pari-mutuel

English translation: -

23:09 Sep 24, 2004
English language (monolingual) [PRO]
Social Sciences - Social Science, Sociology, Ethics, etc. / Common
English term or phrase: pari-mutuel
Is there gambling buff out there? Please help me. I am writing an article about gambling while I am not a gambling specialist. Anyway I need to know what type of, and how this gambling actually played.
humbird
Selected answer:-
Explanation:
Under parimutuel betting, all bets of a particular type are placed together in a pool; taxes and a house "take" are removed, and payoff odds are calculated by sharing the pool among all placed bets, and rounding down to a denomination interval (in the United States, typically 10 cent intervals are used). The fewer correctly placed bets there are in relation to the entire pool, the greater the payoff. 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:



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Note added at 5 mins (2004-09-24 23:15:26 GMT)
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http://www.cs.sunysb.edu/~skiena/jaialai/excerpts/node15.htm...
......
system of cooperative wagering invented (c.1870) in France by Pierre Oller. According to the system, the holders of winning tickets divide the total amount of money bet on a race (the pool), after deductions for tax and racetrack expenses. The uniqueness of parimutuel betting lies in the fact that the gambling public itself determines the payoff odds (e.g., if many people have bet on the actual winner of a contest then the payoff will be low, simply because many winners will divide the pool). Parimutuel wagering is the accepted betting procedure at major horse-racing tracks throughout the world. Greyhound tracks and jai alai games also use the system. Considered a major deterrent to illegal bookmaking, the modern parimutuel system depends on high-speed electronic calculators, known as totalizators or tote boards, to record and display up-to-the-minute betting patterns.
http://www.slider.com/Enc/P/Pao/parimutu.htm

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Note added at 9 mins (2004-09-24 23:19:23 GMT)
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I have added a note on \"origin\", since nowadays there can be reference of parimutual betting, say for blackjack odds, but originally, as Sarah says, it was a way of pooling bets on horse races.
Selected response from:

Elena Petelos
United Kingdom
Local time: 14:07
Grading comment
Thank you Elena. Now I can put the idea into my article.
4 KudoZ points were awarded for this answer



SUMMARY OF ALL EXPLANATIONS PROVIDED
4 +6-
Elena Petelos
3horse races
sarahl (X)


  

Answers


3 mins   confidence: Answerer confidence 3/5Answerer confidence 3/5
horse races


Explanation:
that's French, not English.
It's a very old way of gambling on horse races, most people bet on the three horses who'll finish first, aka tiercé.

sarahl (X)
Local time: 07:07
Native speaker of: Native in FrenchFrench

Peer comments on this answer (and responses from the answerer)
neutral  Hacene: no, pari-mutuel urbain est comme l'a défini Elena. Sorry sis.
2 mins

neutral  Richard Benham: Pari mutuel is ENGLISH, just like le rosbif, le weekend, le whisky, are FRENCH, OK? And Elena got it right.
2 hrs
  -> mr Algood is not going to like you, cobber.
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1 min   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +6
-


Explanation:
Under parimutuel betting, all bets of a particular type are placed together in a pool; taxes and a house "take" are removed, and payoff odds are calculated by sharing the pool among all placed bets, and rounding down to a denomination interval (in the United States, typically 10 cent intervals are used). The fewer correctly placed bets there are in relation to the entire pool, the greater the payoff. 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:



--------------------------------------------------
Note added at 5 mins (2004-09-24 23:15:26 GMT)
--------------------------------------------------

http://www.cs.sunysb.edu/~skiena/jaialai/excerpts/node15.htm...
......
system of cooperative wagering invented (c.1870) in France by Pierre Oller. According to the system, the holders of winning tickets divide the total amount of money bet on a race (the pool), after deductions for tax and racetrack expenses. The uniqueness of parimutuel betting lies in the fact that the gambling public itself determines the payoff odds (e.g., if many people have bet on the actual winner of a contest then the payoff will be low, simply because many winners will divide the pool). Parimutuel wagering is the accepted betting procedure at major horse-racing tracks throughout the world. Greyhound tracks and jai alai games also use the system. Considered a major deterrent to illegal bookmaking, the modern parimutuel system depends on high-speed electronic calculators, known as totalizators or tote boards, to record and display up-to-the-minute betting patterns.
http://www.slider.com/Enc/P/Pao/parimutu.htm

--------------------------------------------------
Note added at 9 mins (2004-09-24 23:19:23 GMT)
--------------------------------------------------

I have added a note on \"origin\", since nowadays there can be reference of parimutual betting, say for blackjack odds, but originally, as Sarah says, it was a way of pooling bets on horse races.


    Reference: http://www.fact-index.com/p/pa/parimutuel_gambling.html
Elena Petelos
United Kingdom
Local time: 14:07
Native speaker of: Greek
PRO pts in category: 4
Grading comment
Thank you Elena. Now I can put the idea into my article.

Peer comments on this answer (and responses from the answerer)
agree  Hacene
2 mins
  -> :-)

agree  Richard Benham: Very common in Australia--often called a "tote" (from "totalisator", and run by agencies in the various states known as TABs (Totalisator Agency Board). Hi Petal.
12 mins
  -> Hi Richard :-)

agree  LJC (X): Agree with Richard too. I think this is in the glossary as I remember it was asked not too long ago.
8 hrs
  -> :-)

agree  JohnGBell: also called the Tote in the UK
9 hrs
  -> :-))

agree  Nizamettin Yigit: Betting where winners share the total amount wagered
12 hrs
  -> :-))

agree  Alfa Trans (X)
18 hrs
  -> :-)
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