. Payouts are then allocated proportionally, ensuring that the more money bet on a winning outcome, the lower the individual return per unit wagered, which incentivizes informed betting. This system distinguishes itself from lotteries or , which depend predominantly on random chance with no opportunity for predictive skill, by emphasizing bettor expertise in forecasting outcomes, such as in where factors like animal form and performance inform wagers.

Types of Wagers

In parimutuel betting systems, commonly used in , the primary wager types focus on predicting the finishing positions of participants. A win bet requires selecting the that finishes first in the race. A place bet succeeds if the chosen finishes first or second. A show bet pays out if the places first, second, or third. These basic bets form the foundation of parimutuel wagering, offering straightforward opportunities based on single-race outcomes. More complex wagers, known as exotic bets, involve predicting multiple horses' positions or outcomes across races. An exacta bet requires picking the first and second-place finishers in exact order. A demands selecting the top three horses in precise order. The extends this to the first four finishers in order, increasing potential payouts due to its difficulty. Multi-race exotic bets include the daily double, where bettors select winners of two consecutive races, and the pick six, which involves correctly choosing winners across six designated races. These exotic options appeal to bettors seeking higher returns through greater specificity. Each type of wager operates within its own dedicated betting pool, separating funds for win, place, show, exacta, and so on, to ensure independent calculations. Minimum wager amounts are standardized at many venues, typically $2 for basic and most exotic bets, though some tracks allow $1 or even $0.10 for certain exotics like trifectas or superfectas. Payouts for these wagers vary based on the total pool size and number of winning tickets. Bettors can also place an across the board wager, which combines equal amounts on a single horse for win, place, and show, providing coverage across the primary outcomes in one transaction.

Mechanics

Pool Formation and Takeout

In parimutuel betting, pools are formed by aggregating all wagers placed on a specific outcome type for an event, such as a race, prior to the start of . Betting operators collect these wagers through various channels, including on-track windows, off-track facilities, and advance deposit wagering platforms, ensuring no bets are accepted after the event begins to maintain the of the pool. Separate pools are established for each bet type—such as win, place, show, exacta, or —and for each individual race or event at a venue, allowing for distinct risk and payout calculations within the system. In certain cases, uncashed winning tickets from prior events may be carried over into subsequent pools after a specified period, typically to fund jackpot-style wagers or development programs, though this varies by . The represents the portion of the total wagering pool deducted by the operator before distributing the remainder to winning bettors, typically ranging from 15% to 25% depending on the , bet type, and regulatory framework. This deduction is structured to allocate funds across multiple purposes: a portion goes to state or local taxes, another to the operator's profit for operational costs, and the rest to purses for race participants or other industry supports. For example, in U.S. , a standard takeout of around 17% on basic win, place, and show wagers is common, with higher rates often applied to exotic bets like trifectas. Breakage occurs during the payout process as a minor deduction resulting from rounding winning payouts down to the nearest or dime, simplifying cash transactions and reducing the need for fractional payments. This practice generates small unclaimed amounts—often pennies per ticket—that are retained by the operator or redistributed according to state rules, contributing a negligible but consistent beyond the primary . A portion of the takeout is frequently directed toward industry enhancements, such as track and improvements, as well as and owner programs to support equine development and quality. These allocations help sustain the of parimutuel wagering by reinvesting in and participant rewards, with specifics governed by statutory requirements in each .

