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The company was founded by Harry L. Straus, a computer engineer from Baltimore, who became interested in developing a fairer system of calculating and displaying odds and payouts on parimutuel betting after an incident at a Maryland racetrack in 1927. When a horse listed at 12:1 odds won, but paid off at 4:1, Straus recognized the need for a ...
Behind the betting windows at Ascot racetrack, Australia February 1939. An automatic totalisator is a device to add up the bets in a pari-mutuel betting system. The whole of the pot (the stakes on all competitors) is divided pro rata to the stakes placed on the winning competitor, and those tickets are paid out.
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.
Some horse racing betting systems can be based on pure statistical analysis of the odds, while others also analyze physical factors (e.g. the horses' form, jockey form and lane draw). Common forms of betting systems for horse racing are: hedging - betting on multiple outcomes in a race; arbitrage - lay the horse a low price and back it at a ...
A bet to win, sometimes called a "straight" bet, means staking money on the horse, and if it comes in first place, the bet is a winner. In a bet to place, you are betting on your horse to finish either first or second. A bet to show wins if the horse finishes first, second or third. Since it is much easier to select a horse to finish first ...
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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
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