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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" or "vigorish ...
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.
Wagering may take place through parimutuel pools, or bookmakers may take bets personally. Parimutuel wagers pay off at prices determined by support in the wagering pools, while bookmakers pay off either at the odds offered at the time of accepting the bet; or at the median odds offered by track bookmakers at the time the race started.
A betting pool, syndicate, sports lottery, sweep, or office pool if done at work, is a form of gambling, specifically a variant of parimutuel betting influenced by lotteries, where gamblers pay a fixed price into a pool (from which taxes and a house "take" or "vig" are removed), and then make a selection on an outcome, usually related to sport.
The superfecta is a type of wager in the United States and Canada parimutuel betting in which the bettor, in order to win, must pick the first four finishers of a race in the correct sequence. This is even more unlikely than a successful wager in the trifecta , which requires correctly picking the first three finishers in order, and as such ...
Pari-mutuel betting is currently legal in 32 US states. Due to new legislation horse race betting in the US could change significantly in the near future. The legal market handle on horse racing in the United States in 2018 was $11.26 billion while experts predict the illegal sports betting market could be anywhere from $100 billion to $150 ...
A daily double is a parimutuel wager offered by horse racing and greyhound racing tracks in North America. Bettors wager on the winners of two consecutive races, [1] pre-designated by the track for a particular race day. The wager is made before either of the two races is run, and is only successful if both of the selections are correct.
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