Odds Determination and Payouts

In parimutuel betting, are determined dynamically based on the distribution of wagers within each , reflecting the collective sentiment of participants rather than fixed probabilities set by a . Approximate are displayed prior to the event on the tote board, calculated from the current balances in the pool and updated frequently—typically every 60 seconds—as additional bets are placed, allowing bettors to gauge shifting in real time. The final , however, are computed only after betting closes and the results are official, ensuring accuracy based on the complete pool. The tote board itself, a central display at venues, originated as a mechanical totalizator system in the early to automate bet recording and calculation, evolving to digital formats by the late for faster updates and greater reliability. Payouts are distributed from the net pool, which is the total amount wagered minus the —a commission typically ranging from 10% to 25% deducted for operational costs, taxes, and purses—leaving the remainder for winning bettors. For a standard win pool, the payout per $2 bet (the common minimum wager unit) is calculated as the net pool divided by the number of winning $2 bets, with winners receiving twice the profit per $1 bet plus their original stake. Place and show pools follow proportional divisions: place payouts split the net pool equally between bets on the first- and second-place finishers, while show payouts divide it among the top three, adjusted for any coupled entries or mutuel fields treated as single interests. This directly reduces the net pool available for distribution, influencing overall payout values across all pool types. Refund rules ensure fairness in cases of disruptions, with full refunds issued for all wagers on scratched or entries excused before the race, and no further tickets sold on them after the announcement. Pools are adjusted accordingly: for example, win pools are refunded entirely if fewer than two betting interests remain, place pools if fewer than three, and show pools if fewer than four. In dead heats, where two or more finish simultaneously for a payout position, the relevant pool is divided equally among the tied winners, with profits split proportionally—for instance, a dead heat for first in a place pool shares the full place profit between the tied .

Calculation Examples

A simple example of a win pool calculation involves a total pool of $100,000 with a 20% , deducting $20,000 and leaving $80,000 in the net pool. Suppose $20,000 was bet on the winning horse through $2 bets. The payout is determined by dividing the net pool by the number of winning $2 bets, yielding $80,000 / = $8 per $2 bet. Conversely, if the win pool total and payout are known, the amount bet on the winning horse can be approximated. The amount bet on the winner WW is given by W≈2×(TP×(1−R))YW \approx \frac{2 \times (TP \times (1 - R))}{Y}, where TPTP is the total pool, RR is the takeout rate (typically 15% to 20% depending on the jurisdiction), and YY is the payout for a $2 bet. Displayed odds are approximations that update dynamically until betting closes. For a place pool, the net pool is divided equally between the first- and second-place finishers. Each half is then distributed to the place bets on the finishing in that position by dividing the half by the amount bet on that . This ensures an equal division of the net pool between the two place positions before proportional distribution within each. The general for the win payout per unit bet is P=TP×(1−R)WBP = \frac{TP \times (1 - R)}{WB} where TPTP is the total pool, RR is the takeout rate, and WBWB is the number of winning bet units. This formula derives from deducting the takeout to obtain the net pool, then dividing by the winning units to determine the return per unit, encompassing both stake and profit. In the case of a dead heat, where two or more horses tie for the winning position, the pool is divided equally among the tied winners using a profit split method. For instance, if two horses dead heat for first in a win pool, the net pool's profit is split equally between the betting interests on those horses, with each portion then divided among the respective winning bets on that horse.

Historical Development

Origins and Early Adoption

Parimutuel betting was invented in the 1860s by Joseph Oller, a Catalan-born entrepreneur based in , as an innovative wagering system designed to pool bets on horse races and distribute payouts among participants, thereby reducing disputes common in traditional bookmaking. Oller, inspired by chaotic betting practices he observed, initially launched a precursor pool betting operation on Boulevard Magenta in 1865 before formalizing the parimutuel method in 1867, which emphasized mutual contributions to a central pool to ensure fairer outcomes. This system quickly gained traction as an alternative to , which was prone to fraud and inconsistencies in early French racing circles. The first major implementation of parimutuel betting occurred in in 1867, with operations conducted from mobile wagons at suburban racecourses to accommodate crowds. It was notably adopted at prominent venues like the de Longchamp, where it streamlined wagering during events and proved commercially successful from the outset, attracting bettors across . Despite its success, parimutuel betting faced regulatory hurdles due to concerns over and ; it was banned in 1875, leading to Oller's brief , but was revived through legal challenges that highlighted its role in organized, transparent wagering. French authorities formalized its legitimacy with the law of June 2, 1891, which authorized parimutuel operations exclusively at racetracks under state oversight, solidifying its position as the primary betting mechanism in the country and paving the way for sustained adoption.

