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Parimutuel
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'', or ''vigorish'', 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. Definition 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 al ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Betting On The Favorite
Gambling (also known as betting or gaming) is the wagering of something of value ("the stakes") on a random event with the intent of winning something else of value, where instances of strategy are discounted. Gambling thus requires three elements to be present: consideration (an amount wagered), risk (chance), and a prize. The outcome of the wager is often immediate, such as a single roll of dice, a spin of a roulette wheel, or a horse crossing the finish line, but longer time frames are also common, allowing wagers on the outcome of a future sports contest or even an entire sports season. The term "gaming" in this context typically refers to instances in which the activity has been specifically permitted by law. The two words are not mutually exclusive; ''i.e.'', a "gaming" company offers (legal) "gambling" activities to the public and may be regulated by one of many gaming control boards, for example, the Nevada Gaming Control Board. However, this distinction is not universa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gambling
Gambling (also known as betting or gaming) is the wagering of something of Value (economics), value ("the stakes") on a Event (probability theory), random event with the intent of winning something else of value, where instances of strategy (game theory), strategy are discounted. Gambling thus requires three elements to be present: consideration (an amount wagered), risk (chance), and a prize. The outcome of the wager is often immediate, such as a single roll of dice, a spin of a roulette wheel, or a horse crossing the finish line, but longer time frames are also common, allowing wagers on the outcome of a future sports contest or even an entire sports season. The term "gaming" in this context typically refers to instances in which the activity has been specifically permitted by law. The two words are not mutually exclusive; ''i.e.'', a "gaming" company offers (legal) "gambling" activities to the public and may be regulated by one of many gaming control boards, for example, the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Horse Racing
Horse racing is an equestrian performance activity, typically involving two or more horses ridden by jockeys (or sometimes driven without riders) over a set distance for competition. It is one of the most ancient of all sports, as its basic premise – to identify which of two or more horses is the fastest over a set course or distance – has been mostly unchanged since at least classical antiquity. Horse races vary widely in format, and many countries have developed their own particular traditions around the sport. Variations include restricting races to particular breeds, running over obstacles, running over different distances, running on different track surfaces, and running in different gaits. In some races, horses are assigned different weights to carry to reflect differences in ability, a process known as handicapping. While horses are sometimes raced purely for sport, a major part of horse racing's interest and economic importance is in the gambling associated ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Odds
In probability theory, odds provide a measure of the probability of a particular outcome. Odds are commonly used in gambling and statistics. For example for an event that is 40% probable, one could say that the odds are or When gambling, odds are often given as the ratio of the possible net profit ''to'' the possible net loss. However in many situations, you pay the possible loss ("stake" or "wager") up front and, if you win, you are paid the net win plus you also get your stake returned. So wagering 2 at , pays out , which is called When Moneyline odds are quoted as a positive number , it means that a wager pays When Moneyline odds are quoted as a negative number , it means that a wager pays Odds have a simple relationship with probability. When probability is expressed as a number between 0 and 1, the relationships between probability and odds are as follows. Note that if probability is to be expressed as a percentage these probability values should be multiplied ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Totalisator
A tote board (or totalisator/totalizator) is a numeric or alphanumeric display used to convey information, typically at a race track (to display the odds or payoffs for each horse) or at a telethon (to display the total amount donated to the charitable organization sponsoring the event). The term "tote board" comes from the colloquialism for "totalizator" (or "totalisator"), the name for the automated system which runs parimutuel betting, calculating payoff odds, displaying them, and producing tickets based on incoming bets. History Parimutuel systems had used totalisator boards since the 1860s, and they were often housed in substantial buildings. However, the manual systems often resulted in substantial delays in calculations of clients' payouts. The first all-mechanical totalisator was invented by George Julius. Julius was a consulting engineer, based in Sydney. His father, Churchill Julius, an Anglican Bishop, had campaigned, in the early years of the twentieth century, aga ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fixed-odds Gambling
Fixed-odds betting is a form of gambling where individuals place bets on the outcome of an event, such as sports matches or horse races, at predetermined odds. In fixed-odds betting, the odds are fixed and determined at the time of placing the bet. These odds reflect the likelihood of a particular outcome occurring. If the bettor's prediction is correct, they receive a payout based on the fixed odds. This means that the potential winnings are known at the time of placing the bet, regardless of any changes in the odds leading up to the event. Fixed-odds gambling involves placing bets on events with predetermined odds. Bookmakers aim to create an overground, where the sum of probabilities quoted for all possible outcomes exceeds 100%, ensuring profit. Imbalanced books can occur, leading to higher or lower payouts than expected. The advent of the internet and betting exchanges has led to opportunities for fixed-odds arbitrage actions and Dutch books. When a bet has a positive expec ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Off-track Betting
