What is Parimutuel Gaming?
Parimutuel Gaming is the concept by Harry Platis to provide wagering on activities, events, contests, games, and competitive tournaments in a fashion that is exactly the same as the current horse racing system.. This is how Parimutuel Gaming will revolutionize the Internet and Gaming.
What is a Parimutuel Bet?
Parimutuel betting (from the French language, Pari Mutuel or mutual betting) is a betting system in which all bets of a particular type are placed together in a pool; taxes and a house “take” or “vig” are removed, 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. Parimutuel pools exist in Horse Racing, Greyhound Racing, Jai Alai, and all Lotteries. The parimutuel system is used in gambling on horse racing, greyhound racing, Jai Alai, and all 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. Here are a few well known parimutuel type bets:
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.
Exacta, perfecta, or exactor – The bettor must pick the two horses that finish first and second, in the exact order.
Quinella or quiniela – The bettor must pick the two horses that finish first and second, but need not specify which will finish first (similar to an exacta box).
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.
Box – a box can be placed around exotic betting types such as exacta, trifecta or superfecta bets. This places a bet for all combinations of the numbers in the box. A trifecta box with 3 numbers has 6 possible combinations (of the horses in the ‘box’ 3 can finish first, 2 can finish second, and one can finish third, 3 x 2 x 1) and costs 6 times the betting base amount. A trifecta box with 5 numbers has 60 possible combinations and costs 60 times the betting base amount (5 x 4 x 3). In France, a ‘box’ gives only the ordered permutations going along an ordered list of numbers such that a trifecta box with 6 numbers would cost 20 times the base amount.
Any2 or Duet – The bettor must pick the 2 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.
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.
Sweep – The bettor must pick the winners of four or more successive races. In the US, this is usually called pick four and pick six, with the latter paying out a consolation return to bettors correctly selecting five winners out of six races, and with “rollover” jackpots accumulating each day until one or more bettors correctly picks all six winners.
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 wheel 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.
In Canada and the United States bettors make exotic wagers on horses running at the same track on the same program. In the United Kingdom bookmakers 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. The term nap identifies the best bet of the day, derived from the Napoleon which was the most valuable French coin at the time the phrase was first used.
A parlay or accumulator 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.
Parimutuel Gaming relates to all parimutuel wagering on events, contests, competitive tournaments, or activities across all land based and electronic formats (and devices).