Global Expansion

Parimutuel betting, originating in in the 19th century, began its international spread in the early 20th century as racing industries sought regulated wagering systems to boost revenues and curb illegal bookmaking. In the United States, the system was first introduced in 1872 at Jerome Park Racetrack in New York, with early adoption at racetracks like employing the "French Mutuel" machine in 1873, though its adoption faced legal challenges and periods of prohibition due to anti-gambling sentiments. By the 1920s, parimutuel wagering gained renewed traction amid a resurgence in popularity, with tracks increasingly legalizing it to provide transparent odds calculation. The accelerated nationwide legalization in the 1930s, as 21 states authorized racetracks with parimutuel systems to generate tax revenue during economic hardship, marking a pivotal regulatory milestone that solidified its role in American racing. In the , parimutuel betting was formally adopted through the Racecourse Betting Act of 1928, which established the Horserace Totalisator Board—commonly known as —to operate totalisator machines on racecourses, thereby replacing traditional bookmakers at select venues and channeling funds toward racing improvements. This legislation, championed by , ended prior prohibitions on the system and introduced a government-supervised pool-based wagering model that persists today. Australia embraced parimutuel betting in the through the development of the automatic totalisator, invented by engineer George Alfred Julius and first demonstrated in 1913, enabling efficient pool aggregation for wagers at tracks. The system quickly expanded to following its introduction to the country in 1927, where mechanical totalisators facilitated parimutuel pools amid growing popularity of the sport. In , parimutuel betting on was tacitly permitted starting in 1906 under government oversight but was banned in 1908; it was suspended during the latter stages of and resumed in the late , with the establishment of the in 1954 institutionalizing strict state control over pools to ensure regulated operations and revenue for public welfare. The , founded in 1884, secured a monopoly on and associated betting from its inception, incorporating parimutuel systems to manage wagers on races and establishing itself as a central economic institution under British colonial administration. In the U.S., despite on-track legalization, parimutuel betting remained banned in many states until the 1970s, prompting the development of parlors—first authorized in New York in 1970—to extend access while complying with track-centric regulations. These milestones reflect parimutuel's adaptation to diverse regulatory environments, emphasizing government involvement to promote fairness and fiscal benefits.

Betting Strategies

Mathematical Analysis

Parimutuel betting systems can be analyzed through the lens of (EV), which quantifies the average outcome of a wager over repeated trials. The EV for a unit wager of $1 on a specific outcome is given by EV=p⋅O−1,EV = p \cdot O - 1, where pp is the bettor's assessed probability of the outcome winning, and OO is the total payout (including return of the stake) determined by the pool after the . In parimutuel contexts, OO is calculated as the net pool divided by the total wagers on the winning outcome, such that public betting patterns often distort these away from the true probabilities; for instance, if bettors overweight unlikely outcomes, the resulting OO for longshots inflates beyond actuarial fairness, leading to negative EV for those bets despite apparent value. Low-payout bets can have high expected value when the hitting probability is sufficiently high, as the product of high probability and low odds exceeds 1, creating a typical pattern where reliability boosts overall value despite modest returns. A prominent distortion in parimutuel markets is the favorite-longshot bias, where favorites (low OO) undervalue their true win probabilities, while s (high OO) overvalue theirs, resulting in lower expected returns for bets. This bias arises from risk-seeking behavior among bettors, who disproportionately wager on s for the thrill of high payouts, even though such bets yield returns as low as -61% at 100/1 compared to -5.5% for favorites. Empirical analysis of over 6.4 million U.S. horse races from 1992–2001 confirms this pattern across win, exacta, and pools, with behavioral misperceptions—such as overweighting small probabilities—exacerbating the inefficiency beyond simple risk-love. To manage bankroll in these distorted markets, bettors can adapt the , which prescribes the optimal of capital to wager for long-term growth. The formula is f∗=bp−qb,f^* = \frac{bp - q}{b}, where f∗f^* is the of the bankroll to bet, bb is the net odds received (payout minus stake), pp is the bettor's probability estimate, and q=1−pq = 1 - p. In parimutuel settings, fractional Kelly (scaling f∗f^* by a constant c<1c < 1) is often used to mitigate variance from pool uncertainties, as demonstrated in backtests on races where it exploited underpriced non-favorites for positive returns like 4.46% IRR. Parimutuel pools exhibit partial , incorporating available rapidly through collective betting but falling short of perfect due to persistent and frictions. Prices in these markets approach informational via repeated interactions and feedback, yet anomalies like the favorite-longshot and occasional opportunities (yielding ~2% gains ~10 times per year) indicate exploitable inefficiencies from behavioral factors and takeouts of 11–30%.

