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7 members have voted

DJTeddyBear
DJTeddyBear
Joined: Nov 2, 2009
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April 24th, 2017 at 8:49:39 PM permalink
Quote: Wizard

Quote: Johnzimbo

Horse race wagers are paid as TO 1 not FOR 1. A 2-1 means two TO 1 and that pays $6 for 2 wagers. 2 FOR 1 would only pay back $4

Thanks. It has been so long since I've been to the track, I forgot.

I think you (and I) are confusing pre-race odds with post-race payouts. With real racing, payouts are computed afterwards due to parimutuel betting.

I doubt any of these systems even simulate parimutuel, but should follow their odds/payout systems.
I invented a few casino games. Info: http://www.DaveMillerGaming.com/ 覧覧覧覧覧覧覧覧覧覧覧覧覧覧覧覧覧覧 Superstitions are silly, childish, irrational rituals, born out of fear of the unknown. But how much does it cost to knock on wood? 😁
lilredrooster
lilredrooster
Joined: May 8, 2015
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April 25th, 2017 at 1:28:04 AM permalink
Quote: DJTeddyBear

I think you (and I) are confusing pre-race odds with post-race payouts. With real racing, payouts are computed afterwards due to parimutuel betting



In real, live racing the pre-race win odds which are posted and continually recalculated up until the last second of accepting bets are based on the parimutuel betting and are a fairly accurate rounded aproximation of what the final payout will be.

The only exceptions as to when they are not accurate is if there is a very large very late bet made and the odds were not recalculated quickly enough to show on the tote screens before the race begins. In this situation the tote screens will continually show recalculations after the race has started and with few exceptions the very last odds approximation that they show will be very accurate.

Only win odds are approximated by the tote systems. In place and show betting the bettor must make an estimate himself based on the size of the pools and the amount of money bet on his horse and he often just makes a rough guess based on the win odds which turns out to be very inaccurate. Except for the exacta bets and daily double bets in which approximations not of the odds but of the final payouts are shown.

The pre-race exacta and daily double approximated payouts are much less reliable because of large late bets and much less available than the win odds. Generally, in an attempt to please bettors the final rounded approximation of the win odds will often be less, but never more than the actual payout.

So, if the tote board shows the winner paying 2/1 in many cases the payout will actually be $6.40. In the extreme exotic pools, such as trifecta, superfecta, pick 6, etc. there is generally very limited info or no info at all on the actual betting and the bettors generally make a very rough estimate of the payouts (skimpy, small, nice, big, huge) based on the win odds.
Last edited by: unnamed administrator on Apr 25, 2017
𝘣𝘦𝘭𝘪𝘦𝘷𝘦 𝘰𝘯𝘭𝘺 𝘩𝘢𝘭𝘧 𝘰𝘧 𝘸𝘩𝘢𝘵 𝘺𝘰𝘶 𝘴𝘦𝘦 𝘢𝘯𝘥 𝘯𝘰𝘵𝘩𝘪𝘯𝘨 𝘵𝘩𝘢𝘵 𝘺𝘰𝘶 𝘩𝘦𝘢𝘳.........𝖤𝖽𝗀𝖺𝗋 𝖠𝗅𝗅𝖺𝗇 𝖯𝗈𝖾
DJTeddyBear
DJTeddyBear
Joined: Nov 2, 2009
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April 25th, 2017 at 8:38:37 AM permalink
Quote: lilredrooster

...
So, if the tote board shows the winner paying 2/1 in many cases the payout will actually be $6.40.

This confirms what I said.
2/1 odds is 2 TO 1.
$6.40 payout is FOR a $2 bet.
I invented a few casino games. Info: http://www.DaveMillerGaming.com/ 覧覧覧覧覧覧覧覧覧覧覧覧覧覧覧覧覧覧 Superstitions are silly, childish, irrational rituals, born out of fear of the unknown. But how much does it cost to knock on wood? 😁

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