The parimutuel betting system, created in 1867, is one of the oldest strategies in sports. However, even though it’s been around for so long, many sports bettors still don’t understand what it entails and how it works. If you’re a bettor looking for clarity on how this betting system works, here’s all you need to know!
Parimutuel Sports Betting – What It Is
Also commonly called pool betting, this system is especially famous in sports betting. It is a betting strategy that pays out differently than what is usually observed in an odds system. Here, the odds in play change by the amount of money placed on each selection. What’s more, the odds continue to shift even after your wager has been placed. The fact that a bettor doesn’t have access to fixed bets in parimutuel betting makes it difficult for some bettors to understand. It would be best to keep in mind this betting style because it’s perfectly legal in most parts of the world.
How This Betting System Works
This betting system doesn’t use fixed odds. Instead, it leverages probable odds that shift depending on the magnitude of funds wagered at any given point. The total of all the bets placed on a particular sports event is summarily pooled together and then distributed to those who hold winning tickets. These individuals are given winnings dependent on the size of the initial bet that they placed. This betting style can be challenging to get used to, as some money is usually withdrawn from the pool and shared with the winners. The sum withdrawn is referred to as the oddsmaker’s commission.
Major Types Of Parimutuel Bets To Know
Some of the most popular types of parimutuel bets to know include;
- The Place Parimutuel bet.
- The Duet Parimutuel bet.
- The Show Parimutuel bet.
- The Exacta Parimutuel bet.
- Across the Board Parimutuel bet.
- The Trifecta Parimutuel bet.
Difference Between Fixed Odds Betting And Parimutuel
The most critical distinction between parimutuel and fixed-odds bets is that the former only offers a projection based on how much has been wagered up to a point, while the latter gives you a fixed payout system from the get-go. Another difference to consider here is that in parimutuel betting, how much other bettors’ stake directly bears the size of your payout. Yet another critical difference is the fact that in a parimutuel betting system, every single bettor gets the same odds upon payout. In essence, with parimutuel betting, you aren’t up against the house as much as you are with fellow bettors. Unlike fixed-odds betting, your significant opposition is the sports bookie.
Key Takeaway
This betting system has a lot of potentials. But, you need to make sure that you go in fully prepared.
Statistics To Use With Parimutuel Betting System
| Statistics | Descriptions |
| Odds | The odds offered by the Parimutuel betting system can give you an idea of the perceived likelihood of each outcome. This can help you to determine the potential payout and the potential risk of each bet. |
| Past Performances | Examining the past performance of the horses or dogs in the race can give you an idea of their ability and form, which can help you to make more informed betting decisions. |
| Weather Conditions | Weather conditions can have a significant impact on the performance of horses or dogs, and it is important to consider factors such as wind, rain, and temperature when placing your bets. |
| Track Conditions | The condition of the track can also have an impact on the performance of horses or dogs, with some animals performing better on certain types of surfaces than others. |
| Jockey or Trainer Records | The records of the jockey or trainer can also be useful to inform your betting decisions, as they may have a history of success with certain horses or dogs. |
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Frequently Asked Questions About Parimutuel Betting System