Comparison with Fixed-Odds Systems

Parimutuel betting differs fundamentally from fixed-odds systems in how odds are established and risks are managed. In parimutuel wagering, all bets of a given type are pooled together, with odds fluctuating in real-time based on the distribution of wagers across outcomes, and final payouts determined only after betting closes and the event concludes. This contrasts with , where a sets predetermined odds at the time of the wager, locking in the potential payout regardless of subsequent betting activity. Operators in parimutuel systems face no from outcome imbalances, as they deduct a fixed —typically 15-25% of the pool, such as a standard 16% for win bets—before distributing the remainder to winners, ensuring guaranteed revenue. In fixed-odds systems, bookmakers assume the risk by offering odds against the house, incorporating a (vig) of around 4-5% on average, such as the implied 4.55% in -110 lines, to maintain profitability across varied outcomes. Parimutuel betting offers advantages in and event integrity, as larger pools can yield higher payouts for underbet outcomes, and the collective nature reduces incentives for operator manipulation since reflect public sentiment rather than adjustments. However, it disadvantages early bettors, as late heavy wagering can dramatically shorten , potentially reducing returns unfairly, and the higher erodes a greater portion of the pool compared to fixed-odds vig. Fixed-odds systems provide predictability, allowing bettors to know exact payouts upfront, and support a broader variety of wager types without pool dependencies. Hybrid systems, such as betting exchanges like , blend elements of both by facilitating fixed-odds wagers with low commissions (around 5%), but they diverge from pure parimutuel by not pooling all bets into a pot for proportional payouts. In such hybrids, fixed-odds markets often aggregate information more efficiently from the outset, while parimutuel components incorporate late bets to refine final prices.

Regional Implementations

North America

In the United States, parimutuel betting is predominantly associated with horse racing and harness racing, where it forms the core wagering system at racetracks nationwide. Regulation occurs at the state level through dedicated racing commissions, which license operators, enforce rules on wagering integrity, and distribute proceeds from takeouts to support purses, operations, and state revenues. For instance, the New York State Gaming Commission's Division of Horse Racing and Pari-Mutuel Wagering oversees activities in that state, ensuring compliance with federal interstate guidelines while tailoring local standards. The average takeout rate for basic win, place, and show wagers hovers around 17%, varying by track daily handle and bet type, with lower rates at high-volume venues to encourage participation. Off-track betting via simulcasting emerged in the 1970s, beginning with legalization in New York in 1970, which allowed remote wagering on live races transmitted by satellite, thereby expanding access and pooling bets from multiple locations. In Canada, parimutuel betting on horse and harness racing falls under provincial jurisdiction, reflecting the country's decentralized governance of gaming. Provinces issue licenses, set operational rules, and integrate racing with broader lottery systems to fund industry sustainability. Ontario exemplifies this through Woodbine Racetrack, a major venue for thoroughbred and standardbred events where parimutuel pools drive wagering on live and simulcast races under strict provincial oversight. Recent developments include deeper integration with the Ontario Lottery and Gaming Corporation (OLG), which in 2025 partnered with Woodbine Entertainment to embed horse racing bets into OLG's digital platforms, routing wagers through parimutuel systems for enhanced accessibility while complying with federal supervision on drug testing and pool integrity. Mexico's parimutuel betting landscape centers on horse and quarter horse racing at key facilities like the Hipódromo de las Américas in , the country's premier track since its 1943 opening, where governs licensing and operations to promote fair wagering. This venue hosts regular meets with parimutuel pools, attracting bettors to both and local breeds under the Jockey Club Mexicano's administration. Takeout rates here typically range from 12% to 15%, lower than many U.S. counterparts, supporting higher payouts while funding track maintenance and purses as mandated by the Federal Law of Games and Sweepstakes. A defining feature of North American parimutuel systems is interstate and interprovincial simulcasting, enabled by the U.S. Interstate Horse Racing Act of 1978, which interconnected pools across borders and drove annual wagering handles above $10 billion in the pre-2020 era by merging bets from diverse regions. However, handles have declined in recent years—dropping 3.35% to $11.26 billion in 2024—amid intensified competition from casinos, legalization, and shifting consumer preferences away from traditional racing formats.