Off-track betting (or OTB; in British English, off-course betting) is sanctioned gambling on greyhound racing or horse racing outside a race track. U.S. history Before the 1970s, only the state of Nevada allowed off-track betting. Off-track betting in New York was legalized in 1970, after years of unsuccessful attempts. By the 1970s there were 100 betting parlors in New York City, and twice that number by the late 1980s. In New York City, the thought was that legal off-track betting would increase revenue while at the same time decrease illegal gambling activity, but one effect of the legalization was a decrease of revenue at racetracks. The 1978 Interstate Horseracing Act struck a compromise between the interests of horse tracks and owners, the state, and OTB parlors, and stipulated that OTB revenues were to be distributed among the tracks, the horse owners, and the state. Another stipulation was that no OTB parlor was allowed to operate within of a track. Revenues at the trac ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Joseph Oller
Josep Oller i Roca (1839–1922) was a Catalan entrepreneur who lived in Paris for most of his life. He co-founded the famous cabaret Moulin Rouge with Charles Zidler and was the inventor of parimutuel betting. Biography Born in Catalonia in the city of Terrassa, Josep Oller emigrated to France with his family as a child. Later, he relocated back to Spain to study at the university in Bilbao. There, he became fond of cockfighting and started his career as a bookmaker. Once in Paris, in 1867, Josep Oller invented a new method of wagering, which he named Pari Mutuel ( French for Parimutuel betting). He successfully introduced his pool method system at French race tracks. Nonetheless, in 1874, Josep Oller was sentenced to fifteen days in prison and fined for operating illegal gambling. Later, in 1891, the French authorities legalised his system and banned fixed-odds betting. Quickly, Oller's Pari Mutuel spread across most race tracks around the world, but the method was operation ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fixed-odds Betting
Fixed-odds betting is a form of gambling where individuals place bets on the outcome of an event, such as sports matches or horse races, at predetermined odds. In fixed-odds betting, the odds are fixed and determined at the time of placing the bet. These odds reflect the likelihood of a particular outcome occurring. If the bettor's prediction is correct, they receive a payout based on the fixed odds. This means that the potential winnings are known at the time of placing the bet, regardless of any changes in the odds leading up to the event. Fixed-odds gambling involves placing bets on events with predetermined odds. Bookmakers aim to create an overground, where the sum of probabilities quoted for all possible outcomes exceeds 100%, ensuring profit. Imbalanced books can occur, leading to higher or lower payouts than expected. The advent of the internet and betting exchanges has led to opportunities for fixed-odds arbitrage actions and Dutch books. When a bet has a positive expec ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tote Board
A tote board (or totalisator/totalizator) is a numeric or alphanumeric display used to convey information, typically at a race track (to display the odds or payoffs for each horse) or at a telethon (to display the total amount donated to the charitable organization sponsoring the event). The term "tote board" comes from the colloquialism for "totalizator" (or "totalisator"), the name for the automated system which runs parimutuel betting, calculating payoff odds, displaying them, and producing tickets based on incoming bets. History Parimutuel systems had used totalisator boards since the 1860s, and they were often housed in substantial buildings. However, the manual systems often resulted in substantial delays in calculations of clients' payouts. The first all-mechanical totalisator was invented by George Julius. Julius was a consulting engineer, based in Sydney. His father, Churchill Julius, an Anglican Bishop, had campaigned, in the early years of the twentieth century, aga ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Arlington Park
Arlington Park (formerly known as Arlington International Racecourse) is a former horse race track in the Chicago suburb of Arlington Heights, Illinois. Once called the ''Arlington Park Jockey Club'', it was located adjacent to the Illinois Route 53 expressway and Arlington Park station, serviced by the Chicago and North Western Railway. On February 15, 2023, the Chicago Bears of the National Football League (NFL) completed their purchase of the Arlington Park property. The team may build a stadium on the site for its home games. Overview Horse racing in the Chicago region had been a popular sport since the early days of the city in the 1830s, and at one time Chicago had more horse racing tracks (six) than any other major metropolitan area. Arlington International was the site of the first thoroughbred race with a million-United States dollar, dollar purse, in 1981. The premier event at Arlington Park was the International Festival of Racing, held in early August, which featur ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Chicago Motor Speedway
The Chicago Motor Speedway at Sportsman's Park was a motorsports race track, located in Cicero, Illinois, just outside Chicago. It was built in 1999 by a group including Chip Ganassi, owner of Chip Ganassi Racing. In 2002 the oval shaped track suspended operations due to financial conditions in the motorsports industry. The track was also the site of horse races, for which the track was called "Sportsman's Park". The track was one of three racetracks that hosted both NASCAR auto races and horse races (the others are Dover International Speedway and the Syracuse Mile). History Before 1999, Sportsman's Park was one of the premier locations for horse racing in the area. Hawthorne Race Course, located right across the street to the south from the track, is the current host of the Illinois Derby. The two tracks operated together for decades. In 1999, after the final season of the old Sportsman's Park, the main grandstand and infield were completely demolished to make way for ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