Europe

In Europe, parimutuel betting is deeply integrated into horse racing culture, often managed through state-backed or monopolistic entities that emphasize returning funds to the sport while adhering to regulatory frameworks. This system predominates in countries like the , , , and , where it supports both and trotting races, with variations in takeout rates and operational models reflecting national priorities for oversight and industry funding. In the , system was established in 1928 under the Racecourse Betting Act to provide a legal alternative to off-course bookmakers, pooling bets primarily on while channeling profits back to the industry. Originally state-controlled, the Tote was privatized in 2011 when sold to a led by the Racecourse Holdings Trust, transitioning to private ownership while maintaining its role as the primary parimutuel operator. The system features a typical of around 20%, with the remainder distributed as prizes and contributions to . Beyond racing, the Tote historically operated , a form of parimutuel wagering on match outcomes that gained popularity in the mid-20th century, though these were largely phased out by the in favor of focused racing pools. France operates one of the world's largest parimutuel systems through the Pari Mutuel Urbain (PMU), a monopoly granted in 1930 that exclusively handles wagering on horse racing, including a strong emphasis on trotting and harness events managed by Le Trot. The PMU processes over €9 billion in annual turnover, with recent figures for 2024 showing approximately €9.8 billion amid a slight decline. It maintains a 75% payout ratio to bettors, meaning 25% takeout, of which portions fund prizes (with the majority supporting racing operations), while 8% goes to gallop and trotting organizations like France Galop and Le Trot, and 9% to the state. This structure ensures strict regulation of harness racing, where PMU bets constitute a significant revenue stream, sustaining over 250 racecourses and prioritizing the sport's financial health. Ireland employs a dual betting system, combining on-course fixed-odds bookmakers with parimutuel pools operated by , the country's sole pool betting provider established under Horse Racing Ireland (HRI) oversight since 1920. While bookmakers dominate domestic trackside wagering, parimutuel pools are mandatory for exported bets, allowing international punters to participate in Irish races through commingled pools that enhance liquidity and payouts. HRI, as the regulatory body, supervises these operations to ensure integrity and allocate proceeds to and industry development across 26 racecourses. In , the state-influenced monopoly Aktiebolaget Trav och Galopp (ATG) dominates parimutuel betting, focusing on trotting races with a low takeout rate of approximately 12% to encourage participation and maximize returns to the sport. ATG integrates online platforms for wagering, particularly on high-profile events like the V75, a multi-leg trotting pool that draws millions in bets weekly and underscores 's emphasis on digital accessibility. Recent government reforms in 2025 have loosened direct state control, appointing independent board members while preserving ATG's core role in funding Swedish horse racing. Post-2000, harmonization efforts, driven by rulings such as the 2003 Gambelli case, have progressively reduced cross-border barriers to betting services, challenging national monopolies and facilitating the integration of parimutuel pools across member states without fully unifying regulations.

Asia-Pacific

In the region, parimutuel betting thrives within high-stakes racing cultures, particularly in , , , and , where it supports major , harness, and other events. These markets feature centralized operators managing vast betting pools, with takeout rates typically ranging from 15% to 25%, directing portions to , industry prizes, and welfare programs. Australia's parimutuel system is dominated by , the country's largest totalisator operator, which holds a near-monopoly on tote wagering for racing events across states. TABcorp oversees betting on thoroughbred horse racing and (trots), with an annual wagering handle exceeding $5 billion in recent years, reflecting the scale of domestic pools. The standard rate averages 15-20%, applied after pooling bets to determine payouts. In , the New Zealand Racing Board (NZRB), operating as TAB NZ, similarly manages parimutuel betting with a focus on thoroughbreds, , and greyhounds, maintaining integrated pools that support the local industry. Hong Kong exemplifies parimutuel betting's global prominence through the (HKJC), which introduced its modern totalisator system in 1971 alongside the professionalization of . The HKJC operates the world's largest betting pools, with an annual racing turnover of HK$138.9 billion in the 2024/25 season, driven by high-volume events like the Hong Kong Derby, where single-day pools often surpass HK$100 million. Its takeout rate stands at 17.5% for core bet types such as win and place, funding substantial returns to the community. Japan's parimutuel framework is divided between the (JRA), which handles central , and the National Association of Racing (NAR) for regional events, both utilizing a uniform 25% takeout rate. This deduction allocates 10% to the national treasury and 15% to prizes, breeding incentives, and equine welfare, supporting one of the region's most robust racing ecosystems. Beyond horses, parimutuel betting extends to (boat racing), a popular public sport where spectators wager on hydroplane races through centralized pools operated by local venues. A notable development in the region has been the post-2010s expansion of online parimutuel access in via mobile apps from operators like , enhancing commuter and remote betting on racing pools. However, this growth prompted tightened regulations in the 2020s, including federal bans on inducements and mandatory loss displays for online users to mitigate harm.

Other Regions

In , parimutuel betting is a longstanding feature of , particularly in where it was introduced in the 1880s at venues like the Hipódromo Argentino de Palermo under the oversight of the de . The Nacional Sociedad del Estado, which manages national lotteries and related wagering, supports broader betting activities including sports pools that complement track-based parimutuel systems. Typical takeouts in Argentine stand at around 30%, with payouts returning 70% of the pool to bettors, and wagering focuses primarily on events though matches occasionally incorporate similar pooled systems. In , the Brasileiro operated parimutuel betting on horse races, partnering with international operators like France's Pari Mutuel Urbain from 2015 to 2019 to modernize pools and expand global access. Across , parimutuel betting sees its most structured implementation in through the TAB (), which pools wagers on at tracks like Turffontein and Greyville, offering options such as win, place, and exotic bets under the National Gambling Board's regulation. This system coexists with fixed-odds wagering, but parimutuel remains central to the industry's , with all bets contributing to shared pools after deductions for operations and taxes. , however, is prohibited nationwide due to laws enacted since 1949, limiting parimutuel applications to equine events. Adoption elsewhere on the continent is sparse, constrained by stringent regulatory frameworks in countries like and that prioritize lotteries over pooled . In the and , parimutuel betting appears in sporadic, regulated forms often blended with other systems. At the UAE's , local customs prohibit on-track wagering, but international parimutuel pools are facilitated through the World Pool initiative, enabling global bettors to participate in events like the with handles exceeding $300 million in recent years. In , the Royal Western India Turf Club (RWITC) in and runs hybrid tote systems, combining traditional variable parimutuel odds—where payouts fluctuate based on the pool—with fixed-odds options locked at bet placement to appeal to diverse punters. A notable development in has been the expansion of online parimutuel betting following legalization waves in the , with platforms like integrating access to South American tracks in markets such as (regulated since ) and , allowing users to join international pools remotely.

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  89. https://www.bet365.com/hub/en-gb/horse-racing
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